PNM Resources (NYSE:PNM) Receives New Coverage from Analysts at StockNews.com

StockNews.com began coverage on shares of PNM Resources (NYSE:PNM) in a research report report published on Sunday. The firm issued a sell rating on the utilities provider’s stock.

A number of other brokerages have also weighed in on PNM. Wells Fargo & Company increased their price target on PNM Resources from $41.00 to $46.00 and gave the stock an overweight rating in a research note on Thursday, August 1st. Evercore ISI assumed coverage on PNM Resources in a research note on Thursday, May 30th. They set an in-line rating and a $38.00 price target on the stock. Finally, Barclays increased their target price on PNM Resources from $43.00 to $45.00 and gave the stock an overweight rating in a research report on Monday, July 22nd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of Hold and an average target price of $44.20.

PNM Resources Price Performance

Shares of NYSE:PNM opened at $41.77 on Friday. The business’s fifty day moving average price is $38.34 and its two-hundred day moving average price is $37.56. The stock has a market cap of $3.77 billion, a PE ratio of 45.90 and a beta of 0.35. The company has a debt-to-equity ratio of 1.81, a quick ratio of 0.27 and a current ratio of 0.37. PNM Resources has a one year low of $34.63 and a one year high of $45.10.

PNM Resources (NYSE:PNM) last issued its quarterly earnings results on Wednesday, July 31st. The utilities provider reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.55 by $0.05. PNM Resources had a return on equity of 10.15% and a net margin of 4.50%. The company had revenue of $488.10 million for the quarter, compared to analyst estimates of $481.02 million. During the same quarter in the prior year, the company posted $0.55 EPS. The business’s revenue for the quarter was up 2.3% compared to the same quarter last year. On average, analysts forecast that PNM Resources will post 2.72 EPS for the current fiscal year.

PNM Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 9th. Investors of record on Friday, July 26th were given a $0.3875 dividend. This represents a $1.55 annualized dividend and a dividend yield of 3.71%. The ex-dividend date of this dividend was Friday, July 26th. PNM Resources’s dividend payout ratio (DPR) is currently 170.33%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Inspire Investing LLC raised its position in PNM Resources by 3.1% in the first quarter. Inspire Investing LLC now owns 9,530 shares of the utilities provider’s stock valued at $359,000 after purchasing an additional 290 shares during the period. New York State Teachers Retirement System raised its position in PNM Resources by 0.3% in the first quarter. New York State Teachers Retirement System now owns 87,439 shares of the utilities provider’s stock valued at $3,291,000 after purchasing an additional 300 shares during the period. Xponance Inc. raised its position in PNM Resources by 2.9% in the fourth quarter. Xponance Inc. now owns 12,598 shares of the utilities provider’s stock valued at $524,000 after purchasing an additional 356 shares during the period. IFM Investors Pty Ltd raised its position in PNM Resources by 3.3% in the first quarter. IFM Investors Pty Ltd now owns 11,877 shares of the utilities provider’s stock valued at $447,000 after purchasing an additional 376 shares during the period. Finally, Fortis Group Advisors LLC raised its position in PNM Resources by 100.0% in the fourth quarter. Fortis Group Advisors LLC now owns 800 shares of the utilities provider’s stock valued at $33,000 after purchasing an additional 400 shares during the period. 91.68% of the stock is owned by hedge funds and other institutional investors.

PNM Resources Company Profile

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.