PNM Resources Inc (PNM) Receives $38.00 Average Price Target from Analysts

PNM Resources Inc (NYSE:PNM) has received an average recommendation of “Hold” from the nine brokerages that are covering the firm, MarketBeat Ratings reports. Three analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $38.43.

PNM has been the subject of a number of recent research reports. Zacks Investment Research lowered shares of PNM Resources from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 9th. Barclays raised their price objective on shares of PNM Resources from $38.00 to $39.00 and gave the stock a “sell” rating in a research note on Monday, November 19th. Finally, Bank of America raised their price objective on shares of PNM Resources from $39.00 to $42.00 and gave the stock an “underperform” rating in a research note on Tuesday.

A number of institutional investors have recently added to or reduced their stakes in PNM. Clearbridge Investments LLC grew its stake in PNM Resources by 956,429.5% in the 3rd quarter. Clearbridge Investments LLC now owns 420,873 shares of the utilities provider’s stock valued at $16,603,000 after acquiring an additional 420,829 shares during the period. BlackRock Inc. grew its stake in PNM Resources by 2.9% in the 2nd quarter. BlackRock Inc. now owns 9,277,263 shares of the utilities provider’s stock valued at $360,886,000 after acquiring an additional 261,154 shares during the period. Matarin Capital Management LLC acquired a new stake in PNM Resources in the 3rd quarter valued at $9,761,000. Millennium Management LLC grew its stake in PNM Resources by 25.2% in the 2nd quarter. Millennium Management LLC now owns 1,067,063 shares of the utilities provider’s stock valued at $41,509,000 after acquiring an additional 214,977 shares during the period. Finally, Renaissance Technologies LLC grew its stake in PNM Resources by 8.0% in the 3rd quarter. Renaissance Technologies LLC now owns 2,488,600 shares of the utilities provider’s stock valued at $98,175,000 after acquiring an additional 183,400 shares during the period. 89.97% of the stock is currently owned by hedge funds and other institutional investors.

PNM traded down $0.07 during trading on Thursday, reaching $43.41. 41,682 shares of the company’s stock were exchanged, compared to its average volume of 453,482. PNM Resources has a 1 year low of $33.75 and a 1 year high of $46.00. The company has a current ratio of 0.37, a quick ratio of 0.29 and a debt-to-equity ratio of 1.17. The firm has a market capitalization of $3.44 billion, a PE ratio of 22.38, a P/E/G ratio of 4.67 and a beta of 0.20.

PNM Resources (NYSE:PNM) last posted its quarterly earnings results on Tuesday, November 6th. The utilities provider reported $1.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.04 by $0.04. PNM Resources had a net margin of 6.08% and a return on equity of 9.25%. The company had revenue of $422.67 million during the quarter, compared to analyst estimates of $483.08 million. During the same period last year, the firm posted $0.93 EPS. As a group, analysts predict that PNM Resources will post 1.97 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, November 16th. Investors of record on Friday, November 2nd were paid a $0.265 dividend. The ex-dividend date of this dividend was Thursday, November 1st. This represents a $1.06 dividend on an annualized basis and a yield of 2.44%. PNM Resources’s dividend payout ratio is currently 54.64%.

PNM Resources Company Profile

PNM Resources, Inc, through its subsidiaries, engages in the energy and energy-related businesses 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 is primarily involved in the generation, transmission, and distribution of electricity.

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Analyst Recommendations for PNM Resources (NYSE:PNM)

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