PNM Resources Inc. (PNM) Shares Gap Up Following Dividend Announcement
PNM Resources Inc. (NYSE:PNM) shares gapped up before the market opened on Tuesday following a dividend announcement from the company. The stock had previously closed at $32.73, but opened at $33.01. PNM Resources shares last traded at $33.65, with a volume of 368,337 shares changing hands.
The newly announced dividend which will be paid on Monday, November 14th. Shareholders of record on Monday, October 31st will be given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.57%. The ex-dividend date is Thursday, October 27th. PNM Resources’s payout ratio is 1,100.00%.
PNM has been the topic of a number of research analyst reports. Zacks Investment Research raised PNM Resources from a “sell” rating to a “hold” rating in a research report on Thursday, September 15th. TheStreet lowered PNM Resources from a “buy” rating to a “hold” rating in a research report on Friday, August 26th. Jefferies Group reissued a “hold” rating on shares of PNM Resources in a research report on Monday, July 18th. Finally, SunTrust Banks Inc. cut their target price on PNM Resources from $34.00 to $33.00 and set a “neutral” rating on the stock in a research report on Monday, September 12th. Three analysts have rated the stock with a hold rating and six have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $35.67.
The firm has a 50 day moving average price of $32.65 and a 200-day moving average price of $33.15. The company has a market cap of $2.72 billion, a price-to-earnings ratio of 375.93 and a beta of 0.24.
PNM Resources (NYSE:PNM) last posted its quarterly earnings results on Monday, August 8th. The company reported $0.40 EPS for the quarter, beating 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 business earned $315.39 million during the quarter, compared to analyst estimates of $379 million. During the same period in the previous year, the business posted $0.44 EPS. The company’s quarterly revenue was down 10.6% on a year-over-year basis. On average, equities research analysts forecast that PNM Resources Inc. will post $1.59 EPS for the current fiscal year.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Creative Planning raised its position in PNM Resources by 119.6% in the second quarter. Creative Planning now owns 2,875 shares of the company’s stock valued at $102,000 after buying an additional 1,566 shares during the period. Meeder Asset Management Inc. raised 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 valued at $124,000 after buying an additional 3,086 shares during the period. Tower Research Capital LLC TRC acquired a new position in PNM Resources during the second quarter valued at approximately $163,000. LS Investment Advisors LLC raised 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 valued at $168,000 after buying an additional 2,000 shares during the period. Finally, Boothbay Fund Management LLC acquired a new position in PNM Resources during the first quarter valued at approximately $200,000. 92.60% of the stock is owned by institutional investors and hedge funds.
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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