PNM Resources Inc (PNM) to Issue Dividend Increase – $0.29 Per Share
PNM Resources Inc (NYSE:PNM) declared a quarterly dividend on Friday, December 7th, RTT News reports. Investors of record on Friday, February 1st will be given a dividend of 0.29 per share by the utilities provider on Friday, February 15th. This represents a $1.16 annualized dividend and a yield of 2.65%. This is an increase from PNM Resources’s previous quarterly dividend of $0.27.
PNM Resources has increased its dividend payment by an average of 9.4% annually over the last three years and has raised its dividend annually for the last 6 consecutive years. PNM Resources has a dividend payout ratio of 54.6% meaning its dividend is sufficiently covered by earnings. Research analysts expect PNM Resources to earn $2.13 per share next year, which means the company should continue to be able to cover its $1.06 annual dividend with an expected future payout ratio of 49.8%.
NYSE:PNM opened at $43.75 on Friday. PNM Resources has a 12-month low of $33.75 and a 12-month high of $45.45. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.37 and a quick ratio of 0.29. The stock has a market capitalization of $3.42 billion, a P/E ratio of 22.55, a price-to-earnings-growth ratio of 4.64 and a beta of 0.20.
Several research analysts recently issued reports on PNM shares. Zacks Investment Research lowered shares of PNM Resources from a “buy” rating to a “hold” rating in a research report on Saturday, October 6th. Bank of America dropped their price target on shares of PNM Resources from $38.00 to $36.00 and set an “underperform” rating for the company in a research report on Tuesday, October 16th. Finally, Barclays increased their price target on shares of PNM Resources from $38.00 to $39.00 and gave the stock a “sell” rating in a research report on Monday, November 19th. Three analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. The stock has an average rating of “Hold” and a consensus target price of $39.25.
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About PNM Resources
PNM Resources, Inc, through its subsidiaries, engages in the energy and energy-related businesses 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 is primarily involved in the generation, transmission, and distribution of electricity.
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