PNM Resources (NYSE:PNM) has been assigned a $47.00 target price by equities researchers at Barclays in a research note issued to investors on Friday, TipRanks reports. The firm presently has a “sell” rating on the utilities provider’s stock. Barclays‘s target price would suggest a potential downside of 0.30% from the company’s previous close.
A number of other research firms also recently issued reports on PNM. Wells Fargo & Co reiterated a “hold” rating on shares of PNM Resources in a research report on Wednesday, May 8th. Mizuho upgraded shares of PNM Resources from a “neutral” rating to a “buy” rating and boosted their target price for the company from $43.50 to $49.50 in a research report on Friday, May 10th. Williams Capital reiterated a “sell” rating on shares of PNM Resources in a research report on Monday, March 18th. Bank of America upgraded shares of PNM Resources from an “underperform” rating to a “neutral” rating and set a $48.00 target price on the stock in a research report on Thursday, April 25th. Finally, Zacks Investment Research upgraded shares of PNM Resources from a “hold” rating to a “buy” rating and set a $49.00 target price on the stock in a research report on Saturday, March 2nd. Two analysts have rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $47.70.
Shares of PNM Resources stock traded down $0.66 during trading on Friday, reaching $47.14. 746,938 shares of the company traded hands, compared to its average volume of 403,856. The company has a quick ratio of 0.59, a current ratio of 0.69 and a debt-to-equity ratio of 1.66. PNM Resources has a 1-year low of $34.95 and a 1-year high of $48.35. The company has a market capitalization of $3.80 billion, a PE ratio of 23.57, a PEG ratio of 4.23 and a beta of 0.28.
PNM Resources (NYSE:PNM) last released its earnings results on Tuesday, May 7th. The utilities provider reported $0.13 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.11 by $0.02. PNM Resources had a net margin of 6.10% and a return on equity of 8.68%. The company had revenue of $349.65 million for the quarter, compared to the consensus estimate of $273.12 million. During the same quarter in the previous year, the company earned $0.21 EPS. PNM Resources’s quarterly revenue was up 10.0% compared to the same quarter last year. Sell-side analysts expect that PNM Resources will post 2.16 EPS for the current fiscal year.
In other PNM Resources news, VP Joseph Don Tarry sold 1,092 shares of the business’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $44.89, for a total transaction of $49,019.88. Following the completion of the sale, the vice president now owns 11,882 shares in the company, valued at approximately $533,382.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Charles N. Eldred sold 14,000 shares of the business’s stock in a transaction on Friday, March 8th. The shares were sold at an average price of $44.64, for a total transaction of $624,960.00. Following the sale, the chief financial officer now owns 108,289 shares of the company’s stock, valued at approximately $4,834,020.96. The disclosure for this sale can be found here. Insiders have sold a total of 24,953 shares of company stock valued at $1,110,564 in the last 90 days. 1.24% of the stock is currently owned by company insiders.
Hedge funds have recently made changes to their positions in the business. Rhumbline Advisers increased its stake in PNM Resources by 1.3% during the 1st quarter. Rhumbline Advisers now owns 263,528 shares of the utilities provider’s stock valued at $12,475,000 after purchasing an additional 3,376 shares in the last quarter. Hsbc Holdings PLC increased its stake in PNM Resources by 186.2% during the 4th quarter. Hsbc Holdings PLC now owns 90,744 shares of the utilities provider’s stock valued at $3,729,000 after purchasing an additional 59,042 shares in the last quarter. Deutsche Bank AG increased its stake in PNM Resources by 59.9% during the 4th quarter. Deutsche Bank AG now owns 318,993 shares of the utilities provider’s stock valued at $13,106,000 after purchasing an additional 119,512 shares in the last quarter. Jane Street Group LLC bought a new stake in shares of PNM Resources in the 3rd quarter worth $251,000. Finally, JPMorgan Chase & Co. grew its stake in shares of PNM Resources by 5.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 322,498 shares of the utilities provider’s stock worth $12,722,000 after acquiring an additional 15,453 shares in the last quarter. Institutional investors and hedge funds own 89.84% of the company’s stock.
About PNM Resources
PNM Resources, Inc, through its subsidiaries, engages in the energy and energy-related businesses 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 is primarily involved in the generation, transmission, and distribution of electricity.
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