Jefferies Group LLC Downgrades El Paso Electric Company (EE) to Underperform

El Paso Electric Company (NYSE:EE) was downgraded by analysts at Jefferies Group LLC from a “hold” rating to an “underperform” rating in a report issued on Monday.

A number of other analysts also recently issued reports on EE. BidaskClub downgraded El Paso Electric from a “buy” rating to a “hold” rating in a research report on Saturday, June 24th. Zacks Investment Research raised El Paso Electric from a “sell” rating to a “hold” rating in a research report on Tuesday, July 4th. Mizuho started coverage on El Paso Electric in a research report on Thursday, August 17th. They issued a “neutral” rating and a $55.00 target price on the stock. Finally, ValuEngine raised El Paso Electric from a “hold” rating to a “buy” rating in a research report on Thursday, September 7th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $55.50.

El Paso Electric (NYSE EE) opened at 57.15 on Monday. El Paso Electric has a one year low of $43.12 and a one year high of $58.70. The stock’s 50 day moving average price is $55.80 and its 200-day moving average price is $53.22. The firm has a market cap of $2.32 billion, a price-to-earnings ratio of 20.65 and a beta of 0.47.

El Paso Electric (NYSE:EE) last released its earnings results on Wednesday, August 2nd. The utilities provider reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.75 by $0.14. The business had revenue of $251.84 million for the quarter. El Paso Electric had a return on equity of 9.95% and a net margin of 11.45%. During the same period in the prior year, the firm posted $0.55 EPS. Analysts forecast that El Paso Electric will post $2.54 earnings per share for the current year.

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A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Lord Abbett & CO. LLC increased its position in El Paso Electric by 160.3% during the second quarter. Lord Abbett & CO. LLC now owns 349,309 shares of the utilities provider’s stock worth $18,059,000 after buying an additional 215,109 shares during the last quarter. Public Employees Retirement System of Ohio increased its position in El Paso Electric by 1.0% during the second quarter. Public Employees Retirement System of Ohio now owns 9,237 shares of the utilities provider’s stock worth $478,000 after buying an additional 90 shares during the last quarter. 1st Global Advisors Inc. acquired a new position in El Paso Electric during the second quarter worth approximately $202,000. Piedmont Investment Advisors LLC acquired a new position in El Paso Electric during the second quarter worth approximately $456,000. Finally, Susquehanna International Group LLP acquired a new position in El Paso Electric during the second quarter worth approximately $750,000. 97.96% of the stock is currently owned by hedge funds and other institutional investors.

About El Paso Electric

El Paso Electric Company is a public utility company. As of December 31, 2016, the Company was engaged in the generation, transmission and distribution of electricity in an area of approximately 10,000 square miles in west Texas and southern New Mexico. As of December 31, 2016, the Company owned or had ownership interests in several electrical generating facilities providing it with a generating capability of approximately 2,080 megawatts (MW).

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