PNM Resources (NYSE:PNM) Downgraded by StockNews.com to “Sell”

StockNews.com downgraded shares of PNM Resources (NYSE:PNM) from a hold rating to a sell rating in a research report sent to investors on Saturday.

PNM has been the subject of several other reports. Evercore ISI started coverage on PNM Resources in a report on Thursday, May 30th. They issued an in-line rating and a $38.00 target price for the company. Wells Fargo & Company increased their target price on PNM Resources from $41.00 to $46.00 and gave the stock an overweight rating in a research note on Thursday, August 1st. Finally, Barclays boosted their price target on shares of PNM Resources from $43.00 to $45.00 and gave the stock an overweight rating in a research note on Monday, July 22nd. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of Hold and a consensus price target of $44.20.

PNM Resources Stock Performance

NYSE PNM opened at $41.77 on Friday. PNM Resources has a fifty-two week low of $34.63 and a fifty-two week high of $45.10. The company has a debt-to-equity ratio of 1.81, a quick ratio of 0.27 and a current ratio of 0.37. The firm has a market capitalization of $3.77 billion, a P/E ratio of 45.90 and a beta of 0.35. The stock has a 50-day simple moving average of $38.14 and a two-hundred day simple moving average of $37.49.

PNM Resources (NYSE:PNM) last released its quarterly earnings results on Wednesday, July 31st. The utilities provider reported $0.60 EPS for the quarter, beating the consensus estimate of $0.55 by $0.05. The company had revenue of $488.10 million for the quarter, compared to analyst estimates of $481.02 million. PNM Resources had a net margin of 4.50% and a return on equity of 10.15%. The firm’s revenue was up 2.3% on a year-over-year basis. During the same quarter last year, the business earned $0.55 earnings per share. On average, equities analysts forecast that PNM Resources will post 2.72 earnings per share for the current year.

PNM Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 9th. Investors of record on Friday, July 26th were issued a dividend of $0.3875 per share. This represents a $1.55 dividend on an annualized basis and a yield of 3.71%. The ex-dividend date was Friday, July 26th. PNM Resources’s dividend payout ratio is presently 170.33%.

Institutional Investors Weigh In On PNM Resources

A number of institutional investors and hedge funds have recently modified their holdings of PNM. Inspire Investing LLC lifted its position in shares of PNM Resources by 3.1% in the first quarter. Inspire Investing LLC now owns 9,530 shares of the utilities provider’s stock valued at $359,000 after acquiring an additional 290 shares in the last quarter. New York State Teachers Retirement System raised its holdings in shares of PNM Resources by 0.3% in the 1st quarter. New York State Teachers Retirement System now owns 87,439 shares of the utilities provider’s stock worth $3,291,000 after purchasing an additional 300 shares during the period. Xponance Inc. grew its holdings in shares of PNM Resources by 2.9% during the 4th quarter. Xponance Inc. now owns 12,598 shares of the utilities provider’s stock worth $524,000 after purchasing an additional 356 shares during the period. IFM Investors Pty Ltd raised its holdings in PNM Resources by 3.3% in the first quarter. IFM Investors Pty Ltd now owns 11,877 shares of the utilities provider’s stock valued at $447,000 after buying an additional 376 shares during the period. Finally, Fortis Group Advisors LLC lifted its position in PNM Resources by 100.0% during the fourth quarter. Fortis Group Advisors LLC now owns 800 shares of the utilities provider’s stock valued at $33,000 after buying an additional 400 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.