PNM Resources Inc. (NYSE:PNM) had its price target cut by Argus from $40.00 to $38.00 in a research note issued on Thursday. The brokerage presently has a “buy” rating on the stock. Argus’ price target would indicate a potential upside of 11.08% from the company’s previous close.

Several other brokerages have also issued reports on PNM. Jefferies Group reaffirmed a “hold” rating on shares of PNM Resources in a research report on Monday, July 18th. Zacks Investment Research lowered PNM Resources from a “hold” rating to a “sell” rating in a research report on Saturday, June 18th. TheStreet lowered PNM Resources from a “buy” rating to a “hold” rating in a research report on Friday, August 26th. Finally, SunTrust Banks Inc. reduced their target price on PNM Resources from $35.00 to $34.00 and set a “neutral” rating on the stock in a research report on Monday, August 29th. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $35.67.

Analyst Recommendations for PNM Resources (NYSE:PNM)

PNM Resources (NYSE:PNM) opened at 34.21 on Thursday. The stock has a market capitalization of $2.72 billion, a PE ratio of 375.93 and a beta of 0.24. The firm has a 50-day moving average price of $32.65 and a 200 day moving average price of $33.15. PNM Resources has a 12 month low of $26.12 and a 12 month high of $36.15.

This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at http://www.americanbankingnews.com/2016/09/22/pnm-resources-inc-pnm-price-target-lowered-to-38-00-at-argus-2.html

PNM Resources (NYSE:PNM) last released its quarterly earnings results on Monday, August 8th. The company reported $0.40 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.39 by $0.01. The firm earned $315.39 million during 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%. The business’s revenue for the quarter was down 10.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.44 EPS. Equities analysts anticipate that PNM Resources will post $1.59 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, November 14th. Shareholders of record on Monday, October 31st will be issued a dividend of $0.22 per share. The ex-dividend date of this dividend is Thursday, October 27th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.57%. PNM Resources’s payout ratio is currently 1,100.00%.

Large investors have recently bought and sold shares of the stock. State Street Corp boosted its stake in PNM Resources by 1.8% in the first quarter. State Street Corp now owns 2,726,625 shares of the company’s stock valued at $91,943,000 after buying an additional 49,025 shares during the period. NWQ Investment Management Company LLC purchased a new position in PNM Resources during the first quarter valued at approximately $28,637,000. Mesirow Financial Investment Management US Value Equity raised its position in PNM Resources by 34.5% in the first quarter. Mesirow Financial Investment Management US Value Equity now owns 30,968 shares of the company’s stock valued at $1,044,000 after buying an additional 7,947 shares in the last quarter. JPMorgan Chase & Co. raised its position in PNM Resources by 0.8% in the first quarter. JPMorgan Chase & Co. now owns 435,267 shares of the company’s stock valued at $14,678,000 after buying an additional 3,546 shares in the last quarter. Finally, Columbia Partners L L C Investment Management purchased a new position in PNM Resources during the first quarter valued at approximately $1,931,000. 92.60% of the stock is owned by hedge funds and other institutional investors.

PNM Resources Company Profile

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).

5 Day Chart for NYSE:PNM

Receive News & Ratings for PNM Resources Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PNM Resources Inc. and related companies with MarketBeat.com's FREE daily email newsletter.