Zacks Investment Research upgraded shares of PNM Resources Inc. (NYSE:PNM) from a sell rating to a hold rating in a research note released on Wednesday morning.
According to Zacks, “PNM Resources is an energy holding company based in Albuquerque, New Mexico. Its principal subsidiary is Public Service Company of New Mexico, which provides electric power and natural gas utility services to more than 1.3 million people in New Mexico. The company also sells power on the wholesale market in the Western U.S. “
A number of other analysts have also recently weighed in on the company. Williams Capital raised PNM Resources from a hold rating to a buy rating and set a $35.00 price target for the company in a research report on Tuesday, October 4th. Jefferies Group reiterated a buy rating and issued a $37.50 price objective on shares of PNM Resources in a research note on Thursday, September 29th. SunTrust Banks Inc. lifted their price objective on PNM Resources from $34.00 to $35.00 and gave the stock a neutral rating in a research note on Monday, September 26th. Argus dropped their price objective on PNM Resources from $40.00 to $38.00 and set a buy rating on the stock in a research note on Thursday, September 22nd. Finally, TheStreet lowered PNM Resources from a buy rating to a hold rating in a research note on Friday, August 26th. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. PNM Resources presently has an average rating of Buy and an average target price of $36.21.
Shares of PNM Resources (NYSE:PNM) opened at 32.95 on Wednesday. The company has a market cap of $2.62 billion, a P/E ratio of 6590.00 and a beta of 0.28. The company has a 50 day moving average price of $32.12 and a 200 day moving average price of $33.03. PNM Resources has a one year low of $27.90 and a one year high of $36.15.
PNM Resources (NYSE:PNM) last announced its quarterly earnings results on Friday, October 28th. The company reported $0.78 earnings per share for the quarter, topping analysts’ consensus estimates of $0.75 by $0.03. PNM Resources had a return on equity of 7.14% and a net margin of 0.07%. The company earned $400.37 million during the quarter, compared to analysts’ expectations of $740 million. During the same quarter in the previous year, the firm earned $0.76 earnings per share. The business’s quarterly revenue was down 4.1% compared to the same quarter last year. Equities research analysts expect that PNM Resources will post $1.58 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 14th. Stockholders of record on Monday, October 31st were paid a $0.22 dividend. The ex-dividend date was Thursday, October 27th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.67%.
Institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of PNM Resources by 4.1% in the second quarter. Vanguard Group Inc. now owns 6,440,193 shares of the company’s stock valued at $228,240,000 after buying an additional 254,750 shares in the last quarter. BlackRock Fund Advisors raised its position in shares of PNM Resources by 5.6% in the third quarter. BlackRock Fund Advisors now owns 4,283,370 shares of the company’s stock valued at $140,152,000 after buying an additional 226,439 shares in the last quarter. BlackRock Institutional Trust Company N.A. raised its position in shares of PNM Resources by 3.0% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 2,373,575 shares of the company’s stock valued at $84,119,000 after buying an additional 69,034 shares in the last quarter. Northern Trust Corp raised its position in shares of PNM Resources by 0.7% in the third quarter. Northern Trust Corp now owns 2,078,649 shares of the company’s stock valued at $68,013,000 after buying an additional 14,167 shares in the last quarter. Finally, FMR LLC raised its position in shares of PNM Resources by 16.2% in the second quarter. FMR LLC now owns 1,715,366 shares of the company’s stock valued at $60,793,000 after buying an additional 239,700 shares in the last quarter. Institutional investors and hedge funds own 93.56% of the company’s stock.
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 and Subsidiaries (PNM) and Texas-New Mexico Power Company and Subsidiaries (TNMP).