El Paso Electric Co. (EE) Shares Gap Up to $46.83
El Paso Electric Co. (NYSE:EE) shares gapped up prior to trading on Thursday . The stock had previously closed at $46.24, but opened at $46.83. El Paso Electric shares last traded at $47.74, with a volume of 210,638 shares traded.
EE has been the subject of several research analyst reports. Zacks Investment Research lowered El Paso Electric from a “hold” rating to a “sell” rating in a research report on Monday, March 21st. Jefferies Group raised El Paso Electric from an “underperform” rating to a “hold” rating and lifted their price objective for the stock from $36.50 to $44.00 in a research report on Thursday, March 24th. Finally, Bank of America Corp. raised El Paso Electric from a “neutral” rating to a “buy” rating and set a $30.42 price objective for the company in a research report on Thursday, March 24th.
The company’s 50 day moving average price is $46.20 and its 200 day moving average price is $43.39. The stock has a market capitalization of $1.92 billion and a price-to-earnings ratio of 26.44.
El Paso Electric (NYSE:EE) last announced its earnings results on Wednesday, May 4th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.07) by $0.07. The company had revenue of $113.80 million for the quarter, compared to the consensus estimate of $114.80 million. During the same period in the previous year, the business earned $0.09 EPS. On average, equities research analysts anticipate that El Paso Electric Co. will post $2.52 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, June 30th. Investors of record on Wednesday, June 15th were given a $0.31 dividend. This is a positive change from El Paso Electric’s previous quarterly dividend of $0.30. The ex-dividend date was Monday, June 13th. This represents a $1.24 annualized dividend and a yield of 2.61%.
In related news, Director Charles Yamarone sold 5,500 shares of the company’s stock in a transaction on Wednesday, May 11th. The shares were sold at an average price of $45.16, for a total value of $248,380.00. Following the completion of the transaction, the director now directly owns 6,500 shares in the company, valued at $293,540. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.
A number of hedge funds have bought and sold shares of EE. Russell Frank Co raised its stake in El Paso Electric by 14.9% in the fourth quarter. Russell Frank Co now owns 72,833 shares of the company’s stock valued at $2,858,000 after buying an additional 9,418 shares during the last quarter. State Board of Administration of Florida Retirement System raised its stake in El Paso Electric by 10.9% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 45,444 shares of the company’s stock valued at $1,750,000 after buying an additional 4,455 shares during the last quarter. California State Teachers Retirement System raised its stake in El Paso Electric by 1.6% in the fourth quarter. California State Teachers Retirement System now owns 74,836 shares of the company’s stock valued at $2,881,000 after buying an additional 1,165 shares during the last quarter. Rhumbline Advisers raised its stake in El Paso Electric by 1.3% in the fourth quarter. Rhumbline Advisers now owns 72,784 shares of the company’s stock valued at $2,802,000 after buying an additional 925 shares during the last quarter. Finally, Comerica Bank raised its stake in El Paso Electric by 0.8% in the fourth quarter. Comerica Bank now owns 41,243 shares of the company’s stock valued at $1,576,000 after buying an additional 332 shares during the last quarter.
El Paso Electric Company is 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. The Company owns or has ownership interests in several electrical generating facilities providing it with a generating capability of over 2,055 Megawatts.
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