PNM Resources Inc (PNM) to Issue $0.27 Quarterly Dividend

PNM Resources Inc (NYSE:PNM) declared a quarterly dividend on Friday, February 23rd, RTT News reports. Investors of record on Wednesday, May 2nd will be paid a dividend of 0.265 per share by the utilities provider on Wednesday, May 16th. This represents a $1.06 dividend on an annualized basis and a yield of 2.90%.

PNM Resources has increased its dividend by an average of 9.4% annually over the last three years and has raised its dividend every year for the last 6 years. PNM Resources has a dividend payout ratio of 57.0% meaning its dividend is sufficiently covered by earnings. Research analysts expect PNM Resources to earn $1.87 per share next year, which means the company should continue to be able to cover its $1.06 annual dividend with an expected future payout ratio of 56.7%.

Shares of PNM Resources (PNM) traded up $1.05 during midday trading on Friday, reaching $36.50. 464,863 shares of the company were exchanged, compared to its average volume of 830,069. The company has a market cap of $2,823.72, a price-to-earnings ratio of 17.81, a PEG ratio of 3.29 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 current ratio of 0.53, a quick ratio of 0.43 and a debt-to-equity ratio of 1.25.

A number of research analysts recently issued reports on the stock. SunTrust Banks reiterated a “hold” rating and issued a $38.00 price objective on shares of PNM Resources in a report on Friday, November 10th. Zacks Investment Research upgraded shares of PNM Resources from a “hold” rating to a “buy” rating and set a $48.00 price objective for the company in a report on Wednesday, November 1st. Mizuho reiterated a “sell” rating and issued a $35.00 price objective on shares of PNM Resources in a report on Monday, October 30th. 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. Finally, Royal Bank of Canada reiterated a “hold” rating and issued a $40.00 price objective on shares of PNM Resources in a report on Thursday, February 1st. Four research analysts have rated the stock with a sell rating, ten have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $39.38.

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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.

Dividend History for PNM Resources (NYSE:PNM)

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