PNM Resources (PNM) PT Lowered to $36.00

PNM Resources (NYSE:PNM) had its price target decreased by Bank of America from $38.00 to $36.00 in a research report sent to investors on Tuesday. Bank of America currently has an underperform rating on the utilities provider’s stock.

Several other equities research analysts have also recently issued reports on PNM. ValuEngine upgraded shares of PNM Resources from a sell rating to a hold rating in a report on Monday, June 18th. Barclays initiated coverage on shares of PNM Resources in a report on Tuesday, July 10th. They issued an underweight rating and a $37.00 target price on the stock. Finally, Zacks Investment Research upgraded shares of PNM Resources from a hold rating to a buy rating and set a $44.00 target price on the stock in a report on Thursday, August 2nd. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a strong buy rating to the company. The company presently has an average rating of Hold and a consensus price target of $38.25.

PNM stock traded up $0.52 on Tuesday, hitting $40.09. The company had a trading volume of 9,408 shares, compared to its average volume of 372,878. PNM Resources has a 12-month low of $33.75 and a 12-month high of $46.00. The company has a current ratio of 0.34, a quick ratio of 0.27 and a debt-to-equity ratio of 1.19. The stock has a market capitalization of $3.11 billion, a P/E ratio of 20.48, a P/E/G ratio of 4.34 and a beta of 0.15.

PNM Resources (NYSE:PNM) last issued its earnings results on Tuesday, July 31st. The utilities provider reported $0.53 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.10. PNM Resources had a net margin of 5.12% and a return on equity of 8.58%. The company had revenue of $352.30 million for the quarter, compared to analysts’ expectations of $362.10 million. During the same quarter last year, the company posted $0.49 earnings per share. The firm’s quarterly revenue was down 2.8% on a year-over-year basis. As a group, equities analysts predict that PNM Resources will post 1.95 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, November 16th. Investors of record on Friday, November 2nd will be issued a $0.265 dividend. This represents a $1.06 annualized dividend and a yield of 2.64%. The ex-dividend date is Thursday, November 1st. PNM Resources’s dividend payout ratio is currently 54.64%.

Institutional investors have recently modified their holdings of the company. Hartford Investment Management Co. purchased a new position in shares of PNM Resources during the 2nd quarter worth $207,000. Sun Life Financial INC purchased a new position in shares of PNM Resources during the 2nd quarter worth $224,000. Dalton Greiner Hartman Maher & Co. purchased a new position in shares of PNM Resources during the 2nd quarter worth $323,000. Ramsey Quantitative Systems purchased a new position in shares of PNM Resources during the 2nd quarter worth $338,000. Finally, Asset Management One Co. Ltd. purchased a new position in shares of PNM Resources during the 1st quarter worth $409,000. Institutional investors and hedge funds own 91.17% of the company’s stock.

PNM Resources Company Profile

PNM Resources, Inc, through its subsidiaries, engages in the energy and energy-related businesses 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 is primarily involved in the generation, transmission, and distribution of electricity.

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Analyst Recommendations for PNM Resources (NYSE:PNM)

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