Brokerages Set PNM Resources, Inc. (NYSE:PNM) Target Price at $43.80

Shares of PNM Resources, Inc. (NYSE:PNM) have received a consensus rating of “Hold” from the five brokerages that are covering the stock, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 12 month price target among analysts that have covered the stock in the last year is $43.80.

A number of research analysts have recently issued reports on the stock. Evercore ISI assumed coverage on shares of PNM Resources in a report on Thursday, May 30th. They set an “in-line” rating and a $38.00 price objective for the company. StockNews.com downgraded PNM Resources from a “hold” rating to a “sell” rating in a research report on Wednesday, July 3rd. Finally, Barclays boosted their target price on shares of PNM Resources from $43.00 to $45.00 and gave the company an “overweight” rating in a report on Monday, July 22nd.

Institutional Investors Weigh In On PNM Resources

A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its stake in shares of PNM Resources by 0.4% during the third quarter. Vanguard Group Inc. now owns 9,379,034 shares of the utilities provider’s stock valued at $418,399,000 after acquiring an additional 40,253 shares during the last quarter. SG Americas Securities LLC grew its holdings in shares of PNM Resources by 61.4% during the fourth quarter. SG Americas Securities LLC now owns 66,495 shares of the utilities provider’s stock valued at $2,766,000 after buying an additional 25,302 shares during the last quarter. Raymond James & Associates grew its holdings in shares of PNM Resources by 226.7% during the fourth quarter. Raymond James & Associates now owns 71,592 shares of the utilities provider’s stock valued at $2,978,000 after buying an additional 49,679 shares during the last quarter. Pacer Advisors Inc. raised its stake in shares of PNM Resources by 78.8% in the fourth quarter. Pacer Advisors Inc. now owns 12,901 shares of the utilities provider’s stock worth $537,000 after purchasing an additional 5,686 shares during the last quarter. Finally, International Assets Investment Management LLC boosted its holdings in shares of PNM Resources by 4,061.5% during the 4th quarter. International Assets Investment Management LLC now owns 1,082 shares of the utilities provider’s stock valued at $45,000 after acquiring an additional 1,056 shares during the last quarter. Hedge funds and other institutional investors own 91.68% of the company’s stock.

PNM Resources Price Performance

PNM Resources stock opened at $40.78 on Tuesday. PNM Resources has a one year low of $34.63 and a one year high of $45.43. The stock’s 50 day moving average is $37.67 and its 200 day moving average is $37.29. The firm has a market cap of $3.68 billion, a P/E ratio of 44.81 and a beta of 0.35. The company has a debt-to-equity ratio of 1.81, a current ratio of 0.37 and a quick ratio of 0.27.

PNM Resources (NYSE:PNM) last issued its earnings results on Tuesday, April 30th. The utilities provider reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.68 by ($0.27). PNM Resources had a return on equity of 9.91% and a net margin of 4.38%. The company had revenue of $436.90 million for the quarter, compared to the consensus estimate of $531.00 million. During the same period in the prior year, the company earned $0.55 earnings per share. The firm’s revenue was down 19.7% compared to the same quarter last year. As a group, research analysts expect that PNM Resources will post 2.7 EPS for the current year.

PNM Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 9th. Investors of record on Friday, July 26th will be paid a $0.3875 dividend. The ex-dividend date is Friday, July 26th. This represents a $1.55 dividend on an annualized basis and a yield of 3.80%. PNM Resources’s dividend payout ratio is presently 170.33%.

About PNM Resources

PNM Resources, Inc, through its subsidiaries, provides electricity and electric services 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 engages in the generation, transmission, and distribution of electricity.