Zacks Investment Research downgraded shares of PNM Resources (NYSE:PNM) from a hold rating to a sell rating in a report published on Thursday morning, reports.

According to Zacks, “PNM Resources, Inc. is an electric utility that provides electric generation, transmission and distribution service to its rate-regulated customers. In New Mexico, the utility’s retail electric service territory covers a large area of north central New Mexico, including the cities of Albuquerque, Rio Rancho, and Santa Fe, and certain areas of southern New Mexico. Service to retail electric customers is subject to the jurisdiction of the NMPRC. PNM has decided to stop pursuing wholesale generation contracts although some sales continue to be made to wholesale customers. Service to wholesale customers is regulated by FERC. Regulation encompasses the utility’s electric rates, service, accounting, issuances of securities, construction of major new generation, types of generation resources, transmission and distribution facilities, and other matters. “

Other analysts have also issued reports about the company. Bank of America raised Air Products & Chemicals from an underperform rating to a neutral rating and boosted their price objective for the company from $170.00 to $215.00 in a report on Thursday, April 25th. Mizuho set a $88.00 price objective on Gilead Sciences and gave the stock a buy rating in a report on Monday, July 15th. Barclays reissued a top pick rating and issued a GBX 3,250 ($42.47) price objective on shares of in a report on Wednesday, June 19th. UBS Group lowered to a sell rating and increased their price objective for the stock from GBX 530 ($6.93) to GBX 540 ($7.06) in a report on Wednesday, June 12th. Finally, Wells Fargo & Co reissued a sell rating on shares of Bausch Health Companies in a report on Monday, July 15th. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company’s stock. The company currently has an average rating of Hold and an average price target of $50.19.

NYSE:PNM opened at $49.62 on Thursday. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.59 and a current ratio of 0.69. PNM Resources has a one year low of $37.17 and a one year high of $52.10. The stock has a 50-day simple moving average of $50.21. The firm has a market capitalization of $3.95 billion, a PE ratio of 24.81, a price-to-earnings-growth ratio of 4.32 and a beta of 0.29.

PNM Resources (NYSE:PNM) last announced its quarterly earnings data on Tuesday, May 7th. The utilities provider reported $0.13 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.11 by $0.02. The firm had revenue of $349.65 million during the quarter, compared to analyst estimates of $273.12 million. PNM Resources had a return on equity of 8.68% and a net margin of 6.10%. PNM Resources’s quarterly revenue was up 10.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.21 earnings per share. As a group, equities research analysts expect that PNM Resources will post 2.08 EPS for the current fiscal year.

A number of hedge funds have recently modified their holdings of PNM. Millennium Management LLC grew its holdings in PNM Resources by 212.4% in the 4th quarter. Millennium Management LLC now owns 947,749 shares of the utilities provider’s stock worth $38,943,000 after buying an additional 644,357 shares in the last quarter. AJO LP grew its holdings in PNM Resources by 53.7% in the 1st quarter. AJO LP now owns 804,837 shares of the utilities provider’s stock worth $38,101,000 after buying an additional 281,037 shares in the last quarter. Assenagon Asset Management S.A. bought a new position in PNM Resources in the 1st quarter worth approximately $6,365,000. Deutsche Bank AG grew its holdings in PNM Resources by 59.9% in the 4th quarter. Deutsche Bank AG now owns 318,993 shares of the utilities provider’s stock worth $13,106,000 after buying an additional 119,512 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in PNM Resources by 26.0% in the 1st quarter. JPMorgan Chase & Co. now owns 501,920 shares of the utilities provider’s stock worth $23,761,000 after buying an additional 103,643 shares in the last quarter. 90.15% of the stock is owned by institutional investors and hedge funds.

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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