PNM Resources, Inc. (NYSE:PNM) Receives Consensus Rating of “Hold” from Brokerages

Shares of PNM Resources, Inc. (NYSE:PNM) have earned a consensus rating of “Hold” from the five brokerages that are covering the company, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $44.20.

PNM has been the subject of a number of analyst reports. Evercore ISI began coverage on PNM Resources in a report on Thursday, May 30th. They issued an “in-line” rating and a $38.00 price target for the company. Barclays lifted their price objective on PNM Resources from $43.00 to $45.00 and gave the company an “overweight” rating in a research note on Monday, July 22nd. Wells Fargo & Company lifted their price objective on PNM Resources from $41.00 to $46.00 and gave the company an “overweight” rating in a research note on Thursday, August 1st. Finally, StockNews.com began coverage on PNM Resources in a research note on Sunday. They set a “sell” rating for the company.

PNM Resources Price Performance

PNM Resources has a twelve month low of $34.63 and a twelve month high of $45.10. The stock has a 50 day moving average of $38.50 and a two-hundred day moving average of $37.63. The company has a quick ratio of 0.27, a current ratio of 0.37 and a debt-to-equity ratio of 1.81. The company has a market capitalization of $3.77 billion, a price-to-earnings ratio of 45.90 and a beta of 0.35.

PNM Resources (NYSE:PNM) last posted its quarterly earnings results on Wednesday, July 31st. The utilities provider reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.55 by $0.05. PNM Resources had a return on equity of 10.15% and a net margin of 4.50%. The firm had revenue of $488.10 million during the quarter, compared to analyst estimates of $481.02 million. During the same period last year, the company earned $0.55 earnings per share. The business’s revenue for the quarter was up 2.3% on a year-over-year basis. Sell-side analysts expect that PNM Resources will post 2.72 earnings per share for the current fiscal year.

PNM Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 9th. Shareholders of record on Friday, July 26th were given a dividend of $0.3875 per share. The ex-dividend date was Friday, July 26th. This represents a $1.55 dividend on an annualized basis and a yield of ∞. PNM Resources’s payout ratio is 170.33%.

Institutional Investors Weigh In On PNM Resources

A number of large investors have recently added to or reduced their stakes in the company. Sagefield Capital LP raised its position in PNM Resources by 55.0% during the second quarter. Sagefield Capital LP now owns 115,671 shares of the utilities provider’s stock valued at $4,275,000 after purchasing an additional 41,021 shares in the last quarter. Bank of Montreal Can raised its position in PNM Resources by 957.3% during the second quarter. Bank of Montreal Can now owns 213,331 shares of the utilities provider’s stock valued at $7,930,000 after purchasing an additional 193,154 shares in the last quarter. Thrivent Financial for Lutherans raised its position in PNM Resources by 127.9% during the second quarter. Thrivent Financial for Lutherans now owns 238,735 shares of the utilities provider’s stock valued at $8,823,000 after purchasing an additional 133,966 shares in the last quarter. Sei Investments Co. raised its position in PNM Resources by 15.0% during the second quarter. Sei Investments Co. now owns 100,494 shares of the utilities provider’s stock valued at $3,714,000 after purchasing an additional 13,081 shares in the last quarter. Finally, Intech Investment Management LLC purchased a new stake in PNM Resources during the second quarter valued at about $769,000. Hedge funds and other institutional investors own 91.68% of the company’s stock.

PNM Resources Company Profile

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.