PNM Resources (PNM) Rating Increased to Neutral at Mizuho

PNM Resources (NYSE:PNM) was upgraded by investment analysts at Mizuho from an “underperform” rating to a “neutral” rating in a research note issued on Tuesday, January 23rd, Marketbeat reports. The firm currently has a $37.00 price objective on the utilities provider’s stock. Mizuho’s price target would suggest a potential upside of 6.94% from the company’s current price.

Several 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 report on Tuesday, January 2nd. SunTrust Banks reissued a “hold” rating and set a $39.00 price objective on shares of PNM Resources in a report on Tuesday, December 26th. Evercore ISI downgraded shares of PNM Resources from an “in-line” rating to an “underperform” rating and set a $37.50 target price on the stock. in a research report on Tuesday, September 26th. Finally, Bank of America initiated coverage on shares of PNM Resources in a research report on Tuesday, October 24th. They set an “underperform” rating and a $38.00 target price on the stock. Four equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. PNM Resources has a consensus rating of “Hold” and a consensus price target of $39.38.

Shares of PNM Resources (NYSE:PNM) traded down $0.35 during trading on Tuesday, reaching $34.60. 428,347 shares of the company’s stock traded hands, compared to its average volume of 881,156. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.53 and a quick ratio of 0.43. PNM Resources has a 12-month low of $33.75 and a 12-month high of $46.00. The company has a market cap of $2,803.81, a price-to-earnings ratio of 17.25, a PEG ratio of 3.51 and a beta of 0.26.

Several large investors have recently added to or reduced their stakes in the stock. New York State Common Retirement Fund grew 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 valued at $5,243,000 after buying an additional 395 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in PNM Resources by 41.1% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,807 shares of the utilities provider’s stock valued at $194,000 after purchasing an additional 1,399 shares during the last quarter. Bessemer Group Inc. lifted its holdings in PNM Resources by 15.7% during the 3rd quarter. Bessemer Group Inc. now owns 11,059 shares of the utilities provider’s stock valued at $446,000 after purchasing an additional 1,500 shares during the last quarter. Flinton Capital Management LLC lifted its holdings in PNM Resources by 71.4% during the 2nd quarter. Flinton Capital Management LLC now owns 4,416 shares of the utilities provider’s stock valued at $169,000 after purchasing an additional 1,840 shares during the last quarter. Finally, ING Groep NV lifted its holdings in PNM Resources by 23.2% during the 4th quarter. ING Groep NV now owns 12,019 shares of the utilities provider’s stock valued at $486,000 after purchasing an additional 2,264 shares during the last quarter. 92.35% of the stock is owned by institutional investors and hedge funds.

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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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