PNM Resources Inc (PNM) Receives $37.57 Average PT from Brokerages
PNM Resources Inc (NYSE:PNM) has earned a consensus recommendation of “Hold” from the nine research firms that are currently covering the stock, MarketBeat Ratings reports. Three research analysts have rated the stock with a sell recommendation and six have issued a hold recommendation on the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $37.57.
PNM has been the topic of a number of recent research reports. ValuEngine raised shares of PNM Resources from a “sell” rating to a “hold” rating in a research report on Monday, June 18th. Barclays began coverage on shares of PNM Resources in a research report on Tuesday, July 10th. They set an “underweight” rating and a $37.00 price objective on the stock. Finally, Zacks Investment Research raised shares of PNM Resources from a “hold” rating to a “buy” rating and set a $44.00 price objective on the stock in a research report on Thursday, August 2nd.
Shares of NYSE:PNM traded down $0.28 during midday trading on Wednesday, reaching $38.31. The company’s stock had a trading volume of 520,103 shares, compared to its average volume of 527,039. The company has a market capitalization of $3.14 billion, a PE ratio of 19.75, a P/E/G ratio of 4.39 and a beta of 0.15. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.34 and a quick ratio of 0.27. PNM Resources has a 12-month low of $33.75 and a 12-month high of $46.00.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 16th. Investors of record on Friday, November 2nd will be given a dividend of $0.265 per share. This represents a $1.06 annualized dividend and a yield of 2.77%. The ex-dividend date of this dividend is Thursday, November 1st. PNM Resources’s dividend payout ratio (DPR) is 54.64%.
Hedge funds have recently made changes to their positions in the stock. Federated Investors Inc. PA grew its position in PNM Resources by 54.5% during the 2nd quarter. Federated Investors Inc. PA now owns 303,260 shares of the utilities provider’s stock valued at $11,797,000 after purchasing an additional 107,019 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec purchased a new stake in shares of PNM Resources during the 2nd quarter valued at about $3,462,000. Dimensional Fund Advisors LP boosted its holdings in shares of PNM Resources by 1.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,718,588 shares of the utilities provider’s stock valued at $66,853,000 after acquiring an additional 31,516 shares during the last quarter. Hsbc Holdings PLC boosted its holdings in shares of PNM Resources by 738.7% during the 1st quarter. Hsbc Holdings PLC now owns 48,251 shares of the utilities provider’s stock valued at $1,845,000 after acquiring an additional 42,498 shares during the last quarter. Finally, TD Asset Management Inc. boosted its holdings in shares of PNM Resources by 11.8% during the 2nd quarter. TD Asset Management Inc. now owns 86,780 shares of the utilities provider’s stock valued at $3,376,000 after acquiring an additional 9,180 shares during the last quarter. 91.78% of the stock is currently owned by institutional investors.
About PNM Resources
PNM Resources, Inc, through its subsidiaries, engages in the energy and energy-related businesses in the United States. It operates through Public Service Company of New Mexico (PNM) and Texas-New Mexico Power Company (TNMP) segments. The PNM segment is primarily involved in the generation, transmission, and distribution of electricity.
Further Reading: Diversification
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