PNM Resources (NYSE:PNM) Upgraded by StockNews.com to Hold

StockNews.com upgraded shares of PNM Resources (NYSE:PNMFree Report) from a sell rating to a hold rating in a research note published on Thursday.

PNM has been the topic of a number of other reports. Barclays raised their price objective on shares of PNM Resources from $40.00 to $43.00 and gave the company an overweight rating in a research note on Monday, April 15th. Evercore ISI initiated coverage on PNM Resources in a research note on Thursday. They set an in-line rating and a $38.00 price target for the company. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of Hold and an average target price of $43.40.

Get Our Latest Analysis on PNM Resources

PNM Resources Price Performance

Shares of PNM Resources stock opened at $37.35 on Thursday. The company has a quick ratio of 0.27, a current ratio of 0.37 and a debt-to-equity ratio of 1.81. PNM Resources has a twelve month low of $34.63 and a twelve month high of $46.94. The company has a 50-day simple moving average of $37.28 and a two-hundred day simple moving average of $38.50. The stock has a market capitalization of $3.37 billion, a price-to-earnings ratio of 41.04, a price-to-earnings-growth ratio of 5.41 and a beta of 0.35.

PNM Resources (NYSE:PNMGet Free Report) last released its quarterly earnings results on Tuesday, April 30th. The utilities provider reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.68 by ($0.27). PNM Resources had a net margin of 4.38% and a return on equity of 9.91%. The business had revenue of $436.90 million for the quarter, compared to the consensus estimate of $531.00 million. During the same period in the previous year, the business posted $0.55 EPS. PNM Resources’s revenue was down 19.7% on a year-over-year basis. Analysts forecast that PNM Resources will post 2.7 EPS for the current year.

Hedge Funds Weigh In On PNM Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in shares of PNM Resources by 1.8% during the first quarter. Vanguard Group Inc. now owns 9,498,325 shares of the utilities provider’s stock worth $357,517,000 after purchasing an additional 167,395 shares in the last quarter. Zimmer Partners LP grew its stake in PNM Resources by 1,332.6% in the 1st quarter. Zimmer Partners LP now owns 3,551,669 shares of the utilities provider’s stock worth $133,685,000 after buying an additional 3,303,752 shares in the last quarter. Hudson Bay Capital Management LP increased its holdings in shares of PNM Resources by 42.5% in the 3rd quarter. Hudson Bay Capital Management LP now owns 2,670,601 shares of the utilities provider’s stock worth $119,136,000 after buying an additional 796,077 shares during the last quarter. Reaves W H & Co. Inc. raised its position in shares of PNM Resources by 6,084.6% during the 1st quarter. Reaves W H & Co. Inc. now owns 1,740,227 shares of the utilities provider’s stock valued at $65,503,000 after buying an additional 1,712,089 shares in the last quarter. Finally, First Trust Advisors LP lifted its holdings in shares of PNM Resources by 6.3% during the 4th quarter. First Trust Advisors LP now owns 1,587,169 shares of the utilities provider’s stock worth $66,026,000 after acquiring an additional 94,267 shares during the last quarter. 91.68% of the stock is currently owned by hedge funds and other institutional investors.

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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Analyst Recommendations for PNM Resources (NYSE:PNM)

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