PNM Resources (PNM) Coverage Initiated by Analysts at UBS Group

UBS Group began coverage on shares of PNM Resources (NYSE:PNM) in a report released on Friday, www.benzinga.com reports. The firm set a “sell” rating and a $36.00 price target on the utilities provider’s stock. UBS Group’s target price points to a potential downside of 1.37% from the stock’s current price.

PNM has been the subject of several other research reports. Royal Bank of Canada restated a “hold” rating and set a $40.00 target price on shares of PNM Resources in a research note on Thursday. Mizuho restated a “sell” rating and set a $30.50 target price on shares of PNM Resources in a research note on Thursday, January 11th. SunTrust Banks set a $36.00 target price on PNM Resources and gave the stock a “hold” rating in a research note on Tuesday, January 16th. Bank of America assumed coverage on PNM Resources in a research note on Tuesday, October 24th. They set an “underperform” rating and a $38.00 target price for the company. Finally, Zacks Investment Research cut PNM Resources from a “hold” rating to a “sell” rating in a research note on Saturday, October 21st. Five equities research analysts have rated the stock with a sell rating, nine have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. PNM Resources currently has a consensus rating of “Hold” and an average target price of $39.53.

Shares of PNM Resources (PNM) traded down $0.35 on Friday, hitting $36.50. The stock had a trading volume of 562,774 shares, compared to its average volume of 854,520. The company has a quick ratio of 0.43, a current ratio of 0.53 and a debt-to-equity ratio of 1.25. The stock has a market cap of $2,935.24, a PE ratio of 18.34, a PEG ratio of 3.68 and a beta of 0.26. PNM Resources has a fifty-two week low of $34.30 and a fifty-two week high of $46.00.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. New York State Common Retirement Fund increased its position in PNM Resources by 0.3% during the second quarter. New York State Common Retirement Fund now owns 137,079 shares of the utilities provider’s stock worth $5,243,000 after buying an additional 395 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of PNM Resources by 41.1% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,807 shares of the utilities provider’s stock valued at $194,000 after purchasing an additional 1,399 shares during the period. Bessemer Group Inc. increased its holdings in shares of PNM Resources by 15.7% in the third quarter. Bessemer Group Inc. now owns 11,059 shares of the utilities provider’s stock valued at $446,000 after purchasing an additional 1,500 shares during the period. Flinton Capital Management LLC increased its holdings in shares of PNM Resources by 71.4% in the second quarter. Flinton Capital Management LLC now owns 4,416 shares of the utilities provider’s stock valued at $169,000 after purchasing an additional 1,840 shares during the period. Finally, SG Americas Securities LLC increased its holdings in shares of PNM Resources by 9.6% in the third quarter. SG Americas Securities LLC now owns 27,187 shares of the utilities provider’s stock valued at $1,096,000 after purchasing an additional 2,382 shares during the period. 92.54% of the stock is currently owned by institutional investors.

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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 (PNM) and Texas-New Mexico Power Company (TNMP). It operates in three segments: PNM, TNMP, and Corporate and Other.

Analyst Recommendations for PNM Resources (NYSE:PNM)

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