PNM Resources (PNM) Rating Reiterated by Bank of America
PNM Resources (NYSE:PNM)‘s stock had its “underperform” rating reiterated by stock analysts at Bank of America in a research note issued to investors on Tuesday, Marketbeat Ratings reports. They currently have a $42.00 price target on the utilities provider’s stock, up from their prior price target of $39.00. Bank of America’s price objective would suggest a potential downside of 3.25% from the company’s previous close.
Other equities research analysts have also recently issued reports about the stock. Barclays upped their price objective on shares of PNM Resources from $38.00 to $39.00 and gave the stock a “sell” rating in a report on Monday, November 19th. Zacks Investment Research cut shares of PNM Resources from a “strong-buy” rating to a “hold” rating in a report on Friday, November 9th. Three analysts have rated the stock with a sell rating and six have issued a hold rating to the company. PNM Resources has a consensus rating of “Hold” and an average target price of $39.25.
PNM Resources stock opened at $43.41 on Tuesday. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.29 and a current ratio of 0.37. PNM Resources has a 12 month low of $33.75 and a 12 month high of $45.50. The firm has a market cap of $3.44 billion, a PE ratio of 22.38, a P/E/G ratio of 4.69 and a beta of 0.20.
A number of large investors have recently modified their holdings of PNM. Massachusetts Financial Services Co. MA boosted its holdings in PNM Resources by 15.9% in the second quarter. Massachusetts Financial Services Co. MA now owns 39,917 shares of the utilities provider’s stock worth $1,552,000 after purchasing an additional 5,467 shares in the last quarter. TD Asset Management Inc. boosted its holdings in PNM Resources by 11.8% in the second quarter. TD Asset Management Inc. now owns 86,780 shares of the utilities provider’s stock worth $3,376,000 after purchasing an additional 9,180 shares in the last quarter. Wedge Capital Management L L P NC boosted its holdings in PNM Resources by 45.9% in the second quarter. Wedge Capital Management L L P NC now owns 28,255 shares of the utilities provider’s stock worth $1,099,000 after purchasing an additional 8,893 shares in the last quarter. Victory Capital Management Inc. lifted its position in PNM Resources by 6.1% during the 2nd quarter. Victory Capital Management Inc. now owns 1,205,332 shares of the utilities provider’s stock worth $46,888,000 after acquiring an additional 69,638 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new position in PNM Resources during the 2nd quarter worth $836,000. Hedge funds and other institutional investors own 89.97% of the company’s stock.
PNM Resources Company Profile
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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