PNM Resources (NYSE:PNM) Share Price Passes Above Two Hundred Day Moving Average of $37.71

PNM Resources, Inc. (NYSE:PNM)’s stock price passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $37.71 and traded as high as $42.25. PNM Resources shares last traded at $41.77, with a volume of 512,300 shares.

Wall Street Analyst Weigh In

PNM has been the subject of several recent research reports. StockNews.com assumed coverage on shares of PNM Resources in a research report on Tuesday. They set a “sell” rating for the company. Barclays upped their price objective on PNM Resources from $43.00 to $45.00 and gave the stock an “overweight” rating in a research note on Monday, July 22nd. Evercore ISI started coverage on PNM Resources in a report on Thursday, May 30th. They set an “in-line” rating and a $38.00 price target for the company. Finally, Wells Fargo & Company raised their price objective on PNM Resources from $41.00 to $46.00 and gave the stock an “overweight” rating in a research note 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 presently has a consensus rating of “Hold” and a consensus target price of $44.20.

PNM Resources Price Performance

The company has a current ratio of 0.37, a quick ratio of 0.27 and a debt-to-equity ratio of 1.81. The stock has a 50 day simple moving average of $38.65 and a 200-day simple moving average of $37.71. The firm has a market cap of $3.77 billion, a PE ratio of 45.90 and a beta of 0.35.

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

PNM Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 9th. Investors of record on Friday, July 26th were paid a dividend of $0.3875 per share. The ex-dividend date of this dividend was Friday, July 26th. This represents a $1.55 annualized dividend and a yield of 3.71%. PNM Resources’s payout ratio is 170.33%.

Institutional Trading of PNM Resources

Several hedge funds have recently bought and sold shares of PNM. Vanguard Group Inc. increased its holdings in shares of PNM Resources by 1.8% in the first quarter. Vanguard Group Inc. now owns 9,498,325 shares of the utilities provider’s stock worth $357,517,000 after purchasing an additional 167,395 shares during the last quarter. Zimmer Partners LP increased its stake in PNM Resources by 1,332.6% in the 1st quarter. Zimmer Partners LP now owns 3,551,669 shares of the utilities provider’s stock worth $133,685,000 after acquiring an additional 3,303,752 shares during the last quarter. Reaves W H & Co. Inc. raised its holdings in shares of PNM Resources by 6,084.6% during the 1st quarter. Reaves W H & Co. Inc. now owns 1,740,227 shares of the utilities provider’s stock worth $65,503,000 after acquiring an additional 1,712,089 shares in the last quarter. First Trust Advisors LP boosted its position in shares of PNM Resources by 6.3% during the 4th quarter. First Trust Advisors LP now owns 1,587,169 shares of the utilities provider’s stock valued at $66,026,000 after acquiring an additional 94,267 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of PNM Resources by 3.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,544,429 shares of the utilities provider’s stock valued at $64,248,000 after purchasing an additional 47,260 shares in the last quarter. Hedge funds and other 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.