El Paso Electric (NYSE:EE) Announces Quarterly Dividend of $0.39
El Paso Electric (NYSE:EE) declared a quarterly dividend on Thursday, July 25th, Zacks reports. Shareholders of record on Monday, September 16th will be paid a dividend of 0.385 per share by the utilities provider on Monday, September 30th. This represents a $1.54 annualized dividend and a dividend yield of 2.30%. The ex-dividend date is Friday, September 13th.
El Paso Electric has increased its dividend by an average of 6.7% annually over the last three years and has raised its dividend every year for the last 7 years. El Paso Electric has a payout ratio of 63.4% indicating that its dividend is sufficiently covered by earnings. Research analysts expect El Paso Electric to earn $2.95 per share next year, which means the company should continue to be able to cover its $1.54 annual dividend with an expected future payout ratio of 52.2%.
Shares of NYSE:EE traded up $0.21 during trading on Wednesday, reaching $67.09. The company had a trading volume of 4,046 shares, compared to its average volume of 221,104. El Paso Electric has a fifty-two week low of $47.99 and a fifty-two week high of $67.20. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.64 and a quick ratio of 0.46. The stock’s fifty day moving average price is $66.49 and its 200 day moving average price is $62.42. The firm has a market capitalization of $2.73 billion, a price-to-earnings ratio of 28.80, a price-to-earnings-growth ratio of 4.64 and a beta of 0.55.
In other El Paso Electric news, Director Eric B. Siegel sold 24,094 shares of the company’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $66.38, for a total value of $1,599,359.72. Following the sale, the director now owns 57,550 shares of the company’s stock, valued at $3,820,169. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Stephen Wertheimer sold 25,000 shares of the stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $66.40, for a total transaction of $1,660,000.00. Following the completion of the sale, the director now owns 27,376 shares in the company, valued at $1,817,766.40. The disclosure for this sale can be found here. Insiders have sold a total of 64,094 shares of company stock worth $4,254,910 over the last 90 days. Insiders own 1.21% of the company’s stock.
EE has been the subject of a number of analyst reports. ValuEngine upgraded shares of El Paso Electric from a “hold” rating to a “buy” rating in a research report on Monday, June 3rd. Zacks Investment Research cut shares of El Paso Electric from a “buy” rating to a “hold” rating in a research note on Monday, August 5th. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. El Paso Electric currently has a consensus rating of “Hold” and an average target price 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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