PNM Resources Inc. (PNM) Given Buy Rating at Jefferies Group
Several other research analysts also recently weighed in on the stock. Zacks Investment Research upgraded shares of PNM Resources from a sell rating to a hold rating in a report on Wednesday. SunTrust Banks Inc. upped their price objective on shares of PNM Resources from $34.00 to $35.00 and gave the stock a neutral rating in a report on Monday. Williams Capital restated a hold rating on shares of PNM Resources in a report on Wednesday, September 21st. Argus lowered their price objective on shares of PNM Resources from $40.00 to $38.00 and set a buy rating on the stock in a report on Thursday, September 22nd. Finally, TheStreet downgraded shares of PNM Resources from a buy rating to a hold rating in a report on Friday, August 26th. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The stock has a consensus rating of Buy and an average target price of $36.42.
Shares of PNM Resources (NYSE:PNM) traded down 0.57% during midday trading on Thursday, reaching $33.05. 62,564 shares of the company’s stock traded hands. PNM Resources has a 52-week low of $26.56 and a 52-week high of $36.15. The firm has a market cap of $2.63 billion, a PE ratio of 363.19 and a beta of 0.24. The company has a 50 day moving average of $32.80 and a 200 day moving average of $33.19.
PNM Resources (NYSE:PNM) last released its quarterly earnings data on Monday, August 8th. The company reported $0.40 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.39 by $0.01. PNM Resources had a net margin of 0.54% and a return on equity of 7.00%. The firm had revenue of $315.39 million for the quarter, compared to the consensus estimate of $379 million. During the same quarter in the prior year, the company posted $0.44 earnings per share. The business’s revenue was down 10.6% on a year-over-year basis. On average, equities analysts predict that PNM Resources will post $1.58 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 14th. Stockholders of record on Monday, October 31st will be given a $0.22 dividend. The ex-dividend date of this dividend is Thursday, October 27th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.65%. PNM Resources’s dividend payout ratio (DPR) is currently 1,100.00%.
Institutional investors have recently added to or reduced their stakes in the stock. Mason Street Advisors LLC purchased a new position in PNM Resources during the second quarter worth approximately $1,287,000. Schwab Charles Investment Management Inc. raised its position in PNM Resources by 0.8% in the second quarter. Schwab Charles Investment Management Inc. now owns 436,623 shares of the company’s stock worth $15,474,000 after buying an additional 3,561 shares during the period. Stifel Financial Corp raised its position in PNM Resources by 6.2% in the second quarter. Stifel Financial Corp now owns 23,188 shares of the company’s stock worth $822,000 after buying an additional 1,351 shares during the period. Amalgamated Bank raised its position in PNM Resources by 11.3% in the second quarter. Amalgamated Bank now owns 9,926 shares of the company’s stock worth $332,000 after buying an additional 1,009 shares during the period. Finally, Metropolitan Life Insurance Co. NY raised its position in PNM Resources by 1.6% in the second quarter. Metropolitan Life Insurance Co. NY now owns 129,501 shares of the company’s stock worth $4,590,000 after buying an additional 2,030 shares during the period. Institutional investors own 92.60% of the company’s stock.
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 and Subsidiaries (PNM) and Texas-New Mexico Power Company and Subsidiaries (TNMP).
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