Jefferies Upgrades El Paso Electric Company to Buy

Brokerage firm Jefferies Upgrades its rating on El Paso Electric Company(NYSE:EE). The shares have been rated Buy. Previously, the analysts had a Hold rating on the shares. The rating by Jefferies was issued on Jul 14, 2016.

El Paso Electric Company (EE) shares turned negative on Mondays trading session with the shares closing down -0.48 points or -1.01% at a volume of 2,12,212. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $47.64. The peak price level was also seen at $47.64 while the days lowest was $47.04. Finally the shares closed at $47.04. The 52-week high of the shares is $48.05 while the 52-week low is $33.9. According to the latest information available, the market cap of the company is $1,904 M.

El Paso Electric Company(EE) last announced its earnings results on May 4, 2016 for Fiscal Year 2016 and Q1.Earnings per share were $-0.14. Analysts had estimated an EPS of $-0.07.

Several Insider Transactions has been reported to the SEC. On May 11, 2016, Charles Yamarone (director) sold 5,500 shares at $45.16 per share price.

El Paso Electric Company is engaged in the generation transmission and distribution of electricity in an area of approximately 10000 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 approximately 1879 Megawatts. The Company’s energy sources consist of approximately 47% nuclear fuel 35% natural gas 5% coal 13% purchased power and less than 1% generated by Company-owned solar photovoltaic panels and wind turbines. It has power purchase agreements for around 107 Megawatts from solar photovoltaic generation facilities. It serves residential commercial industrial public authority and wholesale customers. The Company distributes electricity to retail customers principally in El Paso Texas and Las Cruces New Mexico. In addition its wholesale sales include sales for resale to other electric utilities and power marketers.

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