PNM Resources (NYSE:PNM) Rating Increased to Hold at StockNews.com

StockNews.com upgraded shares of PNM Resources (NYSE:PNM) from a sell rating to a hold rating in a research note published on Friday.

A number of other research analysts have also commented on the stock. Evercore ISI began coverage on shares of PNM Resources in a research note on Thursday, May 30th. They issued an in-line rating and a $38.00 price target on the stock. Barclays upped their price target on shares of PNM Resources from $43.00 to $45.00 and gave the company an overweight rating in a research note on Monday, July 22nd. Finally, Wells Fargo & Company upped their price target on shares of PNM Resources from $41.00 to $46.00 and gave the company an overweight rating in a research note on Thursday, August 1st. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of Hold and an average target price of $44.20.

PNM Resources Price Performance

The firm has a market cap of $3.77 billion, a price-to-earnings ratio of 45.90 and a beta of 0.35. The business’s fifty day moving average price is $38.05 and its 200-day moving average price is $37.45. PNM Resources has a 52 week low of $34.63 and a 52 week high of $45.10. 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 released its quarterly earnings data on Wednesday, July 31st. The utilities provider reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.05. The company had revenue of $488.10 million for the quarter, compared to analyst estimates of $481.02 million. PNM Resources had a net margin of 4.50% and a return on equity of 10.15%. PNM Resources’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.55 EPS. As a group, analysts expect that PNM Resources will post 2.72 EPS for the current year.

PNM Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 9th. Shareholders of record on Friday, July 26th will be issued a $0.3875 dividend. This represents a $1.55 dividend on an annualized basis and a yield of ∞. The ex-dividend date is Friday, July 26th. PNM Resources’s dividend payout ratio is currently 170.33%.

Institutional Trading of PNM Resources

Institutional investors have recently bought and sold shares of the business. River Road Asset Management LLC boosted its holdings in PNM Resources by 107.9% in the 4th quarter. River Road Asset Management LLC now owns 1,154,420 shares of the utilities provider’s stock valued at $48,024,000 after purchasing an additional 599,211 shares during the period. Crestline Management LP bought a new stake in PNM Resources in the 4th quarter valued at about $8,320,000. State of New Jersey Common Pension Fund D lifted its holdings in shares of PNM Resources by 6.1% during 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 acquiring an additional 3,425 shares during the period. Advisors Preferred LLC bought a new stake in shares of PNM Resources during the 4th quarter worth approximately $2,439,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of PNM Resources by 131.6% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 90,912 shares of the utilities provider’s stock worth $3,422,000 after acquiring an additional 51,656 shares during the period. Institutional investors own 91.68% of the company’s stock.

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.