PNM Resources Inc Declares Quarterly Dividend of $0.31 (NYSE:PNM)

PNM Resources Inc (NYSE:PNM) announced a quarterly dividend on Tuesday, July 28th, Zacks reports. Stockholders of record on Friday, August 7th will be paid a dividend of 0.308 per share by the utilities provider on Friday, August 14th. This represents a $1.23 annualized dividend and a dividend yield of 2.99%. The ex-dividend date is Thursday, August 6th.

PNM Resources has raised its dividend payment by an average of 31.8% per year over the last three years and has increased its dividend annually for the last 8 consecutive years. PNM Resources has a payout ratio of 56.7% meaning its dividend is sufficiently covered by earnings. Analysts expect PNM Resources to earn $2.27 per share next year, which means the company should continue to be able to cover its $1.23 annual dividend with an expected future payout ratio of 54.2%.

Shares of NYSE PNM traded down $0.66 during midday trading on Thursday, reaching $41.18. 3,901 shares of the company’s stock were exchanged, compared to its average volume of 376,124. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.19 and a current ratio of 0.26. PNM Resources has a 52-week low of $27.08 and a 52-week high of $56.14. The business’s fifty day moving average price is $39.32 and its two-hundred day moving average price is $43.56. The stock has a market capitalization of $3.34 billion, a PE ratio of 19.79, a price-to-earnings-growth ratio of 3.08 and a beta of 0.56.

A number of research analysts have commented on PNM shares. Royal Bank of Canada reiterated a “hold” rating and set a $46.00 price objective on shares of PNM Resources in a research note on Thursday, April 30th. Mizuho increased their price target on PNM Resources from $43.00 to $45.00 and gave the stock a “buy” rating in a research report on Wednesday, June 3rd. UBS Group upped their price objective on PNM Resources from $45.00 to $49.00 and gave the stock a “buy” rating in a research note on Friday, June 5th. Zacks Investment Research cut PNM Resources from a “buy” rating to a “hold” rating and set a $41.00 target price on the stock. in a research note on Tuesday, May 26th. Finally, Wells Fargo & Co reissued a “hold” rating on shares of PNM Resources in a report on Friday, May 1st. Six investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $45.89.

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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Dividend History for PNM Resources (NYSE:PNM)

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