PNM Resources Inc. (NYSE:PNM) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Wednesday.
According to Zacks, “PNM Resources is an energy holding company based in Albuquerque, New Mexico. Its principal subsidiary is Public Service Company of New Mexico, which provides electric power and natural gas utility services to more than 1.3 million people in New Mexico. The company also sells power on the wholesale market in the Western U.S. “
A number of other equities research analysts have also commented on PNM. SunTrust Banks Inc. raised their price target on PNM Resources from $34.00 to $35.00 and gave the stock a “neutral” rating in a research report on Monday. Jefferies Group reaffirmed a “hold” rating and set a $35.00 price target on shares of PNM Resources in a research report on Tuesday, August 30th. Williams Capital reissued a “hold” rating on shares of PNM Resources in a research report on Wednesday, September 21st. Argus dropped their target price on PNM Resources from $40.00 to $38.00 and set a “buy” rating on the stock in a research report on Thursday, September 22nd. Finally, TheStreet lowered PNM Resources from a “buy” rating to a “hold” rating in a research report on Friday, August 26th. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $36.00.
Shares of PNM Resources (NYSE:PNM) opened at 33.98 on Wednesday. The firm’s 50-day moving average price is $32.79 and its 200-day moving average price is $33.18. The company has a market cap of $2.71 billion, a PE ratio of 373.41 and a beta of 0.24. PNM Resources has a 12 month low of $26.56 and a 12 month high of $36.15.
PNM Resources (NYSE:PNM) last released its quarterly earnings results on Monday, August 8th. The company reported $0.40 EPS for the quarter, topping the Zacks’ consensus estimate of $0.39 by $0.01. The company had revenue of $315.39 million for 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%. PNM Resources’s revenue was down 10.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.44 earnings per share. Equities analysts predict that PNM Resources will post $1.58 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, November 14th. Shareholders of record on Monday, October 31st will be paid a $0.22 dividend. The ex-dividend date of this dividend is Thursday, October 27th. This represents a $0.88 dividend on an annualized basis and a yield of 2.59%. PNM Resources’s dividend payout ratio is 1,100.00%.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Mason Street Advisors LLC bought a new position in PNM Resources during the second quarter worth $1,287,000. Schwab Charles Investment Management Inc. increased its position in PNM Resources by 0.8% in the second quarter. Schwab Charles Investment Management Inc. now owns 436,623 shares of the company’s stock worth $15,474,000 after buying an additional 3,561 shares in the last quarter. Stifel Financial Corp increased its position in PNM Resources by 6.2% in the second quarter. Stifel Financial Corp now owns 23,188 shares of the company’s stock worth $822,000 after buying an additional 1,351 shares in the last quarter. Amalgamated Bank increased its position in PNM Resources by 11.3% in the second quarter. Amalgamated Bank now owns 9,926 shares of the company’s stock worth $332,000 after buying an additional 1,009 shares in the last quarter. Finally, Metropolitan Life Insurance Co. NY increased its position in PNM Resources by 1.6% in the second quarter. Metropolitan Life Insurance Co. NY now owns 129,501 shares of the company’s stock worth $4,590,000 after buying an additional 2,030 shares in the last quarter. Hedge funds and other institutional investors own 92.60% of the company’s stock.
PNM Resources Company Profile
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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