PNM Resources Inc. (NYSE:PNM) was upgraded by research analysts at Jefferies Group from a “hold” rating to a “buy” rating in a report issued on Tuesday.
A number of other research firms have also weighed in on PNM. Zacks Investment Research raised PNM Resources from a “sell” rating to a “hold” rating in a research note on Thursday, September 15th. TheStreet lowered PNM Resources from a “buy” rating to a “hold” rating in a research note on Friday, August 26th. Finally, SunTrust Banks Inc. dropped their price objective on PNM Resources from $34.00 to $33.00 and set a “neutral” rating for the company in a research note on Monday, September 12th. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $35.67.
Shares of PNM Resources (NYSE:PNM) opened at 34.21 on Tuesday. The firm has a market cap of $2.72 billion, a P/E ratio of 375.93 and a beta of 0.24. The company has a 50-day moving average of $32.65 and a 200 day moving average of $33.15. PNM Resources has a 52-week low of $26.12 and a 52-week high of $36.15.
PNM Resources (NYSE:PNM) last released its quarterly earnings data on Monday, August 8th. The company reported $0.40 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.01. The firm earned $315.39 million during the quarter, compared to analyst estimates of $379 million. PNM Resources had a return on equity of 7.00% and a net margin of 0.54%. The business’s quarterly revenue was down 10.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.44 earnings per share. On average, equities analysts expect that PNM Resources will post $1.59 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, November 14th. Investors of record on Monday, October 31st will be issued a dividend of $0.22 per share. The ex-dividend date of this dividend is Thursday, October 27th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.57%. PNM Resources’s dividend payout ratio is presently 1,100.00%.
Institutional investors have recently bought and sold shares of the company. Creative Planning increased its position in PNM Resources by 119.6% in the second quarter. Creative Planning now owns 2,875 shares of the company’s stock worth $102,000 after buying an additional 1,566 shares during the period. Meeder Asset Management Inc. increased its position in PNM Resources by 514.3% in the first quarter. Meeder Asset Management Inc. now owns 3,686 shares of the company’s stock worth $124,000 after buying an additional 3,086 shares during the period. Tower Research Capital LLC TRC purchased a new position in PNM Resources during the second quarter worth about $163,000. LS Investment Advisors LLC increased its position in PNM Resources by 72.6% in the second quarter. LS Investment Advisors LLC now owns 4,754 shares of the company’s stock worth $168,000 after buying an additional 2,000 shares during the period. Finally, Boothbay Fund Management LLC purchased a new position in PNM Resources during the first quarter worth about $200,000. Institutional investors and hedge funds own 92.60% of the company’s stock.
About PNM Resources
PNM Resources, Inc (PNMR) is an investor-owned holding company with approximately two regulated utilities providing electricity and electric services in New Mexico and Texas. PNMR’s electric utilities are Public Service Company of New Mexico and Subsidiaries (PNM) and Texas-New Mexico Power Company and Subsidiaries (TNMP).
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