PNM Resources (NYSE:PNM)‘s stock had its “hold” rating reiterated by equities research analysts at SunTrust Banks in a report released on Monday. They currently have a $37.00 target price on the utilities provider’s stock. SunTrust Banks’ price target would suggest a potential downside of 2.73% from the stock’s previous close.
A number of other research firms have also weighed in on PNM. Zacks Investment Research lowered shares of PNM Resources from a “hold” rating to a “sell” rating in a research report on Tuesday, January 2nd. Mizuho reaffirmed a “sell” rating and issued a $30.50 price objective on shares of PNM Resources in a research report on Thursday, January 11th. UBS began coverage on shares of PNM Resources in a research report on Friday, February 2nd. They issued a “sell” rating and a $36.00 price objective on the stock. Royal Bank of Canada reaffirmed a “hold” rating and issued a $40.00 price objective on shares of PNM Resources in a research report on Thursday, February 1st. Finally, Wells Fargo set a $38.00 price objective on shares of PNM Resources and gave the stock a “hold” rating in a research report on Wednesday, February 28th. Four analysts have rated the stock with a sell rating, eight have given a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $38.91.
Shares of PNM traded down $0.21 during trading hours on Monday, reaching $38.04. 162,049 shares of the stock traded hands, compared to its average volume of 709,364. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.35 and a quick ratio of 0.27. PNM Resources has a 52 week low of $33.75 and a 52 week high of $46.00. The firm has a market capitalization of $3,046.75, a P/E ratio of 19.61, a PEG ratio of 3.82 and a beta of 0.26.
PNM Resources (NYSE:PNM) last released its quarterly earnings results on Tuesday, February 27th. The utilities provider reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.05. PNM Resources had a net margin of 5.55% and a return on equity of 8.71%. The company had revenue of $332.61 million for the quarter, compared to analyst estimates of $330.25 million. During the same period last year, the firm earned $0.34 earnings per share. equities research analysts expect that PNM Resources will post 1.87 earnings per share for the current year.
In other news, SVP Ronald N. Darnell sold 3,162 shares of PNM Resources stock in a transaction dated Monday, March 5th. The shares were sold at an average price of $35.95, for a total value of $113,673.90. Following the completion of the transaction, the senior vice president now owns 29,726 shares in the company, valued at $1,068,649.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Charles N. Eldred sold 1,500 shares of PNM Resources stock in a transaction dated Friday, March 2nd. The stock was sold at an average price of $35.55, for a total transaction of $53,325.00. Following the completion of the transaction, the chief financial officer now owns 115,888 shares of the company’s stock, valued at approximately $4,119,818.40. The disclosure for this sale can be found here. Insiders sold 7,616 shares of company stock valued at $272,457 in the last quarter. Corporate insiders own 1.26% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of PNM Resources by 41.1% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,807 shares of the utilities provider’s stock worth $194,000 after purchasing an additional 1,399 shares in the last quarter. ING Groep NV grew its stake in PNM Resources by 23.2% during the fourth quarter. ING Groep NV now owns 12,019 shares of the utilities provider’s stock valued at $486,000 after acquiring an additional 2,264 shares in the last quarter. Dorsey Wright & Associates grew its stake in PNM Resources by 4.1% during the fourth quarter. Dorsey Wright & Associates now owns 58,059 shares of the utilities provider’s stock valued at $2,348,000 after acquiring an additional 2,278 shares in the last quarter. Swiss National Bank grew its stake in PNM Resources by 2.0% during the fourth quarter. Swiss National Bank now owns 135,700 shares of the utilities provider’s stock valued at $5,489,000 after acquiring an additional 2,600 shares in the last quarter. Finally, Magellan Asset Management Ltd grew its stake in PNM Resources by 5.7% during the fourth quarter. Magellan Asset Management Ltd now owns 53,773 shares of the utilities provider’s stock valued at $2,175,000 after acquiring an additional 2,904 shares in the last quarter. Hedge funds and other institutional investors own 91.79% of the company’s stock.
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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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