Barclays Raises PNM Resources (NYSE:PNM) Price Target to $43.00

PNM Resources (NYSE:PNM) had its target price raised by Barclays from $40.00 to $43.00 in a report issued on Monday morning, Benzinga reports. The firm currently has an overweight rating on the utilities provider’s stock.

Other research analysts also recently issued reports about the company. TheStreet downgraded PNM Resources from a b- rating to a c+ rating in a report on Thursday, January 4th. Mizuho downgraded 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 PNM Resources from a hold rating to a sell rating in a report on Wednesday, January 17th. Finally, Wells Fargo & Company upgraded PNM Resources from an equal weight rating to an overweight rating and set a $44.00 price target on the stock in a report on Wednesday, January 3rd. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat.com, PNM Resources currently has a consensus rating of Hold and a consensus price target of $46.80.

PNM Resources Trading Down 0.3 %

Shares of NYSE PNM opened at $35.87 on Monday. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.31 and a current ratio of 0.39. The business’s 50 day moving average price is $37.18 and its 200-day moving average price is $39.78. PNM Resources has a fifty-two week low of $34.63 and a fifty-two week high of $49.08. The company has a market cap of $3.24 billion, a price-to-earnings ratio of 34.84, a PEG ratio of 0.36 and a beta of 0.35.

PNM Resources (NYSE:PNM) last released its quarterly earnings data on Tuesday, February 6th. The utilities provider reported $0.18 EPS for the quarter, topping the consensus estimate of $0.14 by $0.04. The company had revenue of $412.11 million for the quarter, compared to the consensus estimate of $705.05 million. PNM Resources had a return on equity of 10.51% and a net margin of 4.54%. During the same period last year, the business posted $0.15 EPS. On average, sell-side analysts expect that PNM Resources will post 2.7 earnings per share for the current year.

PNM Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 10th. Stockholders of record on Friday, April 26th will be issued 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 4.32%. PNM Resources’s dividend payout ratio is presently 150.49%.

Institutional Trading of PNM Resources

A number of institutional investors have recently made changes to their positions in the business. BlackRock Inc. boosted its position in shares of PNM Resources by 0.6% in the 1st quarter. BlackRock Inc. now owns 11,097,571 shares of the utilities provider’s stock worth $540,230,000 after purchasing an additional 68,064 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of PNM Resources by 0.4% in the 3rd quarter. Vanguard Group Inc. now owns 9,379,034 shares of the utilities provider’s stock worth $418,399,000 after purchasing an additional 40,253 shares in the last quarter. State Street Corp boosted its position in shares of PNM Resources by 1.5% in the 1st quarter. State Street Corp now owns 3,373,488 shares of the utilities provider’s stock worth $164,221,000 after purchasing an additional 49,528 shares in the last quarter. Hudson Bay Capital Management LP boosted its position in shares of PNM Resources by 42.5% in the 3rd quarter. Hudson Bay Capital Management LP now owns 2,670,601 shares of the utilities provider’s stock worth $119,136,000 after purchasing an additional 796,077 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of PNM Resources by 5.4% in the 1st quarter. Geode Capital Management LLC now owns 1,635,723 shares of the utilities provider’s stock worth $79,627,000 after purchasing an additional 83,654 shares in the last quarter. Institutional investors and hedge funds own 91.68% of the company’s stock.

PNM Resources Company Profile

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.