PNM Resources Inc. (PNM) Lifted to Buy at Williams Capital
Other analysts have also recently issued reports about the company. SunTrust Banks Inc. lowered their price target on PNM Resources from $35.00 to $34.00 and set a neutral rating on the stock in a research report on Monday, August 29th. Jefferies Group upgraded PNM Resources from a hold rating to a buy rating in a research report on Tuesday, September 20th. Zacks Investment Research upgraded PNM Resources from a sell rating to a hold rating in a research report on Thursday, September 15th. Finally, TheStreet cut PNM Resources from a buy rating to a hold rating in a research report on Friday, August 26th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus price target of $36.21.
Shares of PNM Resources (NYSE:PNM) opened at 31.43 on Tuesday. PNM Resources has a 12 month low of $26.56 and a 12 month high of $36.15. The firm has a 50-day moving average of $32.65 and a 200 day moving average of $33.13. The company has a market capitalization of $2.50 billion, a PE ratio of 345.38 and a beta of 0.38.
PNM Resources (NYSE:PNM) last issued its earnings results on Monday, August 8th. The company reported $0.40 EPS for the quarter, beating analysts’ consensus estimates of $0.39 by $0.01. The business earned $315.39 million during the quarter, compared to analyst estimates 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 prior year, the company posted $0.44 earnings per share. On average, equities research analysts expect that PNM Resources will post $1.58 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, November 14th. Stockholders of record on Monday, October 31st will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.80%. The ex-dividend date is Thursday, October 27th. PNM Resources’s dividend payout ratio (DPR) is presently 1,100.00%.
Several institutional investors have recently modified their holdings of the stock. Creative Planning raised its position in shares of 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 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 valued at $124,000 after buying an additional 3,086 shares during the period. Tower Research Capital LLC TRC purchased a new position in shares of PNM Resources during the second quarter valued at about $163,000. LS Investment Advisors LLC raised 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 valued at $168,000 after buying an additional 2,000 shares during the period. Finally, Boothbay Fund Management LLC purchased a new position in shares of PNM Resources during the first quarter valued at about $200,000. 92.60% of the stock is currently owned by institutional investors and hedge funds.
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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