California Public Employees Retirement System Reduces Stake in El Paso Electric Company (EE)

California Public Employees Retirement System lessened its holdings in shares of El Paso Electric Company (NYSE:EE) by 0.8% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 118,950 shares of the utilities provider’s stock after selling 1,000 shares during the period. California Public Employees Retirement System owned 0.29% of El Paso Electric worth $6,150,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in EE. Arizona State Retirement System boosted its stake in El Paso Electric by 0.5% in the 2nd quarter. Arizona State Retirement System now owns 21,201 shares of the utilities provider’s stock worth $1,096,000 after purchasing an additional 100 shares in the last quarter. Stifel Financial Corp boosted its stake in El Paso Electric by 7.6% in the 1st quarter. Stifel Financial Corp now owns 7,018 shares of the utilities provider’s stock worth $357,000 after purchasing an additional 494 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in El Paso Electric by 11.9% in the 1st quarter. PNC Financial Services Group Inc. now owns 10,152 shares of the utilities provider’s stock worth $512,000 after purchasing an additional 1,082 shares in the last quarter. Principal Financial Group Inc. boosted its stake in El Paso Electric by 9.4% in the 2nd quarter. Principal Financial Group Inc. now owns 346,809 shares of the utilities provider’s stock worth $17,930,000 after purchasing an additional 29,758 shares in the last quarter. Finally, Municipal Employees Retirement System of Michigan boosted its stake in El Paso Electric by 4.0% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 9,570 shares of the utilities provider’s stock worth $495,000 after purchasing an additional 370 shares in the last quarter. Hedge funds and other institutional investors own 97.96% of the company’s stock.

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El Paso Electric Company (NYSE:EE) opened at 58.10 on Monday. The company has a market cap of $2.36 billion, a PE ratio of 20.99 and a beta of 0.47. The company has a 50-day moving average of $55.80 and a 200-day moving average of $53.22. El Paso Electric Company has a 52 week low of $43.12 and a 52 week high of $58.70.

El Paso Electric (NYSE:EE) last issued its quarterly earnings results on Wednesday, August 2nd. The utilities provider reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.75 by $0.14. The business had revenue of $251.84 million during 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 business posted $0.55 EPS. On average, equities analysts expect that El Paso Electric Company will post $2.58 EPS for the current year.

A number of brokerages recently issued reports on EE. Jefferies Group LLC reiterated a “hold” rating and issued a $57.00 price target (up previously from $56.00) on shares of El Paso Electric in a research note on Friday, October 6th. Mizuho reiterated a “hold” rating and issued a $56.00 price target on shares of El Paso Electric in a research note on Wednesday, October 4th. ValuEngine cut shares of El Paso Electric from a “buy” rating to a “hold” rating in a research note on Monday, October 2nd. Zacks Investment Research cut shares of El Paso Electric from a “buy” rating to a “hold” rating in a research note on Thursday, September 21st. Finally, BidaskClub upgraded shares of El Paso Electric from a “hold” rating to a “buy” rating in a research note on Friday, August 18th. Five analysts have rated the stock with a hold rating and one has given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $55.50.

El Paso Electric Company 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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