PNM Resources (NYSE:PNM) Raised to “Hold” at ValuEngine

ValuEngine upgraded shares of PNM Resources (NYSE:PNM) from a sell rating to a hold rating in a research note issued to investors on Tuesday, ValuEngine reports.

Other equities research analysts also recently issued research reports about the company. Wells Fargo & Co reaffirmed a hold rating on shares of PNM Resources in a report on Friday, November 1st. TheStreet upgraded shares of PNM Resources from a c+ rating to a b- rating in a research report on Thursday, August 29th. UBS Group boosted their target price on shares of PNM Resources from $50.00 to $53.00 and gave the company a neutral rating in a research report on Friday, September 6th. Bank of America raised shares of PNM Resources from a neutral rating to a buy rating and set a $56.00 price target on the stock in a report on Monday, September 30th. Finally, SunTrust Banks increased their price target on PNM Resources from $49.00 to $50.00 and gave the stock a hold rating in a research report on Monday, September 30th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company’s stock. PNM Resources currently has an average rating of Hold and an average target price of $52.14.

PNM Resources stock traded down $0.05 during mid-day trading on Tuesday, reaching $48.78. 268,581 shares of the company traded hands, compared to its average volume of 384,107. The firm’s fifty day moving average is $49.65 and its two-hundred day moving average is $50.14. The company has a market capitalization of $3.89 billion, a price-to-earnings ratio of 24.39, a price-to-earnings-growth ratio of 4.13 and a beta of 0.15. PNM Resources has a fifty-two week low of $39.51 and a fifty-two week high of $52.98. The company has a debt-to-equity ratio of 1.48, a current ratio of 0.36 and a quick ratio of 0.28.

PNM Resources (NYSE:PNM) last posted its quarterly earnings data on Friday, November 1st. The utilities provider reported $1.29 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.25 by $0.04. The business had revenue of $433.59 million during the quarter, compared to the consensus estimate of $562.33 million. PNM Resources had a negative net margin of 0.64% and a positive return on equity of 9.18%. During the same period in the previous year, the firm posted $1.08 earnings per share. As a group, equities research analysts predict that PNM Resources will post 2.1 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Friday, November 1st were paid a dividend of $0.29 per share. The ex-dividend date was Thursday, October 31st. This represents a $1.16 dividend on an annualized basis and a dividend yield of 2.38%. PNM Resources’s payout ratio is 58.00%.

Several large investors have recently bought and sold shares of PNM. First Trust Advisors LP lifted its stake in shares of PNM Resources by 666.0% in the 1st quarter. First Trust Advisors LP now owns 91,091 shares of the utilities provider’s stock valued at $4,312,000 after purchasing an additional 79,200 shares during the period. Arizona State Retirement System raised its holdings in PNM Resources by 1.1% in the 2nd quarter. Arizona State Retirement System now owns 57,811 shares of the utilities provider’s stock worth $2,943,000 after purchasing an additional 615 shares during the period. Virginia Retirement Systems ET AL raised its holdings in PNM Resources by 1.6% in the 2nd quarter. Virginia Retirement Systems ET AL now owns 173,700 shares of the utilities provider’s stock worth $8,843,000 after purchasing an additional 2,700 shares during the period. Trust Co. of Vermont raised its holdings in PNM Resources by 411.0% in the 2nd quarter. Trust Co. of Vermont now owns 1,865 shares of the utilities provider’s stock worth $95,000 after purchasing an additional 1,500 shares during the period. Finally, SG Americas Securities LLC boosted its position in PNM Resources by 26.1% during the second quarter. SG Americas Securities LLC now owns 10,925 shares of the utilities provider’s stock worth $556,000 after purchasing an additional 2,258 shares in the last quarter. 90.69% of the stock is owned by hedge funds and other institutional investors.

About PNM Resources

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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