PNM Resources Inc. (PNM) Shares Gap Up Following Dividend Announcement
PNM Resources Inc. (NYSE:PNM)’s share price gapped up before the market opened on Tuesday after the company announced a dividend. The stock had previously closed at $32.73, but opened at $33.01. PNM Resources shares last traded at $33.65, with a volume of 368,337 shares changing hands.
The newly announced dividend which will be paid on Monday, November 14th. Stockholders of record on Monday, October 31st will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.63%. PNM Resources’s dividend payout ratio (DPR) is presently 1,100.00%.
PNM has been the topic of a number of recent analyst reports. Zacks Investment Research raised shares of PNM Resources from a “sell” rating to a “hold” rating in a research note on Thursday, September 15th. TheStreet cut shares of PNM Resources from a “buy” rating to a “hold” rating in a research note on Friday, August 26th. Jefferies Group reaffirmed a “hold” rating on shares of PNM Resources in a research note on Monday, July 18th. Finally, SunTrust Banks Inc. lowered their price target on shares of PNM Resources from $34.00 to $33.00 and set a “neutral” rating on the stock in a research note on Monday, September 12th. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. PNM Resources has a consensus rating of “Buy” and a consensus target price of $35.67.
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The firm has a market cap of $2.67 billion, a PE ratio of 368.13 and a beta of 0.24. The company’s 50 day moving average price is $32.64 and its 200 day moving average price is $33.14.
PNM Resources (NYSE:PNM) last released its earnings results on Monday, August 8th. The company reported $0.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.39 by $0.01. The firm had revenue of $315.39 million for the quarter, compared to analyst estimates of $379 million. PNM Resources had a return on equity of 7.00% and a net margin of 0.54%. PNM Resources’s revenue was down 10.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.44 earnings per share. Equities analysts anticipate that PNM Resources Inc. will post $1.59 earnings per share for the current year.
Institutional investors have recently modified their holdings of the company. Mesirow Financial Investment Management Equity Management boosted its position in shares of PNM Resources by 3,078.9% in the second quarter. Mesirow Financial Investment Management Equity Management now owns 984,440 shares of the company’s stock worth $34,889,000 after buying an additional 953,472 shares in the last quarter. NWQ Investment Management Company LLC bought a new position in shares of PNM Resources during the first quarter worth $28,637,000. Thompson Siegel & Walmsley LLC boosted its position in shares of PNM Resources by 88.1% in the second quarter. Thompson Siegel & Walmsley LLC now owns 756,343 shares of the company’s stock worth $26,805,000 after buying an additional 354,350 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of PNM Resources by 58.3% in the first quarter. Renaissance Technologies LLC now owns 848,800 shares of the company’s stock worth $28,622,000 after buying an additional 312,700 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in shares of PNM Resources by 11.8% in the first quarter. Goldman Sachs Group Inc. now owns 2,650,254 shares of the company’s stock worth $89,366,000 after buying an additional 278,752 shares in the last quarter. 93.15% of the stock is currently owned by hedge funds and other institutional investors.
About PNM Resources
PNM Resources, Inc (PNMR) is an investor-owned holding company with approximately two regulated utilities providing electricity and electric services in New Mexico and Texas. PNMR’s electric utilities are Public Service Company of New Mexico and Subsidiaries (PNM) and Texas-New Mexico Power Company and Subsidiaries (TNMP).
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