PNM Resources (NYSE:PNM) Price Target Raised to $54.00

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PNM Resources (NYSE:PNM) had its price objective hoisted by stock analysts at Mizuho from $52.50 to $54.00 in a research report issued on Monday, BenzingaRatingsTable reports. The firm presently has a “buy” rating on the utilities provider’s stock. Mizuho’s price target points to a potential upside of 9.29% from the stock’s previous close.

Other equities research analysts also recently issued reports about the company. Barclays reaffirmed a “top pick” rating and set a GBX 3,250 ($42.47) price target on shares of in a research note on Wednesday, June 19th. Williams Capital reaffirmed a “hold” rating on shares of Southwest Gas in a research note on Monday, March 18th. Zacks Investment Research downgraded ExlService from a “hold” rating to a “sell” rating in a research note on Wednesday, July 10th. Wells Fargo & Co reaffirmed a “buy” rating on shares of Allergan in a research note on Monday, June 10th. Finally, Bank of America raised Air Products & Chemicals from an “underperform” rating to a “neutral” rating and raised their price target for the stock from $170.00 to $215.00 in a research note on Thursday, April 25th. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $49.03.

PNM opened at $49.41 on Monday. PNM Resources has a fifty-two week low of $37.17 and a fifty-two week high of $52.10. The business’s 50-day moving average price is $50.00. The company has a debt-to-equity ratio of 1.66, a current ratio of 0.69 and a quick ratio of 0.59. The stock has a market cap of $3.94 billion, a P/E ratio of 24.71, a PEG ratio of 4.35 and a beta of 0.29.

PNM Resources (NYSE:PNM) last posted its quarterly earnings results on Tuesday, May 7th. The utilities provider reported $0.13 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.11 by $0.02. PNM Resources had a return on equity of 8.68% and a net margin of 6.10%. The company had revenue of $349.65 million during the quarter, compared to the consensus estimate of $273.12 million. During the same period last year, the business earned $0.21 EPS. The business’s quarterly revenue was up 10.0% on a year-over-year basis. Equities analysts forecast that PNM Resources will post 2.08 earnings per share for the current year.

Hedge funds and other institutional investors have recently modified their holdings of the company. Osborn Williams & Donohoe LLC acquired a new position in shares of PNM Resources during the 1st quarter valued at about $69,000. Quadrant Capital Group LLC increased its holdings in shares of PNM Resources by 1,004.6% during the 1st quarter. Quadrant Capital Group LLC now owns 2,176 shares of the utilities provider’s stock valued at $100,000 after acquiring an additional 1,979 shares during the last quarter. Meeder Asset Management Inc. acquired a new position in shares of PNM Resources during the 1st quarter valued at about $123,000. PNC Financial Services Group Inc. increased its holdings in shares of PNM Resources by 38.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 3,925 shares of the utilities provider’s stock valued at $162,000 after acquiring an additional 1,100 shares during the last quarter. Finally, Intrust Bank NA acquired a new stake in PNM Resources in the 1st quarter valued at approximately $213,000. 90.14% of the stock is currently owned by institutional investors and hedge funds.

About PNM Resources

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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