PNM Resources Inc. (PNM) Raised to Hold at Zacks Investment Research
According to Zacks, “PNM Resources is an energy holding company based in Albuquerque, New Mexico. Its principal subsidiary is Public Service Company of New Mexico, which provides electric power and natural gas utility services to more than 1.3 million people in New Mexico. The company also sells power on the wholesale market in the Western U.S. “
Other equities research analysts have also issued research reports about the stock. SunTrust Banks Inc. dropped their price objective on shares of PNM Resources from $35.00 to $34.00 and set a neutral rating for the company in a report on Monday, August 29th. Jefferies Group reissued a hold rating and issued a $35.00 price objective on shares of PNM Resources in a report on Tuesday, August 30th. Finally, TheStreet lowered shares of PNM Resources from a buy rating to a hold rating in a report on Friday, August 26th. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The company has a consensus rating of Buy and an average target price of $35.67.
Shares of PNM Resources (NYSE:PNM) opened at 33.01 on Thursday. The company has a market cap of $2.63 billion, a price-to-earnings ratio of 362.75 and a beta of 0.24. PNM Resources has a 12-month low of $25.92 and a 12-month high of $36.15. The stock has a 50 day moving average of $32.67 and a 200 day moving average of $33.14.
PNM Resources (NYSE:PNM) last issued its earnings results on Monday, August 8th. The company reported $0.40 EPS for the quarter, beating the Zacks’ consensus estimate of $0.39 by $0.01. The business earned $315.39 million during the quarter, compared to analysts’ expectations of $379 million. PNM Resources had a net margin of 0.54% and a return on equity of 7.00%. The company’s quarterly revenue was down 10.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.44 earnings per share. Analysts forecast that PNM Resources will post $1.59 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, August 22nd. Shareholders of record on Monday, August 8th were issued a dividend of $0.22 per share. The ex-dividend date of this dividend was Thursday, August 4th. This represents a $0.88 dividend on an annualized basis and a yield of 2.67%. PNM Resources’s payout ratio is currently 1,100.00%.
A number of hedge funds have recently added to or reduced their stakes in the company. Mason Street Advisors LLC bought a new stake in PNM Resources during the second quarter worth $1,287,000. Schwab Charles Investment Management Inc. boosted its position in shares of PNM Resources by 0.8% in the second quarter. Schwab Charles Investment Management Inc. now owns 436,623 shares of the company’s stock worth $15,474,000 after buying an additional 3,561 shares during the last quarter. Stifel Financial Corp boosted its position in shares of PNM Resources by 6.2% in the second quarter. Stifel Financial Corp now owns 23,188 shares of the company’s stock worth $822,000 after buying an additional 1,351 shares during the last quarter. Amalgamated Bank boosted its position in shares of PNM Resources by 11.3% in the second quarter. Amalgamated Bank now owns 9,926 shares of the company’s stock worth $332,000 after buying an additional 1,009 shares during the last quarter. Finally, Metropolitan Life Insurance Co. NY boosted its position in shares of PNM Resources by 1.6% in the second quarter. Metropolitan Life Insurance Co. NY now owns 129,501 shares of the company’s stock worth $4,590,000 after buying an additional 2,030 shares during the last quarter. 93.15% of the stock is currently owned by institutional investors.
About PNM Resources
PNM Resources, Inc (PNMR) is an investor-owned holding company with approximately two regulated utilities providing electricity and electric services in New Mexico and Texas. PNMR’s electric utilities are Public Service Company of New Mexico and Subsidiaries (PNM) and Texas-New Mexico Power Company and Subsidiaries (TNMP).
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