PNM Resources Inc. (NYSE:PNM) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Tuesday.
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. “
PNM has been the topic of several other research reports. Williams Capital restated a “hold” rating on shares of PNM Resources in a report on Wednesday, September 21st. Jefferies Group reiterated a “buy” rating and issued a $37.50 target price on shares of PNM Resources in a report on Thursday, September 29th. SunTrust Banks Inc. lowered their target price on shares of PNM Resources from $35.00 to $34.00 and set a “neutral” rating for the company in a report on Monday, August 29th. Argus lowered their target price on shares of PNM Resources from $40.00 to $38.00 and set a “buy” rating for the company in a report on Thursday, September 22nd. Finally, TheStreet downgraded shares of PNM Resources from a “buy” rating to a “hold” rating in a report on Friday, August 26th. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. PNM Resources currently has an average rating of “Buy” and a consensus target price of $36.42.
Shares of PNM Resources (NYSE:PNM) opened at 32.28 on Tuesday. The company has a market cap of $2.57 billion, a P/E ratio of 354.73 and a beta of 0.38. The firm has a 50-day moving average of $32.74 and a 200-day moving average of $33.17. 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 data on Monday, August 8th. The company reported $0.40 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.39 by $0.01. PNM Resources had a net margin of 0.54% and a return on equity of 7.00%. The firm had revenue of $315.39 million for the quarter, compared to the consensus estimate of $379 million. During the same quarter in the prior year, the company posted $0.44 earnings per share. The business’s revenue was down 10.6% on a year-over-year basis. Analysts predict that PNM Resources will post $1.58 EPS for the current year.
The business also recently disclosed 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 is Thursday, October 27th. This represents a $0.88 dividend on an annualized basis and a yield of 2.73%. PNM Resources’s dividend payout ratio (DPR) is presently 1,100.00%.
Hedge funds have recently bought and sold shares of the company. State Street Corp increased its stake in PNM Resources by 1.8% in the first quarter. State Street Corp now owns 2,726,625 shares of the company’s stock worth $91,943,000 after buying an additional 49,025 shares during the period. Renaissance Technologies LLC raised its position in shares of PNM Resources by 58.3% in the first quarter. Renaissance Technologies LLC now owns 848,800 shares of the company’s stock worth $28,622,000 after buying an additional 312,700 shares in the last quarter. BlackRock Group LTD raised its position in shares of PNM Resources by 95.9% in the first quarter. BlackRock Group LTD now owns 102,365 shares of the company’s stock worth $3,452,000 after buying an additional 50,099 shares in the last quarter. Societe Generale acquired a new position in shares of PNM Resources during the second quarter worth $919,000. Finally, Aperio Group LLC raised its position in shares of PNM Resources by 19.8% in the first quarter. Aperio Group LLC now owns 33,771 shares of the company’s stock worth $1,139,000 after buying an additional 5,593 shares in the last quarter. Institutional investors and hedge funds 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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