PNM Resources (NYSE:PNM) Rating Increased to Hold at StockNews.com

PNM Resources (NYSE:PNM) was upgraded by StockNews.com from a “sell” rating to a “hold” rating in a report issued on Tuesday.

Several other equities research analysts also recently commented on PNM. Evercore ISI initiated coverage on PNM Resources in a report on Thursday, May 30th. They issued an “in-line” rating and a $38.00 price objective for the company. Barclays lifted their price objective on shares of PNM Resources from $40.00 to $43.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $43.40.

PNM Resources Stock Down 1.2 %

Shares of PNM traded down $0.43 during mid-day trading on Tuesday, hitting $36.34. 526,228 shares of the company’s stock were exchanged, compared to its average volume of 1,149,244. The company has a debt-to-equity ratio of 1.81, a current ratio of 0.37 and a quick ratio of 0.27. PNM Resources has a 52 week low of $34.63 and a 52 week high of $45.94. The company has a market cap of $3.28 billion, a PE ratio of 39.93 and a beta of 0.38. The company has a 50-day simple moving average of $37.31 and a 200 day simple moving average of $37.79.

PNM Resources (NYSE:PNM) last posted its quarterly earnings data on Tuesday, April 30th. The utilities provider reported $0.41 EPS for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.27). PNM Resources had a return on equity of 9.91% and a net margin of 4.38%. The business had revenue of $436.90 million for the quarter, compared to analyst estimates of $531.00 million. During the same quarter in the prior year, the company earned $0.55 earnings per share. The company’s quarterly revenue was down 19.7% on a year-over-year basis. On average, research analysts forecast that PNM Resources will post 2.7 earnings per share for the current fiscal year.

Hedge Funds Weigh In On PNM Resources

Several hedge funds have recently bought and sold shares of PNM. LRI Investments LLC bought a new position in shares of PNM Resources in the first quarter worth about $30,000. GAMMA Investing LLC boosted its position in PNM Resources by 106.4% in the first quarter. GAMMA Investing LLC now owns 834 shares of the utilities provider’s stock valued at $31,000 after buying an additional 430 shares in the last quarter. Fortis Group Advisors LLC grew its stake in shares of PNM Resources by 100.0% during the fourth quarter. Fortis Group Advisors LLC now owns 800 shares of the utilities provider’s stock worth $33,000 after buying an additional 400 shares during the last quarter. Fifth Third Bancorp increased its holdings in shares of PNM Resources by 152.3% during the first quarter. Fifth Third Bancorp now owns 1,062 shares of the utilities provider’s stock worth $40,000 after buying an additional 641 shares in the last quarter. Finally, International Assets Investment Management LLC lifted its stake in shares of PNM Resources by 4,061.5% in the 4th quarter. International Assets Investment Management LLC now owns 1,082 shares of the utilities provider’s stock valued at $45,000 after acquiring an additional 1,056 shares during the last quarter. 91.68% of the stock is owned by institutional investors.

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.