SunTrust Banks reissued their hold rating on shares of PNM Resources (NYSE:PNM) in a report issued on Friday, November 10th. The brokerage currently has a $38.00 target price on the utilities provider’s stock.
PNM has been the subject of a number of other reports. Zacks Investment Research downgraded shares of PNM Resources from a hold rating to a sell rating in a report on Saturday, October 21st. KeyCorp reaffirmed a hold rating on shares of PNM Resources in a report on Friday, September 1st. BidaskClub raised shares of PNM Resources from a buy rating to a strong-buy rating in a report on Thursday, August 10th. Williams Capital downgraded shares of PNM Resources from a hold rating to a sell rating and set a $38.00 price objective for the company. in a report on Monday, September 18th. Finally, Argus reissued a buy rating and set a $41.40 price target (down from $43.00) on shares of PNM Resources in a report on Friday, August 11th. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. PNM Resources currently has a consensus rating of Hold and an average price target of $39.74.
Shares of PNM Resources (PNM) traded down $0.05 during trading on Friday, reaching $45.10. 355,600 shares of the company’s stock were exchanged, compared to its average volume of 584,534. The company has a market cap of $3,544.59, a P/E ratio of 21.81, a PEG ratio of 4.38 and a beta of 0.36. PNM Resources has a 12-month low of $31.00 and a 12-month high of $45.50. The company has a current ratio of 0.53, a quick ratio of 0.43 and a debt-to-equity ratio of 1.25.
The company also recently declared a quarterly dividend, which was paid on Tuesday, November 14th. Investors of record on Monday, October 30th were issued a dividend of $0.2425 per share. This represents a $0.97 annualized dividend and a yield of 2.15%. The ex-dividend date of this dividend was Friday, October 27th. PNM Resources’s dividend payout ratio is currently 48.74%.
A number of hedge funds have recently made changes to their positions in PNM. OppenheimerFunds Inc. increased its position in PNM Resources by 27.1% in the 1st quarter. OppenheimerFunds Inc. now owns 10,778 shares of the utilities provider’s stock valued at $399,000 after acquiring an additional 2,301 shares in the last quarter. Teachers Advisors LLC increased its position in PNM Resources by 3.1% in the 1st quarter. Teachers Advisors LLC now owns 134,773 shares of the utilities provider’s stock valued at $4,987,000 after acquiring an additional 3,998 shares in the last quarter. Bank of America Corp DE increased its position in PNM Resources by 9.5% in the 1st quarter. Bank of America Corp DE now owns 323,835 shares of the utilities provider’s stock valued at $11,982,000 after acquiring an additional 28,026 shares in the last quarter. HighTower Advisors LLC acquired a new stake in PNM Resources in the 1st quarter valued at about $207,000. Finally, Oregon Public Employees Retirement Fund increased its position in PNM Resources by 4.5% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 29,116 shares of the utilities provider’s stock valued at $1,114,000 after acquiring an additional 1,258 shares in the last quarter. 92.51% of the stock is owned by hedge funds and other institutional investors.
About PNM Resources
PNM Resources, Inc (PNMR) is an investor-owned holding company with approximately two regulated utilities providing electricity and electric services in New Mexico and Texas. PNMR’s electric utilities are Public Service Company of New Mexico (PNM) and Texas-New Mexico Power Company (TNMP). It operates in three segments: PNM, TNMP, and Corporate and Other.
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