PNM Resources Inc. (PNM) Price Target Lowered to $38.00 at Argus
PNM Resources Inc. (NYSE:PNM) had its price target reduced by Argus from $40.00 to $38.00 in a research report issued on Thursday. The firm presently has a “buy” rating on the stock. Argus’ price objective would suggest a potential upside of 11.08% from the company’s current price.
A number of other research firms also recently weighed in on PNM. Jefferies Group raised shares of PNM Resources from a “hold” rating to a “buy” rating in a research report on Tuesday. Zacks Investment Research raised shares of PNM Resources from a “sell” rating to a “hold” rating in a research report on Thursday, September 15th. SunTrust Banks Inc. reduced their target price on shares of PNM Resources from $34.00 to $33.00 and set a “neutral” rating for the company in a research report on Monday, September 12th. Finally, TheStreet downgraded shares of PNM Resources from a “buy” rating to a “hold” rating in a research report on Friday, August 26th. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $35.67.
PNM Resources (NYSE:PNM) opened at 34.21 on Thursday. The firm’s 50-day moving average is $32.65 and its 200 day moving average is $33.15. The firm has a market capitalization of $2.72 billion, a P/E ratio of 375.93 and a beta of 0.24. PNM Resources has a 12 month low of $26.12 and a 12 month high of $36.15.
PNM Resources (NYSE:PNM) last posted its quarterly earnings data 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. The firm earned $315.39 million during the quarter, compared to analyst estimates of $379 million. PNM Resources had a net margin of 0.54% and a return on equity of 7.00%. The company’s revenue for the quarter was down 10.6% on a year-over-year basis. During the same quarter last year, the business posted $0.44 EPS. On average, analysts expect that PNM Resources will post $1.59 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 14th. Stockholders of record on Monday, October 31st will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.57%. The ex-dividend date is Thursday, October 27th. PNM Resources’s dividend payout ratio (DPR) is currently 1,100.00%.
Several hedge funds have recently bought and sold shares of PNM. Creative Planning boosted its stake 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. boosted its position in shares of 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 last quarter. Tower Research Capital LLC TRC acquired a new position in shares of PNM Resources during the second quarter worth approximately $163,000. LS Investment Advisors LLC boosted its position in shares of 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 last quarter. Finally, Boothbay Fund Management LLC acquired a new position in shares of PNM Resources during the first quarter worth approximately $200,000. 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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