PNM Resources (NYSE:PNM) Raised to “Hold” at StockNews.com

StockNews.com upgraded shares of PNM Resources (NYSE:PNM) from a sell rating to a hold rating in a research note released on Tuesday.

Several other research firms also recently commented on PNM. Evercore ISI initiated coverage on PNM Resources in a research note on Thursday, May 30th. They issued an in-line rating and a $38.00 price objective on the stock. Barclays upped their price target on PNM Resources from $40.00 to $43.00 and gave the company an overweight rating in a research report on Monday, April 15th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, PNM Resources has an average rating of Hold and an average price target of $43.40.

PNM Resources Stock Up 1.0 %

Shares of NYSE:PNM opened at $36.93 on Tuesday. PNM Resources has a 1 year low of $34.63 and a 1 year high of $45.94. The company has a market capitalization of $3.33 billion, a PE ratio of 40.58 and a beta of 0.38. The business has a fifty day moving average price of $37.34 and a two-hundred day moving average price of $37.77. The company has a debt-to-equity ratio of 1.81, a current ratio of 0.37 and a quick ratio of 0.27.

PNM Resources (NYSE:PNM) last posted its quarterly earnings results on Tuesday, April 30th. The utilities provider reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.68 by ($0.27). The company had revenue of $436.90 million for the quarter, compared to the consensus estimate of $531.00 million. PNM Resources had a net margin of 4.38% and a return on equity of 9.91%. PNM Resources’s quarterly revenue was down 19.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.55 EPS. Analysts forecast that PNM Resources will post 2.7 earnings per share for the current year.

Hedge Funds Weigh In On PNM Resources

Large investors have recently made changes to their positions in the stock. Inspire Investing LLC increased its holdings in PNM Resources by 3.1% during the 1st quarter. Inspire Investing LLC now owns 9,530 shares of the utilities provider’s stock worth $359,000 after acquiring an additional 290 shares during the period. New York State Teachers Retirement System raised its position in shares of PNM Resources by 0.3% in the first quarter. New York State Teachers Retirement System now owns 87,439 shares of the utilities provider’s stock worth $3,291,000 after buying an additional 300 shares in the last quarter. Xponance Inc. raised its position in shares of PNM Resources by 2.9% in the fourth quarter. Xponance Inc. now owns 12,598 shares of the utilities provider’s stock worth $524,000 after buying an additional 356 shares in the last quarter. IFM Investors Pty Ltd boosted its stake in PNM Resources by 3.3% during the first quarter. IFM Investors Pty Ltd now owns 11,877 shares of the utilities provider’s stock valued at $447,000 after buying an additional 376 shares during the period. Finally, Fortis Group Advisors LLC grew its position in PNM Resources by 100.0% during the fourth quarter. Fortis Group Advisors LLC now owns 800 shares of the utilities provider’s stock worth $33,000 after buying an additional 400 shares in the last quarter. 91.68% of the stock is owned by institutional investors.

About PNM Resources

PNM Resources, Inc, through its subsidiaries, provides electricity and electric services 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 engages in the generation, transmission, and distribution of electricity.