PNM Resources (PNM) Cut to “Sell” at Zacks Investment Research
Zacks Investment Research downgraded shares of PNM Resources (NYSE:PNM) from a hold rating to a sell rating in a research report released on Tuesday morning.
According to Zacks, “PNM Resources, Inc. is an investor-owned energy holding company based in Albuquerque, New Mexico. It provides electricity and electric services in New Mexico and Texas through its two utilities, PNM and TNMP. PNM and TNMP have approximately 2,791 megawatts of generation capacity and serve electricity to more than 761,000 homes and businesses in New Mexico and Texas. PNM Resources has a solid reputation for shareholder value, customer satisfaction and service reliability. It is publicly traded on the New York Stock Exchange as PNM. In 2016, consolidated operating revenues totalled $1.4 billion. “
A number of other research firms have also issued reports on PNM. SunTrust Banks reaffirmed a hold rating and set a $38.00 target price on shares of PNM Resources in a report on Friday, November 10th. Mizuho reaffirmed a sell rating and set a $35.00 target price on shares of PNM Resources in a report on Monday, October 30th. ValuEngine raised PNM Resources from a hold rating to a buy rating in a report on Thursday, September 7th. Williams Capital lowered PNM Resources from a hold rating to a sell rating and set a $38.00 target price on the stock. in a report on Monday, September 18th. Finally, Bank of America assumed coverage on PNM Resources in a report on Tuesday, October 24th. They set an underperform rating and a $38.00 target price on the stock. Five research analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of Hold and an average price target of $39.74.
PNM Resources (NYSE:PNM) last issued its quarterly earnings data on Friday, October 27th. The utilities provider reported $0.93 earnings per share for the quarter, beating analysts’ consensus estimates of $0.85 by $0.08. PNM Resources had a net margin of 11.27% and a return on equity of 9.18%. The business had revenue of $419.90 million for the quarter, compared to analysts’ expectations of $422.71 million. During the same period in the previous year, the business earned $0.78 earnings per share. analysts expect that PNM Resources will post 1.86 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, February 1st. Investors of record on Thursday, January 18th will be paid a $0.265 dividend. The ex-dividend date of this dividend is Wednesday, January 17th. This represents a $1.06 dividend on an annualized basis and a yield of 2.68%. This is a boost from PNM Resources’s previous quarterly dividend of $0.24. PNM Resources’s dividend payout ratio (DPR) is currently 48.74%.
A number of institutional investors and hedge funds have recently modified their holdings of PNM. Ameriprise Financial Inc. increased its stake in PNM Resources by 32.6% in the 2nd quarter. Ameriprise Financial Inc. now owns 1,388,167 shares of the utilities provider’s stock worth $53,069,000 after purchasing an additional 341,655 shares in the last quarter. Lord Abbett & CO. LLC purchased a new position in PNM Resources in the 2nd quarter worth about $11,867,000. State Street Corp increased its stake in PNM Resources by 3.6% in the 2nd quarter. State Street Corp now owns 2,816,088 shares of the utilities provider’s stock worth $107,715,000 after purchasing an additional 98,535 shares in the last quarter. Deroy & Devereaux Private Investment Counsel Inc. increased its stake in PNM Resources by 28.8% in the 3rd quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 407,147 shares of the utilities provider’s stock worth $16,408,000 after purchasing an additional 91,064 shares in the last quarter. Finally, Castleton Investment Management LLC purchased a new position in PNM Resources in the 2nd quarter worth about $2,824,000. 92.21% of the stock is currently owned by hedge funds and other institutional investors.
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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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