PNM Resources (NYSE:PNM) Rating Increased to Neutral at UBS Group

PNM Resources (NYSE:PNM) was upgraded by equities researchers at UBS Group from a “sell” rating to a “neutral” rating in a report released on Wednesday, The Fly reports.

Several other analysts have also recently commented on the stock. Zacks Investment Research upgraded shares of PNM Resources from a “hold” rating to a “buy” rating and set a $49.00 price target on the stock in a research note on Saturday, March 2nd. Mizuho upgraded shares of PNM Resources from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $43.50 to $49.50 in a research note on Friday, May 10th. Wells Fargo & Co reiterated a “hold” rating on shares of PNM Resources in a research note on Monday. Bank of America upgraded shares of PNM Resources from an “underperform” rating to a “neutral” rating and set a $48.00 price target on the stock in a research note on Thursday, April 25th. Finally, Barclays set a $47.00 price target on shares of PNM Resources and gave the stock a “sell” rating in a research note on Friday, May 17th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company. PNM Resources has an average rating of “Hold” and a consensus target price of $47.70.

PNM opened at $49.15 on Wednesday. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.59 and a current ratio of 0.69. PNM Resources has a fifty-two week low of $34.95 and a fifty-two week high of $50.60. The firm has a market cap of $3.97 billion, a P/E ratio of 24.58, a PEG ratio of 4.41 and a beta of 0.24.

PNM Resources (NYSE:PNM) last released its earnings results on Tuesday, May 7th. The utilities provider reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $273.12 million. During the same quarter in the previous year, the company earned $0.21 EPS. PNM Resources’s revenue for the quarter was up 10.0% on a year-over-year basis. As a group, equities analysts expect that PNM Resources will post 2.16 earnings per share for the current year.

Hedge funds have recently made changes to their positions in the business. Osborn Williams & Donohoe LLC purchased a new stake in PNM Resources in the 1st quarter worth $69,000. IFP Advisors Inc raised its position in shares of PNM Resources by 32.9% during the 4th quarter. IFP Advisors Inc now owns 1,720 shares of the utilities provider’s stock valued at $70,000 after buying an additional 426 shares in the last quarter. Quadrant Capital Group LLC raised its position in shares of PNM Resources by 1,004.6% during the 1st quarter. Quadrant Capital Group LLC now owns 2,176 shares of the utilities provider’s stock valued at $100,000 after buying an additional 1,979 shares in the last quarter. Meeder Asset Management Inc. purchased a new stake in shares of PNM Resources during the 1st quarter valued at about $123,000. Finally, C M Bidwell & Associates Ltd. purchased a new stake in shares of PNM Resources during the 1st quarter valued at about $133,000. Institutional investors and hedge funds own 90.26% 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.

Further Reading: Cost of Equity For A Business, Investors

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Analyst Recommendations for PNM Resources (NYSE:PNM)

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