PNM Resources Inc. (PNM) Upgraded to Hold by Zacks Investment Research
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. “
A number of other research firms have also issued reports on PNM. Williams Capital restated a hold rating on shares of PNM Resources in a research report on Wednesday, September 21st. SunTrust Banks Inc. boosted their price objective on PNM Resources from $34.00 to $35.00 and gave the company a neutral rating in a research report on Monday, September 26th. Argus reduced their price objective on PNM Resources from $40.00 to $38.00 and set a buy rating for the company in a research report on Thursday, September 22nd. Jefferies Group restated a buy rating and set a $37.50 price objective on shares of PNM Resources in a research report on Thursday, September 29th. Finally, TheStreet lowered PNM Resources from a buy rating to a hold rating in a research report on Friday, August 26th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The stock has a consensus rating of Buy and a consensus price target of $36.21.
PNM Resources (NYSE:PNM) traded down 0.31% during mid-day trading on Wednesday, reaching $32.45. The company’s stock had a trading volume of 486,491 shares. PNM Resources has a 1-year low of $27.90 and a 1-year high of $36.15. The company has a market capitalization of $2.58 billion, a PE ratio of 6490.00 and a beta of 0.28. The firm has a 50 day moving average price of $32.06 and a 200-day moving average price of $33.03.
PNM Resources (NYSE:PNM) last issued its earnings results on Friday, October 28th. The company reported $0.78 EPS for the quarter, topping the consensus estimate of $0.75 by $0.03. The company earned $400.37 million during the quarter, compared to analyst estimates of $740 million. PNM Resources had a return on equity of 7.14% and a net margin of 0.07%. The business’s revenue was down 4.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.76 EPS. On average, equities analysts predict that PNM Resources will post $1.58 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, November 14th. Shareholders of record on Monday, October 31st were given a $0.22 dividend. The ex-dividend date of this dividend was Thursday, October 27th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.71%.
Several hedge funds have recently made changes to their positions in the company. Creative Planning boosted its stake in shares of PNM Resources by 119.6% in the second quarter. Creative Planning now owns 2,875 shares of the company’s stock worth $102,000 after buying an additional 1,566 shares in the last quarter. Tower Research Capital LLC TRC bought a new stake in shares of PNM Resources during the second quarter worth $163,000. LS Investment Advisors LLC boosted its stake in shares of PNM Resources by 7.0% in the third quarter. LS Investment Advisors LLC now owns 5,085 shares of the company’s stock worth $166,000 after buying an additional 331 shares in the last quarter. Boothbay Fund Management LLC bought a new stake in shares of PNM Resources during the first quarter worth $200,000. Finally, Neuberger Berman Group LLC bought a new stake in shares of PNM Resources during the second quarter worth $213,000. 93.77% of the stock is owned by institutional investors.
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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