PNM Resources Inc. (PNM) Sets New 1-Year High at $36.15
Shares of PNM Resources Inc. (NYSE:PNM) hit a new 52-week high during trading on Wednesday . The company traded as high as $36.15 and last traded at $35.90, with a volume of 325,066 shares. The stock had previously closed at $35.90.
PNM has been the subject of several recent analyst reports. Zacks Investment Research lowered PNM Resources from a “hold” rating to a “sell” rating in a report on Friday, April 22nd. Barclays PLC reaffirmed a “buy” rating on shares of PNM Resources in a report on Saturday, March 19th. Jefferies Group lowered PNM Resources from a “buy” rating to a “hold” rating and reduced their target price for the company from $36.00 to $34.00 in a report on Thursday, March 24th. Argus upped their target price on PNM Resources from $35.00 to $38.00 and gave the company a “buy” rating in a report on Monday, March 21st. Finally, SunTrust Banks Inc. upped their target price on PNM Resources from $32.00 to $33.00 and gave the company a “neutral” rating in a report on Monday, March 14th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company’s stock. PNM Resources has a consensus rating of “Buy” and an average price target of $35.50.
The company’s 50-day moving average is $33.74 and its 200-day moving average is $32.42. The stock has a market cap of $2.80 billion and a price-to-earnings ratio of 242.55.
PNM Resources (NYSE:PNM) last issued its quarterly earnings data on Friday, April 29th. The company reported $0.13 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.14 by $0.01. The business had revenue of $310.90 million for the quarter, compared to analyst estimates of $358 million. PNM Resources’s revenue for the quarter was down 6.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.21 EPS. Analysts expect that PNM Resources Inc. will post $1.61 EPS for the current year.
A number of institutional investors have recently made changes to their positions in the company. Bailard Inc. purchased a new position in shares of PNM Resources during the fourth quarter worth $1,382,000. Victory Capital Management Inc. raised its position in shares of PNM Resources by 7.0% in the fourth quarter. Victory Capital Management Inc. now owns 1,494,623 shares of the company’s stock worth $45,691,000 after buying an additional 97,303 shares during the last quarter. Monarch Partners Asset Management LLC raised its position in shares of PNM Resources by 6.7% in the fourth quarter. Monarch Partners Asset Management LLC now owns 545,436 shares of the company’s stock worth $16,674,000 after buying an additional 34,311 shares during the last quarter. Wells Fargo & Company MN raised its position in shares of PNM Resources by 0.7% in the fourth quarter. Wells Fargo & Company MN now owns 549,087 shares of the company’s stock worth $16,785,000 after buying an additional 3,678 shares during the last quarter. Finally, Mutual of America Capital Management LLC raised its position in shares of PNM Resources by 6.8% in the fourth quarter. Mutual of America Capital Management LLC now owns 208,842 shares of the company’s stock worth $6,384,000 after buying an additional 13,388 shares during the last quarter.
PNM Resources, Inc (PNMR) is an investor-owned holding company of energy and energy-related businesses. The Company’s business segments include PNM, TNMP and Corporate and Other. PNM is an electric utility that provides electric generation, transmission, and distribution service to its rate-regulated customers.
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