PNM Resources (NYSE:PNM) Now Covered by Analysts at StockNews.com

StockNews.com assumed coverage on shares of PNM Resources (NYSE:PNM) in a research report released on Sunday morning. The brokerage issued a sell rating on the utilities provider’s stock.

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

PNM Resources Price Performance

The company has a market cap of $3.77 billion, a P/E ratio of 45.90 and a beta of 0.35. PNM Resources has a 1-year low of $34.63 and a 1-year high of $45.10. The company has a quick ratio of 0.27, a current ratio of 0.37 and a debt-to-equity ratio of 1.81. The company’s 50-day moving average price is $38.50 and its 200-day moving average price is $37.63.

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

PNM Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 9th. Stockholders of record on Friday, July 26th were given a dividend of $0.3875 per share. This represents a $1.55 annualized dividend and a dividend yield of ∞. The ex-dividend date of this dividend was Friday, July 26th. PNM Resources’s dividend payout ratio is 170.33%.

Institutional Trading of PNM Resources

Institutional investors and hedge funds have recently made changes to their positions in the business. Inspire Investing LLC raised its position in shares of PNM Resources by 3.1% in the 1st 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 during the period. New York State Teachers Retirement System raised its holdings in PNM Resources by 0.3% in the first 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. boosted its position in shares of PNM Resources by 2.9% during the fourth quarter. Xponance Inc. now owns 12,598 shares of the utilities provider’s stock worth $524,000 after purchasing an additional 356 shares in the last quarter. IFM Investors Pty Ltd grew its holdings in shares of PNM Resources by 3.3% in the 1st 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 increased its position in shares of PNM Resources by 100.0% in the 4th 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 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.