StockNews.com Initiates Coverage on PNM Resources (NYSE:PNM)

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

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

PNM Resources Stock Down 1.0 %

PNM Resources stock opened at $41.77 on Tuesday. PNM Resources has a 1-year low of $34.63 and a 1-year high of $45.10. The firm’s fifty day simple moving average is $38.65 and its 200-day simple moving average is $37.71. 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 company has a market capitalization of $3.77 billion, a P/E 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 (EPS) for the quarter, beating analysts’ consensus estimates of $0.55 by $0.05. The company had revenue of $488.10 million during the quarter, compared to analysts’ expectations of $481.02 million. PNM Resources had a net margin of 4.50% and a return on equity of 10.15%. The business’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.55 earnings per share. Sell-side analysts forecast that PNM Resources will post 2.72 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. LRI Investments LLC bought a new stake in shares of PNM Resources in the 1st quarter worth about $30,000. GAMMA Investing LLC increased its holdings in shares of PNM Resources by 106.4% during the first quarter. GAMMA Investing LLC now owns 834 shares of the utilities provider’s stock worth $31,000 after buying an additional 430 shares in the last quarter. Fortis Group Advisors LLC raised its stake in shares of PNM Resources by 100.0% in the fourth quarter. Fortis Group Advisors LLC now owns 800 shares of the utilities provider’s stock valued at $33,000 after acquiring an additional 400 shares during the last quarter. Fifth Third Bancorp boosted its holdings in shares of PNM Resources by 152.3% in the 1st quarter. Fifth Third Bancorp now owns 1,062 shares of the utilities provider’s stock worth $40,000 after acquiring an additional 641 shares in the last quarter. Finally, Covestor Ltd grew its position in PNM Resources by 712.1% during the 1st quarter. Covestor Ltd now owns 1,876 shares of the utilities provider’s stock worth $71,000 after acquiring an additional 1,645 shares during the last quarter. 91.68% of the stock is currently owned by institutional investors and hedge funds.

PNM Resources Company Profile

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.