PNM Resources (NYSE:PNM) Receives New Coverage from Analysts at Barclays

Barclays initiated coverage on shares of PNM Resources (NYSE:PNMFree Report) in a research report report published on Thursday, Briefing.com reports. The brokerage issued an overweight rating and a $40.00 price objective on the utilities provider’s stock.

Several other brokerages also recently commented on PNM. Mizuho downgraded shares of PNM Resources from a buy rating to a neutral rating and set a $41.00 target price on the stock. in a research note on Wednesday, January 3rd. Wells Fargo & Company upgraded shares of PNM Resources from an equal weight rating to an overweight rating and set a $44.00 price target on the stock in a report on Wednesday, January 3rd. TheStreet cut shares of PNM Resources from a b- rating to a c+ rating in a report on Thursday, January 4th. Finally, StockNews.com cut shares of PNM Resources from a hold rating to a sell rating in a report on Wednesday, January 17th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of Hold and an average target price of $46.20.

Check Out Our Latest Stock Analysis on PNM Resources

PNM Resources Trading Up 2.1 %

Shares of PNM opened at $36.96 on Thursday. The firm’s 50 day simple moving average is $39.48 and its 200 day simple moving average is $42.29. The company has a market capitalization of $3.17 billion, a P/E ratio of 35.88, a P/E/G ratio of 0.36 and a beta of 0.36. The company has a debt-to-equity ratio of 1.71, a current ratio of 0.33 and a quick ratio of 0.27. PNM Resources has a 1-year low of $34.63 and a 1-year high of $49.47.

PNM Resources (NYSE:PNMGet Free Report) last posted its quarterly earnings results on Tuesday, February 6th. The utilities provider reported $0.18 EPS for the quarter, topping the consensus estimate of $0.14 by $0.04. The firm had revenue of $412.11 million for the quarter, compared to the consensus estimate of $705.05 million. PNM Resources had a net margin of 4.54% and a return on equity of 10.64%. During the same period last year, the firm posted $0.15 earnings per share. Sell-side analysts forecast that PNM Resources will post 2.7 earnings per share for the current fiscal year.

PNM Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 16th. Shareholders of record on Friday, February 2nd will be given a $0.387 dividend. This is a positive change from PNM Resources’s previous quarterly dividend of $0.37. The ex-dividend date is Thursday, February 1st. This represents a $1.55 dividend on an annualized basis and a yield of 4.19%. PNM Resources’s payout ratio is 150.49%.

Institutional Investors Weigh In On PNM Resources

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Principal Financial Group Inc. increased its position in shares of PNM Resources by 3.2% during the 4th quarter. Principal Financial Group Inc. now owns 370,180 shares of the utilities provider’s stock valued at $15,399,000 after purchasing an additional 11,606 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of PNM Resources by 3.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,544,429 shares of the utilities provider’s stock valued at $64,248,000 after purchasing an additional 47,260 shares during the last quarter. Reaves W H & Co. Inc. increased its position in shares of PNM Resources by 5.0% during the 4th quarter. Reaves W H & Co. Inc. now owns 28,138 shares of the utilities provider’s stock valued at $1,171,000 after purchasing an additional 1,339 shares during the last quarter. Segantii Capital Management Ltd increased its position in shares of PNM Resources by 111.6% during the 4th quarter. Segantii Capital Management Ltd now owns 736,439 shares of the utilities provider’s stock valued at $30,636,000 after purchasing an additional 388,436 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of PNM Resources by 3.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,042,426 shares of the utilities provider’s stock valued at $43,365,000 after purchasing an additional 35,060 shares during the last quarter. Hedge funds and other institutional investors own 91.18% of the company’s stock.

PNM Resources Company Profile

(Get Free Report)

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.

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