Verition Fund Management LLC Purchases Shares of 75,000 El Paso Electric (EE)

Verition Fund Management LLC purchased a new stake in El Paso Electric (NYSE:EE) in the 2nd quarter, according to its most recent filing with the SEC. The fund purchased 75,000 shares of the utilities provider’s stock, valued at approximately $4,433,000.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Tyers Asset Management LLC increased its holdings in shares of El Paso Electric by 11.2% during the 2nd quarter. Tyers Asset Management LLC now owns 8,344 shares of the utilities provider’s stock worth $493,000 after buying an additional 840 shares during the last quarter. Meadow Creek Investment Management LLC increased its holdings in shares of El Paso Electric by 25.7% during the 2nd quarter. Meadow Creek Investment Management LLC now owns 4,768 shares of the utilities provider’s stock worth $282,000 after buying an additional 976 shares during the last quarter. Riverhead Capital Management LLC increased its holdings in shares of El Paso Electric by 11.0% during the 2nd quarter. Riverhead Capital Management LLC now owns 10,072 shares of the utilities provider’s stock worth $595,000 after buying an additional 1,000 shares during the last quarter. Piermont Capital Management Inc. increased its holdings in shares of El Paso Electric by 2.3% during the 1st quarter. Piermont Capital Management Inc. now owns 44,980 shares of the utilities provider’s stock worth $2,294,000 after buying an additional 1,010 shares during the last quarter. Finally, Flinton Capital Management LLC increased its holdings in shares of El Paso Electric by 11.2% during the 2nd quarter. Flinton Capital Management LLC now owns 10,132 shares of the utilities provider’s stock worth $599,000 after buying an additional 1,020 shares during the last quarter. Institutional investors own 97.60% of the company’s stock.

EE stock opened at $61.10 on Monday. The firm has a market cap of $2.48 billion, a PE ratio of 25.25, a PEG ratio of 5.37 and a beta of 0.31. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.84 and a quick ratio of 0.61. El Paso Electric has a 52 week low of $48.05 and a 52 week high of $64.35.

El Paso Electric (NYSE:EE) last released its quarterly earnings data on Thursday, August 2nd. The utilities provider reported $0.76 EPS for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.12). The firm had revenue of $236.80 million for the quarter. El Paso Electric had a return on equity of 8.12% and a net margin of 10.21%. During the same period last year, the firm posted $0.89 EPS. analysts forecast that El Paso Electric will post 2.43 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Investors of record on Friday, September 14th will be given a dividend of $0.36 per share. The ex-dividend date is Thursday, September 13th. This represents a $1.44 dividend on an annualized basis and a yield of 2.36%. El Paso Electric’s dividend payout ratio (DPR) is 59.50%.

A number of research firms have recently commented on EE. Zacks Investment Research upgraded El Paso Electric from a “sell” rating to a “hold” rating in a report on Wednesday, September 5th. ValuEngine upgraded El Paso Electric from a “hold” rating to a “buy” rating in a report on Tuesday, September 4th. Mizuho restated a “hold” rating and set a $58.00 price objective on shares of El Paso Electric in a report on Friday, July 20th. Finally, Williams Capital downgraded El Paso Electric from a “hold” rating to a “sell” rating and dropped their price objective for the stock from $52.00 to $49.00 in a report on Monday, June 11th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $56.20.

About El Paso Electric

El Paso Electric Company, a public utility company, engages in the generation, transmission, and distribution of electricity in west Texas and southern New Mexico. It generates electricity through nuclear fuel, natural gas, and coal, as well as solar photovoltaic panels and wind turbines with a generating capability of approximately 2,082 megawatts.

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

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