Zacks Investment Research Lowers PNM Resources (NYSE:PNM) to Sell

Zacks Investment Research downgraded shares of PNM Resources (NYSE:PNM) from a hold rating to a sell rating in a research report report published on Thursday morning, Zacks.com reports.

According to Zacks, “PNM Resources, Inc. is an electric utility that provides electric generation, transmission and distribution service to its rate-regulated customers. In New Mexico, the utility’s retail electric service territory covers a large area of north central New Mexico, including the cities of Albuquerque, Rio Rancho, and Santa Fe, and certain areas of southern New Mexico. Service to retail electric customers is subject to the jurisdiction of the NMPRC. PNM has decided to stop pursuing wholesale generation contracts although some sales continue to be made to wholesale customers. Service to wholesale customers is regulated by FERC. Regulation encompasses the utility’s electric rates, service, accounting, issuances of securities, construction of major new generation, types of generation resources, transmission and distribution facilities, and other matters. “

Other equities research analysts have also recently issued reports about the company. Barclays reaffirmed a top pick rating and issued a GBX 3,250 ($42.47) price target on shares of in a research note on Wednesday, June 19th. Bank of America raised Air Products & Chemicals from an underperform rating to a neutral rating and upped their price target for the stock from $170.00 to $215.00 in a research note on Thursday, April 25th. Wells Fargo & Co reaffirmed a sell rating on shares of Bausch Health Companies in a research note on Monday, July 15th. Mizuho set a $88.00 price target on Gilead Sciences and gave the stock a buy rating in a research note on Monday, July 15th. Finally, UBS Group cut to a sell rating and upped their price target for the stock from GBX 530 ($6.93) to GBX 540 ($7.06) in a research note on Wednesday, June 12th. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company’s stock. The company has an average rating of Hold and an average price target of $50.19.

PNM opened at $49.62 on Thursday. The company has a quick ratio of 0.59, a current ratio of 0.69 and a debt-to-equity ratio of 1.66. PNM Resources has a 52-week low of $37.17 and a 52-week high of $52.10. The stock has a market capitalization of $3.95 billion, a PE ratio of 24.81, a PEG ratio of 4.36 and a beta of 0.29. The company’s 50 day simple moving average is $50.21.

PNM Resources (NYSE:PNM) last posted its earnings results on Tuesday, May 7th. The utilities provider reported $0.13 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.11 by $0.02. The firm had revenue of $349.65 million for the quarter, compared to analysts’ expectations of $273.12 million. PNM Resources had a return on equity of 8.68% and a net margin of 6.10%. The business’s revenue was up 10.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.21 earnings per share. As a group, analysts forecast that PNM Resources will post 2.08 earnings per share for the current fiscal year.

Institutional investors have recently added to or reduced their stakes in the business. Osborn Williams & Donohoe LLC bought a new stake in PNM Resources in the first quarter worth $69,000. Quadrant Capital Group LLC boosted its holdings in PNM Resources by 1,004.6% in the first quarter. Quadrant Capital Group LLC now owns 2,176 shares of the utilities provider’s stock worth $100,000 after acquiring an additional 1,979 shares in the last quarter. Meeder Asset Management Inc. bought a new stake in PNM Resources in the first quarter worth $123,000. PNC Financial Services Group Inc. boosted its holdings in PNM Resources by 38.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 3,925 shares of the utilities provider’s stock worth $162,000 after acquiring an additional 1,100 shares in the last quarter. Finally, Intrust Bank NA bought a new stake in PNM Resources in the first quarter worth $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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