PNM Resources Inc (NYSE:PNM) Receives $52.40 Consensus Price Target from Analysts

Shares of PNM Resources Inc (NYSE:PNM) have been assigned a consensus rating of “Hold” from the ten ratings firms that are presently covering the firm, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a sell recommendation, three have issued a hold recommendation and two have assigned a buy recommendation to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $52.40.

A number of equities research analysts have recently issued reports on PNM shares. SunTrust Banks upped their target price on shares of PNM Resources from $49.00 to $50.00 and gave the company a “hold” rating in a report on Monday, September 30th. ValuEngine cut shares of PNM Resources from a “hold” rating to a “sell” rating in a report on Friday, November 1st. Zacks Investment Research cut shares of PNM Resources from a “hold” rating to a “sell” rating in a report on Wednesday, July 31st. Bank of America raised shares of PNM Resources from a “neutral” rating to a “buy” rating and set a $56.00 target price on the stock in a report on Monday, September 30th. Finally, UBS Group upped their target price on shares of PNM Resources from $50.00 to $53.00 and gave the company a “neutral” rating in a report on Friday, September 6th.

Shares of PNM stock traded down $0.02 on Thursday, reaching $48.43. The stock had a trading volume of 297,562 shares, compared to its average volume of 387,767. The company has a quick ratio of 0.28, a current ratio of 0.36 and a debt-to-equity ratio of 1.48. The firm’s 50-day moving average is $50.80 and its two-hundred day moving average is $50.03. The firm has a market capitalization of $3.86 billion, a price-to-earnings ratio of 24.22, a P/E/G ratio of 4.13 and a beta of 0.18. PNM Resources has a 12 month low of $39.51 and a 12 month high of $52.98.

PNM Resources (NYSE:PNM) last issued its earnings results on Friday, November 1st. The utilities provider reported $1.29 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.25 by $0.04. The company had revenue of $433.59 million for the quarter, compared to analysts’ expectations of $562.33 million. PNM Resources had a negative net margin of 0.64% and a positive return on equity of 9.18%. During the same period in the prior year, the firm earned $1.08 EPS. On average, sell-side analysts forecast that PNM Resources will post 2.1 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Friday, November 1st were issued a $0.29 dividend. The ex-dividend date was Thursday, October 31st. This represents a $1.16 annualized dividend and a yield of 2.40%. PNM Resources’s dividend payout ratio is currently 58.00%.

Institutional investors have recently added to or reduced their stakes in the business. Wells Fargo & Company MN raised its holdings in PNM Resources by 6.7% in the 2nd quarter. Wells Fargo & Company MN now owns 232,873 shares of the utilities provider’s stock valued at $11,856,000 after acquiring an additional 14,679 shares during the period. Balyasny Asset Management LLC raised its holdings in PNM Resources by 352.2% in the 2nd quarter. Balyasny Asset Management LLC now owns 100,434 shares of the utilities provider’s stock valued at $5,113,000 after acquiring an additional 78,222 shares during the period. GWM Advisors LLC raised its holdings in PNM Resources by 0.5% in the 2nd quarter. GWM Advisors LLC now owns 41,917 shares of the utilities provider’s stock valued at $2,134,000 after acquiring an additional 228 shares during the period. Swiss National Bank raised its holdings in PNM Resources by 2.1% in the 2nd quarter. Swiss National Bank now owns 148,200 shares of the utilities provider’s stock valued at $7,545,000 after acquiring an additional 3,000 shares during the period. Finally, Rhumbline Advisers raised its holdings in PNM Resources by 2.9% in the 3rd quarter. Rhumbline Advisers now owns 272,367 shares of the utilities provider’s stock valued at $14,185,000 after acquiring an additional 7,775 shares during the period. 88.98% of the stock is currently owned by hedge funds and other institutional investors.

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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Analyst Recommendations for PNM Resources (NYSE:PNM)

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