PNM Resources, Inc. (NYSE:PNM) Receives $46.20 Consensus Target Price from Brokerages

Shares of PNM Resources, Inc. (NYSE:PNM) have received an average recommendation of “Moderate Buy” from the five brokerages that are presently covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $46.80.

Several equities analysts have issued reports on PNM shares. Mizuho lowered shares of PNM Resources from a “buy” rating to a “neutral” rating and set a $41.00 price target on the stock. in a report on Wednesday, January 3rd. StockNews.com downgraded shares of PNM Resources from a “hold” rating to a “sell” rating in a research note on Wednesday, January 17th. TheStreet downgraded shares of PNM Resources from a “b-” rating to a “c+” rating in a research note on Thursday, January 4th. Barclays lifted their price objective on shares of PNM Resources from $40.00 to $43.00 and gave the stock an “overweight” rating in a research note on Monday. Finally, Wells Fargo & Company upgraded shares of PNM Resources from an “equal weight” rating to an “overweight” rating and set a $44.00 price objective for the company in a research note on Wednesday, January 3rd.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of PNM. Hudson Bay Capital Management LP grew its stake in PNM Resources by 42.5% during the 3rd quarter. Hudson Bay Capital Management LP now owns 2,670,601 shares of the utilities provider’s stock valued at $119,136,000 after acquiring an additional 796,077 shares in the last quarter. River Road Asset Management LLC grew its stake in shares of PNM Resources by 107.9% in the 4th quarter. River Road Asset Management LLC now owns 1,154,420 shares of the utilities provider’s stock valued at $48,024,000 after buying an additional 599,211 shares during the period. Alpha Wave Global LP grew its stake in shares of PNM Resources by 82.3% in the 3rd quarter. Alpha Wave Global LP now owns 1,273,853 shares of the utilities provider’s stock valued at $56,827,000 after buying an additional 575,012 shares during the period. Walleye Capital LLC acquired a new position in shares of PNM Resources in the 3rd quarter worth approximately $24,754,000. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in shares of PNM Resources by 73.0% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,272,800 shares of the utilities provider’s stock worth $56,780,000 after acquiring an additional 536,900 shares during the last quarter. Institutional investors and hedge funds own 91.68% of the company’s stock.

PNM Resources Stock Performance

PNM Resources stock opened at $36.11 on Friday. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.39 and a quick ratio of 0.31. PNM Resources has a 1-year low of $34.63 and a 1-year high of $49.08. The firm has a market capitalization of $3.26 billion, a P/E ratio of 35.07, a price-to-earnings-growth ratio of 9.94 and a beta of 0.35. The company’s 50-day moving average is $37.16 and its 200 day moving average is $39.75.

PNM Resources (NYSE:PNM) last issued its earnings results on Tuesday, February 6th. The utilities provider reported $0.18 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.04. The business had revenue of $412.11 million for the quarter, compared to the consensus estimate of $705.05 million. PNM Resources had a net margin of 4.54% and a return on equity of 10.51%. During the same period in the prior year, the firm earned $0.15 EPS. Research analysts forecast that PNM Resources will post 2.7 EPS for the current year.

PNM Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 10th. Shareholders of record on Friday, April 26th will be given a $0.387 dividend. The ex-dividend date of this dividend is Thursday, April 25th. This represents a $1.55 dividend on an annualized basis and a dividend yield of 4.29%. PNM Resources’s dividend payout ratio (DPR) is currently 150.49%.

About PNM Resources

PNM Resources, Inc, through its subsidiaries, provides electricity and electric services 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 engages in the generation, transmission, and distribution of electricity.