PNM Resources, Inc. (NYSE:PNM) has been given a consensus rating of “Hold” by the eight ratings firms that are currently covering the firm, MarketBeat reports. Two research analysts have rated the stock with a sell rating and six have issued a hold rating on the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $50.67.
Separately, Argus downgraded shares of PNM Resources from a “buy” rating to a “hold” rating in a report on Wednesday, August 25th.
NYSE PNM traded up $0.07 during trading on Thursday, reaching $49.69. The company’s stock had a trading volume of 5,376 shares, compared to its average volume of 803,309. The company has a current ratio of 0.62, a quick ratio of 0.52 and a debt-to-equity ratio of 1.49. The firm has a market capitalization of $4.27 billion, a price-to-earnings ratio of 20.28, a price-to-earnings-growth ratio of 4.20 and a beta of 0.53. PNM Resources has a 12 month low of $45.23 and a 12 month high of $50.25. The firm has a 50 day moving average price of $49.23 and a 200 day moving average price of $49.10.
The company also recently declared a quarterly dividend, which will be paid on Friday, November 12th. Stockholders of record on Monday, November 1st will be issued a dividend of $0.3275 per share. This represents a $1.31 dividend on an annualized basis and a dividend yield of 2.64%. The ex-dividend date of this dividend is Friday, October 29th. This is an increase from PNM Resources’s previous quarterly dividend of $0.33. PNM Resources’s dividend payout ratio is 57.46%.
Several institutional investors have recently modified their holdings of PNM. Captrust Financial Advisors lifted its holdings in shares of PNM Resources by 1,250.3% during the 1st quarter. Captrust Financial Advisors now owns 2,093 shares of the utilities provider’s stock worth $103,000 after acquiring an additional 1,938 shares during the period. Meeder Asset Management Inc. increased its position in PNM Resources by 203.9% during the 2nd quarter. Meeder Asset Management Inc. now owns 2,641 shares of the utilities provider’s stock worth $129,000 after purchasing an additional 1,772 shares in the last quarter. AGF Investments Inc. acquired a new position in PNM Resources during the 2nd quarter worth approximately $180,000. Sphinx Trading LP acquired a new position in PNM Resources during the 3rd quarter worth approximately $198,000. Finally, Mercer Global Advisors Inc. ADV acquired a new position in PNM Resources during the 1st quarter worth approximately $204,000. 83.26% of the stock is owned by institutional investors.
About PNM Resources
PNM Resources, Inc operates as an investor-owned holding company, which provides electricity and electric services in New Mexico and Texas. It operates through the following segments: Public Service Company of New Mexico (PNM), Texas-New Mexico Power Company (TNMP), and Corporate and Other. The PNM segment includes the retail electric utility operations of the company.
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