El Paso Electric named Top Dividend Paying Utility Stock

El Paso Electric is turning some big profit to those who own the company’s stock.

Forbes just released a report by “Dividend Channel,” calling the company a top 10 dividend paying utility stock.

Dividends are payments made to stockholders per share.

Right now El Paso Electric is paying about $1 per share, generating some buzz in the stock world, according to Forbes.

It was just last year when El Paso Electric and the city of El Paso were battling it out over a rate case. The city wanted to decrease the costs, the company wanted 26 million dollars in an increase.

An agreement was reached in April of last year that allowed for the average residential customers’ rate to drop about $3.89.

Forbes Article:http://www.forbes.com/sites/dividendchannel/2013/02/15/el-paso-electric-companys-strong-dividend-history-helps-get-it-to-the-top-10/