Zacks Investment Research Lowers PNM Resources (PNM) to Sell

Zacks Investment Research downgraded shares of PNM Resources (NYSE:PNM) from a hold rating to a sell rating in a research note released on Tuesday, January 2nd.

According to Zacks, “PNM Resources, Inc. is an investor-owned energy holding company based in Albuquerque, New Mexico. It provides electricity and electric services in New Mexico and Texas through its two utilities, PNM and TNMP. PNM and TNMP have approximately 2,791 megawatts of generation capacity and serve electricity to more than 761,000 homes and businesses in New Mexico and Texas. PNM Resources has a solid reputation for shareholder value, customer satisfaction and service reliability. It is publicly traded on the New York Stock Exchange as PNM. In 2016, consolidated operating revenues totalled $1.4 billion. “

PNM has been the subject of a number of other research reports. SunTrust Banks reaffirmed a hold rating and issued a $38.00 target price on shares of PNM Resources in a research report on Friday, November 10th. Mizuho reiterated a sell rating and set a $35.00 price target on shares of PNM Resources in a research note on Monday, October 30th. ValuEngine upgraded shares of PNM Resources from a hold rating to a buy rating in a research note on Thursday, September 7th. Williams Capital cut shares of PNM Resources from a hold rating to a sell rating and set a $38.00 target price on the stock. in a research note on Monday, September 18th. Finally, Bank of America initiated coverage on shares of PNM Resources in a research note on Tuesday, October 24th. They set an underperform rating and a $38.00 target price on the stock. Five research analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus price target of $39.37.

Shares of PNM Resources (NYSE:PNM) opened at $37.75 on Tuesday. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.43 and a current ratio of 0.53. PNM Resources has a 1-year low of $33.35 and a 1-year high of $46.00. The firm has a market cap of $3,010.00, a PE ratio of 19.07, a PEG ratio of 4.11 and a beta of 0.36.

PNM Resources (NYSE:PNM) last announced its earnings results on Friday, October 27th. The utilities provider reported $0.93 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.85 by $0.08. PNM Resources had a net margin of 11.27% and a return on equity of 9.18%. The business had revenue of $419.90 million during the quarter, compared to the consensus estimate of $422.71 million. During the same quarter last year, the firm earned $0.78 earnings per share. research analysts predict that PNM Resources will post 1.86 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, February 1st. Stockholders of record on Thursday, January 18th will be given a $0.265 dividend. This represents a $1.06 annualized dividend and a dividend yield of 2.81%. The ex-dividend date is Wednesday, January 17th. This is a boost from PNM Resources’s previous quarterly dividend of $0.24. PNM Resources’s dividend payout ratio is presently 48.99%.

Several institutional investors and hedge funds have recently made changes to their positions in the company. New York State Common Retirement Fund increased its stake in shares of PNM Resources by 0.3% in the second quarter. New York State Common Retirement Fund now owns 137,079 shares of the utilities provider’s stock worth $5,243,000 after acquiring an additional 395 shares during the period. Comerica Bank increased its stake in shares of PNM Resources by 0.7% in the second quarter. Comerica Bank now owns 62,790 shares of the utilities provider’s stock worth $2,439,000 after acquiring an additional 454 shares during the period. Mutual of America Capital Management LLC increased its stake in shares of PNM Resources by 0.3% in the second quarter. Mutual of America Capital Management LLC now owns 178,577 shares of the utilities provider’s stock worth $6,831,000 after acquiring an additional 458 shares during the period. Thrivent Financial For Lutherans increased its stake in shares of PNM Resources by 0.3% in the second quarter. Thrivent Financial For Lutherans now owns 413,315 shares of the utilities provider’s stock worth $15,809,000 after acquiring an additional 1,120 shares during the period. Finally, Bessemer Group Inc. increased its stake in shares of PNM Resources by 15.7% in the third quarter. Bessemer Group Inc. now owns 11,059 shares of the utilities provider’s stock worth $446,000 after acquiring an additional 1,500 shares during the period. 92.21% of the stock is owned by hedge funds and other institutional investors.

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PNM Resources Company Profile

PNM Resources, Inc (PNMR) is an investor-owned holding company with approximately two regulated utilities providing electricity and electric services in New Mexico and Texas. PNMR’s electric utilities are Public Service Company of New Mexico (PNM) and Texas-New Mexico Power Company (TNMP). It operates in three segments: PNM, TNMP, and Corporate and Other.

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