Zacks Investment Research lowered shares of PNM Resources (NYSE:PNM) from a strong-buy rating to a hold rating in a report published on Friday.

According to Zacks, “PNM Resources, Inc. is an electric utility that provides electric generation, transmission and distribution service to its rate-regulated customers. In New Mexico, the utility’s retail electric service territory covers a large area of north central New Mexico, including the cities of Albuquerque, Rio Rancho, and Santa Fe, and certain areas of southern New Mexico. Service to retail electric customers is subject to the jurisdiction of the NMPRC. PNM has decided to stop pursuing wholesale generation contracts although some sales continue to be made to wholesale customers. Service to wholesale customers is regulated by FERC. Regulation encompasses the utility’s electric rates, service, accounting, issuances of securities, construction of major new generation, types of generation resources, transmission and distribution facilities, and other matters. “

Separately, Bank of America raised their price objective on shares of PNM Resources from $36.00 to $39.00 and gave the stock an underperform rating in a research report on Wednesday. Three investment analysts have rated the stock with a sell rating and six have assigned a hold rating to the stock. The stock has an average rating of Hold and an average price target of $38.63.

NYSE:PNM traded down $0.09 during midday trading on Friday, hitting $40.61. 701,672 shares of the company were exchanged, compared to its average volume of 472,346. PNM Resources has a fifty-two week low of $33.75 and a fifty-two week high of $46.00. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.37 and a quick ratio of 0.27. The firm has a market capitalization of $3.24 billion, a P/E ratio of 20.93, a P/E/G ratio of 4.44 and a beta of 0.16.

PNM Resources (NYSE:PNM) last announced its quarterly earnings results on Tuesday, November 6th. The utilities provider reported $1.08 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.04 by $0.04. PNM Resources had a net margin of 6.08% and a return on equity of 9.25%. The firm had revenue of $422.67 million for the quarter, compared to analyst estimates of $483.08 million. During the same period last year, the business earned $0.93 EPS. On average, sell-side analysts anticipate that PNM Resources will post 1.97 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 16th. Shareholders 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 2.61%. The ex-dividend date of this dividend is Thursday, November 1st. PNM Resources’s payout ratio is currently 54.64%.

A number of institutional investors have recently modified their holdings of PNM. BlackRock Inc. grew its position in PNM Resources by 2.9% during the 2nd quarter. BlackRock Inc. now owns 9,277,263 shares of the utilities provider’s stock worth $360,886,000 after purchasing an additional 261,154 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of PNM Resources by 25.2% in the second quarter. Millennium Management LLC now owns 1,067,063 shares of the utilities provider’s stock valued at $41,509,000 after acquiring an additional 214,977 shares in the last quarter. Allianz Asset Management GmbH boosted its holdings in shares of PNM Resources by 631.7% in the first quarter. Allianz Asset Management GmbH now owns 223,783 shares of the utilities provider’s stock valued at $8,560,000 after acquiring an additional 193,201 shares in the last quarter. Assenagon Asset Management S.A. purchased a new stake in shares of PNM Resources in the third quarter valued at about $5,976,000. Finally, BNP Paribas Arbitrage SA boosted its holdings in shares of PNM Resources by 140.7% in the second quarter. BNP Paribas Arbitrage SA now owns 251,371 shares of the utilities provider’s stock valued at $9,778,000 after acquiring an additional 146,941 shares in the last quarter. 90.90% 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.

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