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. “
PNM has been the topic of several other research reports. SunTrust Banks Inc. dropped their price objective on PNM Resources from $35.00 to $34.00 and set a neutral rating on the stock in a report on Monday, August 29th. Jefferies Group upgraded shares of PNM Resources from a hold rating to a buy rating in a research note on Tuesday, September 20th. TheStreet downgraded shares of PNM Resources from a buy rating to a hold rating in a research note on Friday, August 26th. Williams Capital reiterated a hold rating on shares of PNM Resources in a research note on Wednesday, September 21st. Finally, Argus decreased their target price on shares of PNM Resources from $40.00 to $38.00 and set a buy rating for the company in a research note on Thursday, September 22nd. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The stock has an average rating of Buy and a consensus price target of $36.21.
Shares of PNM Resources (NYSE:PNM) opened at 32.28 on Wednesday. PNM Resources has a 1-year low of $26.56 and a 1-year high of $36.15. The firm’s 50-day moving average price is $32.74 and its 200 day moving average price is $33.17. The stock has a market capitalization of $2.57 billion, a price-to-earnings ratio of 354.73 and a beta of 0.38.
PNM Resources (NYSE:PNM) last issued its quarterly earnings data on Monday, August 8th. The company reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.01. The company had revenue of $315.39 million for the quarter, compared to analyst estimates of $379 million. PNM Resources had a return on equity of 7.00% and a net margin of 0.54%. The business’s quarterly revenue was down 10.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.44 earnings per share. Equities research analysts expect that PNM Resources will post $1.58 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 14th. Investors of record on Monday, October 31st will be given a $0.22 dividend. The ex-dividend date is Thursday, October 27th. This represents a $0.88 dividend on an annualized basis and a yield of 2.73%. PNM Resources’s payout ratio is currently 1,100.00%.
Large investors have recently made changes to their positions in the stock. State Street Corp boosted its position in shares of PNM Resources by 1.8% in the first quarter. State Street Corp now owns 2,726,625 shares of the company’s stock worth $91,943,000 after buying an additional 49,025 shares during the period. Renaissance Technologies LLC boosted its position in shares of PNM Resources by 58.3% in the first quarter. Renaissance Technologies LLC now owns 848,800 shares of the company’s stock worth $28,622,000 after buying an additional 312,700 shares during the period. BlackRock Group LTD boosted its position in shares of PNM Resources by 95.9% in the first quarter. BlackRock Group LTD now owns 102,365 shares of the company’s stock worth $3,452,000 after buying an additional 50,099 shares during the period. Societe Generale bought a new position in shares of PNM Resources during the second quarter worth about $919,000. Finally, Aperio Group LLC boosted its position in shares of PNM Resources by 19.8% in the first quarter. Aperio Group LLC now owns 33,771 shares of the company’s stock worth $1,139,000 after buying an additional 5,593 shares during the period. Hedge funds and other institutional investors own 92.60% 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).
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for PNM Resources Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PNM Resources Inc. and related companies with MarketBeat.com's FREE daily email newsletter.