PNM Resources (NYSE:PNM) announced its earnings results on Tuesday. The utilities provider reported $1.08 earnings per share for the quarter, topping the consensus estimate of $1.04 by $0.04, MarketWatch Earnings reports. PNM Resources had a net margin of 5.12% and a return on equity of 8.58%. During the same quarter in the prior year, the business earned $0.93 earnings per share. PNM Resources updated its FY 2018 guidance to $1.95-1.98 EPS and its FY18 guidance to $1.95-1.98 EPS.
Shares of NYSE:PNM opened at $38.91 on Tuesday. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.34 and a quick ratio of 0.27. The stock has a market capitalization of $3.04 billion, a P/E ratio of 20.06, a PEG ratio of 4.23 and a beta of 0.16. PNM Resources has a 52 week low of $33.75 and a 52 week high of $46.00.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 16th. Investors of record on Friday, November 2nd will be given a $0.265 dividend. The ex-dividend date of this dividend is Thursday, November 1st. This represents a $1.06 dividend on an annualized basis and a yield of 2.72%. PNM Resources’s payout ratio is currently 54.64%.
A number of large investors have recently made changes to their positions in PNM. BlackRock Inc. lifted its position in PNM Resources by 2.9% in the second quarter. BlackRock Inc. now owns 9,277,263 shares of the utilities provider’s stock valued at $360,886,000 after purchasing an additional 261,154 shares during the period. Millennium Management LLC lifted its position in PNM Resources by 25.2% in the second quarter. Millennium Management LLC now owns 1,067,063 shares of the utilities provider’s stock valued at $41,509,000 after purchasing an additional 214,977 shares during the period. Allianz Asset Management GmbH lifted its position in PNM Resources by 631.7% in the first quarter. Allianz Asset Management GmbH now owns 223,783 shares of the utilities provider’s stock valued at $8,560,000 after purchasing an additional 193,201 shares during the period. Assenagon Asset Management S.A. acquired a new stake in PNM Resources in the third quarter valued at about $5,976,000. Finally, BNP Paribas Arbitrage SA lifted its position in PNM Resources by 140.7% in the second quarter. BNP Paribas Arbitrage SA now owns 251,371 shares of the utilities provider’s stock valued at $9,778,000 after purchasing an additional 146,941 shares during the period. Hedge funds and other institutional investors own 90.90% of the company’s stock.
Several brokerages have recently weighed in on PNM. Zacks Investment Research upgraded shares of PNM Resources from a “hold” rating to a “strong-buy” rating and set a $45.00 target price for the company in a research note on Friday, October 19th. Bank of America decreased their target price on shares of PNM Resources from $38.00 to $36.00 and set an “underperform” rating for the company in a research note on Tuesday, October 16th. Finally, Barclays began coverage on shares of PNM Resources in a research note on Tuesday, July 10th. They set an “underweight” rating and a $37.00 target price for the company. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $38.25.
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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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