PNM Resources (NYSE:PNM) Now Covered by Analysts at StockNews.com

StockNews.com assumed coverage on shares of PNM Resources (NYSE:PNM) in a research report issued to clients and investors on Monday. The brokerage set a “sell” rating on the utilities provider’s stock.

A number of other equities research analysts also recently weighed in on PNM. Evercore ISI initiated coverage on shares of PNM Resources in a research report on Thursday, May 30th. They issued an “in-line” rating and a $38.00 price target for the company. Barclays boosted their price objective on shares of PNM Resources from $43.00 to $45.00 and gave the company an “overweight” rating in a research report on Monday, July 22nd. Finally, Wells Fargo & Company boosted their price objective on shares of PNM Resources from $41.00 to $46.00 and gave the company an “overweight” rating in a research report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, PNM Resources has a consensus rating of “Hold” and an average price target of $44.20.

PNM Resources Stock Down 1.0 %

NYSE PNM opened at $41.77 on Monday. The company has a current ratio of 0.37, a quick ratio of 0.27 and a debt-to-equity ratio of 1.81. PNM Resources has a 1-year low of $34.63 and a 1-year high of $45.10. The company has a 50 day moving average of $38.50 and a 200-day moving average of $37.63. The company has a market cap of $3.77 billion, a price-to-earnings ratio of 45.90 and a beta of 0.35.

PNM Resources (NYSE:PNM) last released its quarterly earnings results on Wednesday, July 31st. The utilities provider reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.55 by $0.05. PNM Resources had a net margin of 4.50% and a return on equity of 10.15%. The company had revenue of $488.10 million during the quarter, compared to the consensus estimate of $481.02 million. During the same period in the previous year, the business earned $0.55 earnings per share. The firm’s quarterly revenue was up 2.3% on a year-over-year basis. On average, equities research analysts expect that PNM Resources will post 2.72 earnings per share for the current fiscal year.

Institutional Trading of PNM Resources

A number of hedge funds and other institutional investors have recently modified their holdings of PNM. Zimmer Partners LP grew its stake in shares of PNM Resources by 1,332.6% during the first quarter. Zimmer Partners LP now owns 3,551,669 shares of the utilities provider’s stock worth $133,685,000 after buying an additional 3,303,752 shares during the last quarter. Reaves W H & Co. Inc. grew its stake in shares of PNM Resources by 6,084.6% during the first quarter. Reaves W H & Co. Inc. now owns 1,740,227 shares of the utilities provider’s stock worth $65,503,000 after buying an additional 1,712,089 shares during the last quarter. Acadian Asset Management LLC bought a new stake in shares of PNM Resources during the first quarter worth $35,136,000. Victory Capital Management Inc. grew its stake in shares of PNM Resources by 2,793.1% during the second quarter. Victory Capital Management Inc. now owns 717,280 shares of the utilities provider’s stock worth $26,511,000 after buying an additional 692,487 shares during the last quarter. Finally, Clean Energy Transition LLP bought a new stake in shares of PNM Resources during the first quarter worth $23,574,000. Institutional investors own 91.68% of the company’s stock.

About PNM Resources

PNM Resources, Inc, through its subsidiaries, provides electricity and electric services 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 engages in the generation, transmission, and distribution of electricity.