PNM Resources (PNM) Upgraded at Zacks Investment Research

PNM Resources (NYSE:PNM) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Tuesday.

According to Zacks, “PNM Resources, Inc. is an electric utility that provides electric generation, transmission and distribution service to its rate-regulated customers. In New Mexico, the utility’s retail electric service territory covers a large area of north central New Mexico, including the cities of Albuquerque, Rio Rancho, and Santa Fe, and certain areas of southern New Mexico. Service to retail electric customers is subject to the jurisdiction of the NMPRC. PNM has decided to stop pursuing wholesale generation contracts although some sales continue to be made to wholesale customers. Service to wholesale customers is regulated by FERC. Regulation encompasses the utility’s electric rates, service, accounting, issuances of securities, construction of major new generation, types of generation resources, transmission and distribution facilities, and other matters. “

Several other equities research analysts also recently weighed in on PNM. SunTrust Banks set a $35.00 price objective on shares of PNM Resources and gave the stock a “hold” rating in a report on Monday, February 5th. UBS Group assumed coverage on shares of PNM Resources in a report on Friday, February 2nd. They issued a “sell” rating and a $36.00 price objective for the company. Royal Bank of Canada reissued a “hold” rating and issued a $40.00 price target on shares of PNM Resources in a report on Thursday, February 1st. Mizuho reissued a “sell” rating and issued a $30.50 price target on shares of PNM Resources in a report on Thursday, January 11th. Finally, Bank of America assumed coverage on shares of PNM Resources in a report on Tuesday, October 24th. They issued an “underperform” rating and a $38.00 price target for the company. Four analysts have rated the stock with a sell rating, ten have assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $39.38.

Shares of PNM Resources (NYSE PNM) opened at $35.20 on Tuesday. The firm has a market cap of $2,787.88, a PE ratio of 17.69, a P/E/G ratio of 3.49 and a beta of 0.26. PNM Resources has a 1-year low of $33.75 and a 1-year high of $46.00. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.53 and a quick ratio of 0.43.

A number of hedge funds and other institutional investors have recently modified their holdings of PNM. APG Asset Management N.V. lifted its holdings in PNM Resources by 175.2% in the 4th quarter. APG Asset Management N.V. now owns 1,182,300 shares of the utilities provider’s stock valued at $39,827,000 after acquiring an additional 752,700 shares during the last quarter. BlackRock Inc. raised its holdings in PNM Resources by 6.1% during the 4th quarter. BlackRock Inc. now owns 8,926,954 shares of the utilities provider’s stock worth $361,095,000 after buying an additional 515,725 shares during the period. Lord Abbett & CO. LLC acquired a new stake in PNM Resources during the 2nd quarter worth about $11,867,000. Dean Investment Associates LLC acquired a new stake in PNM Resources during the 4th quarter worth about $6,275,000. Finally, State Street Corp raised its holdings in PNM Resources by 3.6% during the 2nd quarter. State Street Corp now owns 2,816,088 shares of the utilities provider’s stock worth $107,715,000 after buying an additional 98,535 shares during the period. 92.35% of the stock is owned by 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.

Analyst Recommendations for PNM Resources (NYSE:PNM)

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