PNM Resources (NYSE:PNM) Coverage Initiated at StockNews.com

StockNews.com started coverage on shares of PNM Resources (NYSE:PNM) in a report published on Tuesday morning. The brokerage issued a sell rating on the utilities provider’s stock.

PNM has been the subject of a number of other research reports. Evercore ISI assumed coverage on PNM Resources in a research report on Thursday, May 30th. They issued an in-line rating and a $38.00 price target for the company. Wells Fargo & Company raised their price target on PNM Resources from $41.00 to $46.00 and gave the company an overweight rating in a research report on Thursday, August 1st. Finally, Barclays raised their price target on PNM Resources from $43.00 to $45.00 and gave the company an overweight rating in a research report on Monday, July 22nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of Hold and a consensus target price of $44.20.

PNM Resources Stock Performance

The stock’s fifty day moving average price is $38.82 and its 200 day moving average price is $37.77. The company has a debt-to-equity ratio of 1.81, a current ratio of 0.37 and a quick ratio of 0.27. PNM Resources has a one year low of $34.63 and a one year high of $45.10. The stock has a market capitalization of $3.77 billion, a price-to-earnings ratio of 45.90 and a beta of 0.35.

PNM Resources (NYSE:PNM) last posted its quarterly earnings data on Wednesday, July 31st. The utilities provider reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.05. The business had revenue of $488.10 million during the quarter, compared to the consensus estimate of $481.02 million. PNM Resources had a return on equity of 10.15% and a net margin of 4.50%. The company’s revenue was up 2.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.55 earnings per share. Equities analysts forecast that PNM Resources will post 2.72 EPS for the current fiscal year.

PNM Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 9th. Stockholders of record on Friday, July 26th were paid a $0.3875 dividend. This represents a $1.55 annualized dividend and a dividend yield of ∞. The ex-dividend date of this dividend was Friday, July 26th. PNM Resources’s dividend payout ratio is currently 170.33%.

Hedge Funds Weigh In On PNM Resources

Several hedge funds and other institutional investors have recently modified their holdings of the company. LRI Investments LLC acquired a new position in PNM Resources during the 1st quarter worth approximately $30,000. GAMMA Investing LLC increased its holdings in PNM Resources by 106.4% during the 1st quarter. GAMMA Investing LLC now owns 834 shares of the utilities provider’s stock worth $31,000 after purchasing an additional 430 shares during the last quarter. Fortis Group Advisors LLC increased its holdings in PNM Resources by 100.0% during the 4th quarter. Fortis Group Advisors LLC now owns 800 shares of the utilities provider’s stock worth $33,000 after purchasing an additional 400 shares during the last quarter. Fifth Third Bancorp increased its holdings in PNM Resources by 152.3% during the 1st quarter. Fifth Third Bancorp now owns 1,062 shares of the utilities provider’s stock worth $40,000 after purchasing an additional 641 shares during the last quarter. Finally, Covestor Ltd increased its holdings in PNM Resources by 712.1% during the 1st quarter. Covestor Ltd now owns 1,876 shares of the utilities provider’s stock worth $71,000 after purchasing an additional 1,645 shares during the last quarter. 91.68% of the stock is owned by institutional investors and hedge funds.

PNM Resources Company Profile

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.