El Paso Electric (NYSE:EE) was the recipient of a significant growth in short interest in the month of January. As of January 31st, there was short interest totalling 1,060,000 shares, a growth of 6.0% from the January 15th total of 1,000,000 shares. Based on an average daily trading volume, of 243,600 shares, the days-to-cover ratio is currently 4.4 days. Currently, 2.6% of the company’s shares are short sold.
A number of large investors have recently added to or reduced their stakes in the business. Metropolitan Life Insurance Co NY raised its position in shares of El Paso Electric by 1.8% during the third quarter. Metropolitan Life Insurance Co NY now owns 13,142 shares of the utilities provider’s stock worth $882,000 after purchasing an additional 230 shares during the period. Virtu Financial LLC acquired a new stake in shares of El Paso Electric during the fourth quarter worth about $592,000. Texas Permanent School Fund raised its position in shares of El Paso Electric by 0.7% during the third quarter. Texas Permanent School Fund now owns 27,764 shares of the utilities provider’s stock worth $1,862,000 after purchasing an additional 199 shares during the period. Zeke Capital Advisors LLC raised its position in shares of El Paso Electric by 37.6% during the fourth quarter. Zeke Capital Advisors LLC now owns 27,007 shares of the utilities provider’s stock worth $1,834,000 after purchasing an additional 7,375 shares during the period. Finally, State Street Corp raised its position in shares of El Paso Electric by 0.3% during the third quarter. State Street Corp now owns 1,224,408 shares of the utilities provider’s stock worth $82,133,000 after purchasing an additional 4,132 shares during the period. 91.79% of the stock is currently owned by hedge funds and other institutional investors.
NYSE:EE opened at $68.25 on Friday. El Paso Electric has a 1-year low of $52.44 and a 1-year high of $69.96. The business’s 50-day moving average price is $68.08 and its two-hundred day moving average price is $67.30. The company has a current ratio of 0.69, a quick ratio of 0.51 and a debt-to-equity ratio of 1.09. The firm has a market capitalization of $2.78 billion, a price-to-earnings ratio of 29.42 and a beta of 0.54.
Separately, ValuEngine lowered El Paso Electric from a “buy” rating to a “hold” rating in a research note on Friday, November 1st. Five analysts have rated the stock with a hold rating, The stock currently has an average rating of “Hold” and an average price target of $60.00.
About El Paso Electric
El Paso Electric Co engages in the generation, transmission, and distribution of electricity in West Texas and southern New Mexico. Its energy sources consist of nuclear fuel, natural gas, coal, wind turbines, and purchased power. The company’s electrical generating facilities include Palo Verde Station, Newman Power Station, Rio Grande Power Station, Four Corners Station, Copper Power Station, and Wind Ranch.
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