PNM Resources Inc. (PNM) Rating Reiterated by Jefferies Group
PNM Resources Inc. (NYSE:PNM)‘s stock had its “buy” rating reiterated by Jefferies Group in a research note issued to investors on Thursday. They presently have a $37.50 price target on the stock. Jefferies Group’s price objective suggests a potential upside of 14.61% from the company’s current price.
Several other brokerages also recently weighed in on PNM. SunTrust Banks Inc. boosted their price target on PNM Resources from $34.00 to $35.00 and gave the company a “neutral” rating in a report on Monday, September 26th. Zacks Investment Research upgraded PNM Resources from a “sell” rating to a “hold” rating in a report on Thursday, September 15th. TheStreet downgraded PNM Resources from a “buy” rating to a “hold” rating in a report on Friday, August 26th. Argus cut their price target on PNM Resources from $40.00 to $38.00 and set a “buy” rating for the company in a report on Thursday, September 22nd. Finally, Williams Capital reissued a “hold” rating on shares of PNM Resources in a research note on Wednesday, September 21st. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $36.42.
PNM Resources (NYSE:PNM) opened at 32.72 on Thursday. The firm has a market cap of $2.61 billion, a PE ratio of 359.56 and a beta of 0.38. PNM Resources has a one year low of $26.56 and a one year high of $36.15. The firm’s 50 day moving average price is $32.78 and its 200-day moving average price is $33.18.
PNM Resources (NYSE:PNM) last issued its quarterly earnings results on Monday, August 8th. The company reported $0.40 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.39 by $0.01. The company earned $315.39 million during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period in the previous year, the firm posted $0.44 EPS. Equities analysts predict that PNM Resources will post $1.58 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, November 14th. Investors of record on Monday, October 31st will be given 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 2.69%. PNM Resources’s dividend payout ratio (DPR) is 1,100.00%.
Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of PNM Resources by 4.1% in the second quarter. Vanguard Group Inc. now owns 6,440,193 shares of the company’s stock worth $228,240,000 after buying an additional 254,750 shares during the period. BlackRock Fund Advisors boosted its stake in shares of PNM Resources by 3.6% in the second quarter. BlackRock Fund Advisors now owns 4,056,931 shares of the company’s stock worth $143,778,000 after buying an additional 140,885 shares during the period. State Street Corp boosted its stake in shares of 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. Goldman Sachs Group Inc. boosted its stake in shares of PNM Resources by 11.8% in the first quarter. Goldman Sachs Group Inc. now owns 2,650,254 shares of the company’s stock worth $89,366,000 after buying an additional 278,752 shares during the period. Finally, BlackRock Institutional Trust Company N.A. boosted its stake in shares of PNM Resources by 3.0% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 2,373,575 shares of the company’s stock worth $84,119,000 after buying an additional 69,034 shares during the period. 92.60% of the stock is owned by hedge funds and other institutional investors.
About PNM Resources
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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