Zacks Investment Research upgraded shares of PNM Resources Inc. (NYSE:PNM) from a sell rating to a hold rating in a report published on Tuesday morning.

According to Zacks, “PNM Resources is an energy holding company based in Albuquerque, New Mexico. Its principal subsidiary is Public Service Company of New Mexico, which provides electric power and natural gas utility services to more than 1.3 million people in New Mexico. The company also sells power on the wholesale market in the Western U.S. “

Other equities research analysts also recently issued reports about the stock. SunTrust Banks Inc. reduced their price target on shares of PNM Resources from $35.00 to $34.00 and set a neutral rating for the company in a research report on Monday, August 29th. Jefferies Group upgraded shares of PNM Resources from a hold rating to a buy rating in a research report on Tuesday, September 20th. TheStreet downgraded shares of PNM Resources from a buy rating to a hold rating in a research report on Friday, August 26th. Williams Capital reiterated a hold rating on shares of PNM Resources in a research report on Wednesday, September 21st. Finally, Argus reduced their price target on shares of PNM Resources from $40.00 to $38.00 and set a buy rating for the company in a research report on Thursday, September 22nd. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company presently has an average rating of Buy and an average target price of $36.21.

Analyst Recommendations for PNM Resources (NYSE:PNM)

PNM Resources (NYSE:PNM) traded up 0.38% during midday trading on Tuesday, hitting $31.72. The stock had a trading volume of 79,596 shares. The firm has a market cap of $2.53 billion, a P/E ratio of 348.57 and a beta of 0.38. PNM Resources has a 12-month low of $26.56 and a 12-month high of $36.15. The stock has a 50-day moving average price of $32.71 and a 200 day moving average price of $33.16.

PNM Resources (NYSE:PNM) last announced its quarterly earnings data on Monday, August 8th. The company reported $0.40 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.39 by $0.01. PNM Resources had a return on equity of 7.00% and a net margin of 0.54%. The company had revenue of $315.39 million for the quarter, compared to analyst estimates of $379 million. During the same quarter in the previous year, the company earned $0.44 EPS. The firm’s revenue for the quarter was down 10.6% compared to the same quarter last year. On average, equities analysts anticipate that PNM Resources will post $1.58 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 14th. Stockholders of record on Monday, October 31st will be paid a dividend of $0.22 per share. The ex-dividend date is Thursday, October 27th. This represents a $0.88 annualized dividend and a dividend yield of 2.78%. PNM Resources’s dividend payout ratio is presently 1,100.00%.

Several hedge funds have recently made changes to their positions in the stock. Aperio Group LLC boosted its stake in shares of PNM Resources by 19.8% in the first quarter. Aperio Group LLC now owns 33,771 shares of the company’s stock valued at $1,139,000 after buying an additional 5,593 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. boosted its stake in shares of PNM Resources by 16.4% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 28,023 shares of the company’s stock valued at $945,000 after buying an additional 3,940 shares in the last quarter. Teachers Advisors Inc. boosted its stake in shares of PNM Resources by 4.9% in the first quarter. Teachers Advisors Inc. now owns 121,148 shares of the company’s stock valued at $4,085,000 after buying an additional 5,615 shares in the last quarter. BlackRock Inc. boosted its stake in shares of PNM Resources by 53.0% in the first quarter. BlackRock Inc. now owns 52,688 shares of the company’s stock valued at $1,777,000 after buying an additional 18,254 shares in the last quarter. Finally, BlackRock Group LTD boosted its stake in shares of PNM Resources by 95.9% in the first quarter. BlackRock Group LTD now owns 102,365 shares of the company’s stock valued at $3,452,000 after buying an additional 50,099 shares in the last quarter. 92.60% of the stock is owned by institutional investors.

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).

5 Day Chart for NYSE:PNM

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