PNM Resources (NYSE:PNM) Rating Lowered to Sell at StockNews.com

PNM Resources (NYSE:PNM) was downgraded by analysts at StockNews.com from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday.

A number of other research analysts also recently weighed in on the stock. Evercore ISI began coverage on shares of PNM Resources in a research report on Thursday, May 30th. They set an “in-line” rating and a $38.00 target price for the company. Barclays increased their price objective on PNM Resources from $40.00 to $43.00 and gave the company an “overweight” rating in a report on Monday, April 15th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, PNM Resources has an average rating of “Hold” and an average target price of $43.40.

PNM Resources Stock Performance

PNM stock opened at $35.99 on Wednesday. The business has a 50 day moving average of $37.32 and a 200-day moving average of $37.56. The firm has a market cap of $3.25 billion, a PE ratio of 39.55 and a beta of 0.35. PNM Resources has a 12-month low of $34.63 and a 12-month high of $45.94. The company has a quick ratio of 0.27, a current ratio of 0.37 and a debt-to-equity ratio of 1.81.

PNM Resources (NYSE:PNM) last announced its quarterly earnings data on Tuesday, April 30th. The utilities provider reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.27). The business had revenue of $436.90 million during the quarter, compared to the consensus estimate of $531.00 million. PNM Resources had a net margin of 4.38% and a return on equity of 9.91%. The firm’s revenue for the quarter was down 19.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.55 EPS. As a group, sell-side analysts expect that PNM Resources will post 2.7 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of PNM. River Road Asset Management LLC lifted its position in shares of PNM Resources by 107.9% during the fourth quarter. River Road Asset Management LLC now owns 1,154,420 shares of the utilities provider’s stock worth $48,024,000 after acquiring an additional 599,211 shares in the last quarter. Crestline Management LP purchased a new stake in PNM Resources during the 4th quarter worth about $8,320,000. State of New Jersey Common Pension Fund D boosted its stake in PNM Resources by 6.1% in the 4th quarter. State of New Jersey Common Pension Fund D now owns 59,797 shares of the utilities provider’s stock worth $2,488,000 after purchasing an additional 3,425 shares during the period. Advisors Preferred LLC purchased a new position in PNM Resources during the 4th quarter valued at about $2,439,000. Finally, Vanguard Group Inc. increased its position in shares of PNM Resources by 0.4% during the third quarter. Vanguard Group Inc. now owns 9,379,034 shares of the utilities provider’s stock valued at $418,399,000 after buying an additional 40,253 shares during the period. 91.68% of the stock is owned by institutional investors.

About PNM Resources

PNM Resources, Inc, through its subsidiaries, provides electricity and electric services 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 engages in the generation, transmission, and distribution of electricity.