El Paso Electric (NYSE:EE) Cut to Neutral at Bank of America

El Paso Electric (NYSE:EE) was downgraded by analysts at Bank of America from a “buy” rating to a “neutral” rating in a note issued to investors on Wednesday, November 22nd, MarketBeat reports. They currently have a $62.00 price target on the utilities provider’s stock. Bank of America’s price target points to a potential upside of 5.44% from the company’s current price.

A number of other research firms have also weighed in on EE. Jefferies Group lowered shares of El Paso Electric from a “hold” rating to an “underperform” rating in a report on Monday, October 16th. ValuEngine lowered shares of El Paso Electric from a “buy” rating to a “hold” rating in a research note on Monday, October 2nd. Zacks Investment Research downgraded El Paso Electric from a “buy” rating to a “hold” rating in a research report on Thursday, September 21st. Mizuho restated a “hold” rating and issued a $56.00 price objective on shares of El Paso Electric in a report on Wednesday, October 4th. Finally, BidaskClub upgraded El Paso Electric from a “hold” rating to a “buy” rating in a report on Friday, August 18th. One research analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the stock. El Paso Electric presently has an average rating of “Hold” and an average target price of $56.60.

Shares of El Paso Electric (EE) traded down $0.40 during midday trading on Wednesday, hitting $58.80. 235,589 shares of the stock were exchanged, compared to its average volume of 194,253. El Paso Electric has a 12-month low of $44.70 and a 12-month high of $61.15. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.47 and a current ratio of 0.63. The stock has a market cap of $2,392.89, a P/E ratio of 24.56, a PEG ratio of 4.54 and a beta of 0.47.

El Paso Electric (NYSE:EE) last issued its quarterly earnings data on Wednesday, November 1st. The utilities provider reported $1.47 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.70 by ($0.23). El Paso Electric had a return on equity of 8.44% and a net margin of 10.13%. The business had revenue of $297.47 million during the quarter, compared to the consensus estimate of $310.00 million. During the same quarter last year, the company earned $1.84 EPS. El Paso Electric’s revenue for the quarter was down 8.0% on a year-over-year basis. equities research analysts forecast that El Paso Electric will post 2.51 EPS for the current fiscal year.

A number of large investors have recently made changes to their positions in EE. Teachers Advisors LLC lifted its holdings in El Paso Electric by 3.2% in the first quarter. Teachers Advisors LLC now owns 69,012 shares of the utilities provider’s stock valued at $3,485,000 after acquiring an additional 2,145 shares during the period. Public Employees Retirement System of Ohio lifted its holdings in El Paso Electric by 9.9% in the first quarter. Public Employees Retirement System of Ohio now owns 9,147 shares of the utilities provider’s stock valued at $462,000 after acquiring an additional 821 shares during the period. State of Alaska Department of Revenue lifted its holdings in El Paso Electric by 78.7% in the second quarter. State of Alaska Department of Revenue now owns 8,004 shares of the utilities provider’s stock valued at $413,000 after acquiring an additional 3,524 shares during the period. Aperio Group LLC raised its stake in shares of El Paso Electric by 17.0% during the 2nd quarter. Aperio Group LLC now owns 26,121 shares of the utilities provider’s stock worth $1,350,000 after buying an additional 3,799 shares during the period. Finally, First Midwest Bank Trust Division raised its stake in shares of El Paso Electric by 2.7% during the 2nd quarter. First Midwest Bank Trust Division now owns 16,647 shares of the utilities provider’s stock worth $861,000 after buying an additional 444 shares during the period. 98.86% of the stock is owned by institutional investors.

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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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