SunTrust Banks Analysts Cut Earnings Estimates for PNM Resources Inc. (PNM)
PNM Resources Inc. (NYSE:PNM) – Stock analysts at SunTrust Banks decreased their Q3 2017 earnings estimates for PNM Resources in a research report issued to clients and investors on Friday. SunTrust Banks analyst A. Agha now anticipates that the firm will post earnings per share of $0.84 for the quarter, down from their previous estimate of $0.87. SunTrust Banks currently has a “Neutral” rating and a $35.00 target price on the stock. SunTrust Banks also issued estimates for PNM Resources’ Q4 2017 earnings at $0.38 EPS, FY2017 earnings at $1.83 EPS and FY2018 earnings at $2.03 EPS.
PNM Resources (NYSE:PNM) last posted its quarterly earnings results on Monday, August 8th. The company reported $0.40 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.01. The business earned $315.39 million during the quarter, compared to analysts’ expectations of $379 million. PNM Resources had a net margin of 0.54% and a return on equity of 7.00%. The business’s quarterly revenue was down 10.6% on a year-over-year basis. During the same period last year, the company posted $0.44 earnings per share.
Several other analysts have also commented on PNM. Zacks Investment Research raised shares of PNM Resources from a “sell” rating to a “hold” rating in a research report on Thursday, September 15th. Jefferies Group reaffirmed a “hold” rating and issued a $35.00 price objective on shares of PNM Resources in a research report on Tuesday, August 30th. 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 research report on Thursday, September 22nd. Williams Capital reaffirmed a “hold” rating on shares of PNM Resources in a research report on Wednesday, September 21st. Finally, TheStreet lowered shares of PNM Resources from a “buy” rating to a “hold” rating in a research report on Friday, August 26th. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $36.42.
The company also recently announced a quarterly dividend, which will be paid on Monday, November 14th. Investors of record on Monday, October 31st will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.69%. The ex-dividend date is Thursday, October 27th. PNM Resources’s dividend payout ratio (DPR) is presently 1,100.00%.
A number of hedge funds have recently bought and sold shares of the company. State Street Corp raised its stake in PNM Resources by 1.8% in the first quarter. State Street Corp now owns 2,726,625 shares of the company’s stock worth $91,943,000 after buying an additional 49,025 shares during the period. Renaissance Technologies LLC raised its stake in PNM Resources by 58.3% in the first quarter. Renaissance Technologies LLC now owns 848,800 shares of the company’s stock worth $28,622,000 after buying an additional 312,700 shares during the period. BlackRock Group LTD raised its stake in PNM Resources by 95.9% in the first quarter. BlackRock Group LTD now owns 102,365 shares of the company’s stock worth $3,452,000 after buying an additional 50,099 shares during the period. Societe Generale purchased a new stake in PNM Resources during the second quarter worth $919,000. Finally, Aperio Group LLC raised its stake in PNM Resources by 19.8% in the first quarter. Aperio Group LLC now owns 33,771 shares of the company’s stock worth $1,139,000 after buying an additional 5,593 shares during the period. 92.60% of the stock is currently owned by institutional investors and hedge funds.
About PNM Resources
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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