Nordea Investment Management AB Boosts Stake in El Paso Electric (EE)

Nordea Investment Management AB grew its holdings in El Paso Electric (NYSE:EE) by 5.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 36,365 shares of the utilities provider’s stock after acquiring an additional 1,854 shares during the quarter. Nordea Investment Management AB owned 0.09% of El Paso Electric worth $2,009,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently modified their holdings of EE. Quantbot Technologies LP bought a new position in El Paso Electric in the third quarter worth $179,000. 1st Global Advisors Inc. acquired a new position in El Paso Electric during the second quarter worth $202,000. Sciencast Management LP acquired a new position in El Paso Electric during the second quarter worth $202,000. Shelton Capital Management acquired a new position in El Paso Electric during the second quarter worth $208,000. Finally, Neuberger Berman Group LLC acquired a new position in El Paso Electric during the second quarter worth $221,000. 98.86% of the stock is owned by hedge funds and other institutional investors.

Several research firms have issued reports on EE. Bank of America lowered El Paso Electric from a “buy” rating to a “neutral” rating and set a $62.00 price objective for the company. in a research note on Wednesday, November 22nd. Jefferies Group lowered El Paso Electric from a “hold” rating to an “underperform” rating in a research note on Monday, October 16th. Mizuho reiterated a “hold” rating and set a $55.00 price objective on shares of El Paso Electric in a research note on Friday, October 27th. ValuEngine upgraded El Paso Electric from a “hold” rating to a “buy” rating in a research note on Friday, November 10th. Finally, Zacks Investment Research upgraded El Paso Electric from a “hold” rating to a “buy” rating and set a $61.00 price objective for the company in a research note on Tuesday, September 19th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $56.60.

Shares of El Paso Electric (EE) traded down $0.40 during trading hours on Friday, hitting $58.80. The stock had a trading volume of 235,500 shares, compared to its average volume of 194,285. El Paso Electric has a 52 week low of $44.70 and a 52 week high of $61.15. The firm has a market capitalization of $2,403.03, a price-to-earnings ratio of 24.67, a PEG ratio of 4.56 and a beta of 0.47. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.47 and a current ratio of 0.63.

El Paso Electric (NYSE:EE) last announced its earnings results on Wednesday, November 1st. The utilities provider reported $1.47 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.70 by ($0.23). El Paso Electric had a net margin of 10.13% and a return on equity of 8.44%. The business had revenue of $297.47 million during the quarter, compared to analyst estimates of $310.00 million. During the same quarter last year, the business posted $1.84 earnings per share. The business’s quarterly revenue was down 8.0% compared to the same quarter last year. analysts predict that El Paso Electric will post 2.51 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 15th will be paid a $0.335 dividend. The ex-dividend date is Thursday, December 14th. This represents a $1.34 dividend on an annualized basis and a dividend yield of 2.28%. El Paso Electric’s dividend payout ratio (DPR) is presently 55.83%.

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El Paso Electric Profile

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).

Institutional Ownership by Quarter for El Paso Electric (NYSE:EE)

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