PNM Resources (NYSE:PNM) Stock Rating Lowered by Sidoti

Sidoti cut shares of PNM Resources (NYSE:PNM) from a buy rating to a neutral rating in a report published on Wednesday, AR Network reports.

PNM has been the subject of a number of other research reports. Citigroup started coverage on PNM Resources in a research report on Wednesday, October 14th. They issued a buy rating and a $51.00 price objective for the company. TheStreet raised PNM Resources from a c rating to a b- rating in a report on Monday, August 31st. Zacks Investment Research raised PNM Resources from a hold rating to a buy rating and set a $48.00 price target for the company in a report on Tuesday, October 13th. Finally, Wells Fargo & Company raised PNM Resources from an equal weight rating to an overweight rating in a research note on Tuesday, August 11th. Seven research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. PNM Resources has a consensus rating of Hold and a consensus target price of $48.22.

NYSE:PNM opened at $50.03 on Wednesday. The company has a current ratio of 0.26, a quick ratio of 0.20 and a debt-to-equity ratio of 1.39. PNM Resources has a 1-year low of $27.08 and a 1-year high of $56.14. The business’s fifty day moving average price is $42.93 and its 200 day moving average price is $41.43. The firm has a market capitalization of $3.98 billion, a price-to-earnings ratio of 22.64, a PEG ratio of 4.17 and a beta of 0.63.

PNM Resources (NYSE:PNM) last issued its quarterly earnings data on Friday, July 31st. The utilities provider reported $0.55 EPS for the quarter, beating the Zacks’ consensus estimate of $0.50 by $0.05. The business had revenue of $357.64 million for the quarter, compared to analyst estimates of $345.13 million. PNM Resources had a return on equity of 10.72% and a net margin of 11.57%. The firm’s revenue for the quarter was up 8.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.37 EPS. Equities analysts forecast that PNM Resources will post 2.27 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Investors of record on Monday, November 2nd will be paid a $0.308 dividend. This represents a $1.23 annualized dividend and a dividend yield of 2.46%. The ex-dividend date of this dividend is Friday, October 30th. PNM Resources’s dividend payout ratio (DPR) is currently 56.94%.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. State Street Corp lifted its stake in PNM Resources by 1.6% during the first quarter. State Street Corp now owns 2,845,896 shares of the utilities provider’s stock worth $108,144,000 after purchasing an additional 46,161 shares during the last quarter. First Trust Advisors LP lifted its stake in PNM Resources by 17.1% during the second quarter. First Trust Advisors LP now owns 38,172 shares of the utilities provider’s stock worth $1,467,000 after purchasing an additional 5,564 shares during the last quarter. NN Investment Partners Holdings N.V. lifted its stake in PNM Resources by 0.8% during the second quarter. NN Investment Partners Holdings N.V. now owns 31,609 shares of the utilities provider’s stock worth $1,215,000 after purchasing an additional 266 shares during the last quarter. New Mexico Educational Retirement Board lifted its stake in PNM Resources by 37.7% during the first quarter. New Mexico Educational Retirement Board now owns 19,000 shares of the utilities provider’s stock worth $722,000 after purchasing an additional 5,200 shares during the last quarter. Finally, Redpoint Investment Management Pty Ltd bought a new stake in PNM Resources during the second quarter worth $689,000. Hedge funds and other institutional investors own 98.85% of the company’s stock.

PNM Resources Company Profile

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.

Recommended Story: Stock Symbols Definition, Examples, Lookup

Analyst Recommendations for PNM Resources (NYSE:PNM)

Receive News & Ratings for PNM Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PNM Resources and related companies with MarketBeat.com's FREE daily email newsletter.