Gabelli Brokers Lift Earnings Estimates for PNM Resources Inc (PNM)
PNM Resources Inc (NYSE:PNM) – Analysts at Gabelli boosted their FY2018 earnings estimates for PNM Resources in a research note issued to investors on Wednesday. Gabelli analyst T. Winter now forecasts that the utilities provider will post earnings of $1.85 per share for the year, up from their previous estimate of $1.75. Gabelli also issued estimates for PNM Resources’ FY2021 earnings at $2.40 EPS.
Other equities analysts have also recently issued reports about the company. Zacks Investment Research raised PNM Resources from a “sell” rating to a “hold” rating in a report on Tuesday, February 13th. SunTrust Banks set a $34.00 price target on PNM Resources and gave the company a “hold” rating in a report on Monday, February 12th. Royal Bank of Canada reaffirmed a “hold” rating and issued a $40.00 target price on shares of PNM Resources in a report on Thursday, February 1st. Wells Fargo & Co set a $38.00 target price on PNM Resources and gave the stock a “hold” rating in a report on Wednesday. Finally, Mizuho raised PNM Resources from an “underperform” rating to a “neutral” rating and set a $37.00 target price on the stock in a report on Tuesday, January 23rd. Four equities research analysts have rated the stock with a sell rating, nine have given a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $39.33.
PNM Resources (NYSE:PNM) last released its quarterly earnings results on Tuesday, February 27th. The utilities provider reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.05. The firm had revenue of $332.61 million for the quarter, compared to analysts’ expectations of $330.25 million. PNM Resources had a return on equity of 8.67% and a net margin of 5.55%. During the same period in the prior year, the firm earned $0.34 EPS.
A number of institutional investors have recently made changes to their positions in PNM. Public Employees Retirement System of Ohio raised its holdings in PNM Resources by 181.0% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 20,951 shares of the utilities provider’s stock worth $801,000 after purchasing an additional 13,495 shares during the period. Aperio Group LLC raised its holdings in PNM Resources by 23.6% during the third quarter. Aperio Group LLC now owns 63,845 shares of the utilities provider’s stock valued at $2,573,000 after acquiring an additional 12,176 shares during the period. World Asset Management Inc bought a new stake in PNM Resources during the third quarter valued at about $206,000. Bessemer Group Inc. raised its holdings in PNM Resources by 15.7% during the third quarter. Bessemer Group Inc. now owns 11,059 shares of the utilities provider’s stock valued at $446,000 after acquiring an additional 1,500 shares during the period. Finally, Dorsey Wright & Associates bought a new stake in PNM Resources during the third quarter valued at about $2,248,000. 91.91% of the stock is currently owned by institutional investors.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 16th. Investors of record on Wednesday, May 2nd will be issued a $0.265 dividend. The ex-dividend date of this dividend is Tuesday, May 1st. This represents a $1.06 dividend on an annualized basis and a yield of 2.96%. PNM Resources’s dividend payout ratio is currently 77.37%.
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PNM Resources Company Profile
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 (PNM) and Texas-New Mexico Power Company (TNMP). It operates in three segments: PNM, TNMP, and Corporate and Other.
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