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Research analysts at Jefferies Group raised their price target on shares of PNM Resources (NYSE:PNM) from $30.50 to $33.00 in a report released on Thursday. The firm currently has a “buy” rating on the stock. Jefferies Group’s price objective indicates a potential upside of 13.91% from the company’s current price.

The analysts wrote, “PNM’s proposed acquisition of an additional 54 MW of San Juan coal capacity should not materially alter the outcome of its BART regulatory proceeding. The revised ownership structure is an essential element in preserving the States regional haze agreement with the EPA. While additional coal ownership may be unpopular with some of the intervener parties, no one will want to jeopardize the Governor’s deal with the EPA.”

Shares of PNM Resources (NYSE:PNM) traded down 1.10% during mid-day trading on Thursday, hitting $28.65. The stock had a trading volume of 127,268 shares. PNM Resources has a 1-year low of $21.11 and a 1-year high of $29.94. The stock’s 50-day moving average is $28.4 and its 200-day moving average is $26.44. The company has a market cap of $2.282 billion and a price-to-earnings ratio of 934.52.

PNM Resources (NYSE:PNM) last posted its quarterly earnings results on Friday, May 2nd. The company reported $0.18 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.20 by $0.02. The company had revenue of $328.90 million for the quarter, compared to the consensus estimate of $331.00 million. During the same quarter in the prior year, the company posted $0.18 earnings per share. The company’s quarterly revenue was up 3.5% on a year-over-year basis. Analysts expect that PNM Resources will post $1.47 EPS for the current fiscal year.

Separately, analysts at RBC Capital initiated coverage on shares of PNM Resources in a research note on Friday, April 11th. They set an “outperform” rating and a $30.00 price target on the stock.

PNM Resources, Inc (NYSE:PNM) is an investor-owned holding company of energy and energy-related businesses.

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