SunTrust Banks Raises PNM Resources (NYSE:PNM) Price Target to $50.00

PNM Resources (NYSE:PNM) had its target price lifted by SunTrust Banks from $49.00 to $50.00 in a research note released on Monday, BenzingaRatingsTable reports. They currently have a hold rating on the utilities provider’s stock.

Several other analysts also recently issued reports on PNM. Zacks Investment Research downgraded PNM Resources from a hold rating to a sell rating in a report on Wednesday, July 31st. Wells Fargo & Co set a $52.00 price objective on PNM Resources and gave the stock a hold rating in a report on Monday, July 15th. TheStreet upgraded PNM Resources from a c+ rating to a b- rating in a report on Thursday, August 29th. Barclays restated a sell rating and set a $49.00 price objective on shares of PNM Resources in a report on Wednesday, June 19th. Finally, Mizuho boosted their price objective on PNM Resources from $52.50 to $54.00 and gave the stock a buy rating in a report on Monday, July 15th. Three research analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the stock. The company currently has an average rating of Hold and an average price target of $51.86.

PNM Resources stock traded up $0.44 during midday trading on Monday, hitting $52.12. The company’s stock had a trading volume of 302,694 shares, compared to its average volume of 376,783. The stock’s 50-day moving average price is $50.86 and its 200-day moving average price is $48.99. The company has a quick ratio of 0.34, a current ratio of 0.45 and a debt-to-equity ratio of 1.67. The company has a market capitalization of $4.19 billion, a PE ratio of 26.06, a price-to-earnings-growth ratio of 4.60 and a beta of 0.21. PNM Resources has a 12 month low of $37.67 and a 12 month high of $52.95.

PNM Resources (NYSE:PNM) last posted its quarterly earnings data on Friday, August 2nd. The utilities provider reported $0.37 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.37. The firm had revenue of $330.23 million for the quarter. PNM Resources had a positive return on equity of 8.08% and a negative net margin of 1.69%. As a group, equities analysts anticipate that PNM Resources will post 2.08 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Friday, November 1st will be issued a $0.29 dividend. The ex-dividend date is Thursday, October 31st. This represents a $1.16 dividend on an annualized basis and a dividend yield of 2.23%. PNM Resources’s dividend payout ratio is 58.00%.

Several institutional investors and hedge funds have recently modified their holdings of the company. Municipal Employees Retirement System of Michigan increased its holdings in shares of PNM Resources by 1.4% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 14,730 shares of the utilities provider’s stock valued at $750,000 after purchasing an additional 210 shares during the period. GWM Advisors LLC increased its holdings in shares of PNM Resources by 0.5% in the 2nd quarter. GWM Advisors LLC now owns 41,917 shares of the utilities provider’s stock valued at $2,134,000 after purchasing an additional 228 shares during the period. AMP Capital Investors Ltd increased its holdings in shares of PNM Resources by 1.2% in the 2nd quarter. AMP Capital Investors Ltd now owns 33,157 shares of the utilities provider’s stock valued at $1,686,000 after purchasing an additional 380 shares during the period. Oregon Public Employees Retirement Fund increased its holdings in shares of PNM Resources by 1.4% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 32,030 shares of the utilities provider’s stock valued at $1,631,000 after purchasing an additional 455 shares during the period. Finally, Meeder Asset Management Inc. increased its holdings in shares of PNM Resources by 18.7% in the 2nd quarter. Meeder Asset Management Inc. now owns 3,076 shares of the utilities provider’s stock valued at $157,000 after purchasing an additional 485 shares during the period. Institutional investors own 90.37% of the company’s stock.

About PNM Resources

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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