The stock of El Paso Electric Company (NYSE:EE) is now priced at $67.37 and the shares are 0.12 points up or 0.18% higher compared to its previous closing price of $67.25. The stock had 201040 contracts set over the past session. EE shares’ daily volume is compared to its average trading volume at 531104 shares. However, it has a float of 40.33 million and although its performance was 1.6% over the week, it’s one to watch. Analysts have given the EE stock a yearly average price target of $61 per share. It means the stock’s downside potential is -9.46% with the EE share price recently placing at $67.16 to $67.39. However, some brokerage firms have priced the stock below the average, including one that has called $68.

The shorts are running away from the El Paso Electric Company stock, with the latest data on short interest released on June 15, 2020, showing that short interest numbers in the EE shares have declined. Short interest in the stock represents just 3.84% of its float, but the volume has dropped by 0. The volume of shorted shares dropped to from shares over the last two weeks. The average intraday trading volume has been shares, which means that days to cover moved to roughly.

In the last trading session, El Paso Electric Company (NYSE:EE) raised by $1.06 over the week and lost -$0.44 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $69.96. The stock recorded its established 52-week high on 02/12/20.

Since 03/19/20, the stock has traded to a low of $61.74 at 9.12%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 0.38. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.

Looking at current readings, El Paso Electric Company’s two-week RSI is 54.82. This suggests that the stock is neutral at the moment and that EE shares’ price movement remains stable. The stochastic readings are equally revealing at 82.64% meaning the EE share price is currently in oversold territory.

The technical chart shows that the EE stock will likely settle at between $67.45 and $67.54 per share. However, if the stock dips below $67.22, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $67.08.

Currently, the stock is trading in the green of MACD, with a reading of 0.57. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.

Analysts at Williams Capital Group raised their recommendation for EE from Sell to Hold in March 04 review while maintain their target price of $49 to $53. BofA/Merrill analysts see the stock as a Neutral, but they also raised the share’s target price from $49 to $55 in a flash note released to investors on March 01. Williams Capital Group seeing the stock struggling downgraded it from Hold to Sell on June 11 placing it at $52 to $49.

The average rating for the EE equity is 3.67 and is currently gathering a bearish momentum. Of 3 analysts tracking El Paso Electric Company polled by Reuters, 2 rated EE as a hold. The remaining 1 analysts were split evenly. However, the split wasn’t equal as a majority (0) rated it as a buy or strong buy. 1 analyst advised investors against buying the stock or to sell if they own any of the stock.

Elsewhere, the EE stock price is 22.46X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 33.9 above the group’s average of 27.3. El Paso Electric Company has its P/E ratio at 2.4, which means that the stock is currently trading at a premium relative to the 1.6 industry average.

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