Bank of America restated their underperform rating on shares of PNM Resources (NYSE:PNM) in a research report released on Tuesday, Marketbeat.com reports. Bank of America currently has a $42.00 price target on the utilities provider’s stock, up from their previous price target of $39.00.
Several other equities analysts also recently weighed in on the stock. Zacks Investment Research raised shares of PNM Resources from a hold rating to a strong-buy rating and set a $45.00 price target on the stock in a report on Friday, October 19th. Barclays lifted their price target on shares of PNM Resources from $38.00 to $39.00 and gave the company a sell rating in a report on Monday, November 19th. Three investment analysts have rated the stock with a sell rating and six have given a hold rating to the company. The stock presently has a consensus rating of Hold and an average price target of $39.25.
PNM opened at $43.75 on Tuesday. The company has a current ratio of 0.37, a quick ratio of 0.29 and a debt-to-equity ratio of 1.17. The company has a market capitalization of $3.42 billion, a P/E ratio of 22.55, a price-to-earnings-growth ratio of 4.64 and a beta of 0.20. PNM Resources has a 12-month low of $33.75 and a 12-month high of $45.45.
PNM Resources (NYSE:PNM) last posted its quarterly earnings data on Tuesday, November 6th. The utilities provider reported $1.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.04 by $0.04. The company had revenue of $422.67 million for the quarter, compared to the consensus estimate of $483.08 million. PNM Resources had a net margin of 6.08% and a return on equity of 9.25%. During the same quarter last year, the firm posted $0.93 earnings per share. On average, equities research analysts predict that PNM Resources will post 1.97 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, February 15th. Shareholders of record on Friday, February 1st will be issued a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 2.65%. This is an increase from PNM Resources’s previous quarterly dividend of $0.27. PNM Resources’s payout ratio is currently 54.64%.
A number of large investors have recently modified their holdings of PNM. Engineers Gate Manager LP purchased a new position in PNM Resources during the third quarter valued at approximately $216,000. Sun Life Financial INC purchased a new position in PNM Resources during the second quarter valued at approximately $224,000. Vident Investment Advisory LLC bought a new stake in shares of PNM Resources during the third quarter valued at approximately $241,000. Jane Street Group LLC bought a new stake in shares of PNM Resources during the third quarter valued at approximately $251,000. Finally, Tower Research Capital LLC TRC raised its position in shares of PNM Resources by 330.2% during the third quarter. Tower Research Capital LLC TRC now owns 7,283 shares of the utilities provider’s stock valued at $287,000 after buying an additional 5,590 shares during the last quarter. 89.97% of the stock is currently owned by institutional investors and hedge funds.
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.
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