PNM Resources (NYSE:PNM) Downgraded by StockNews.com

StockNews.com cut shares of PNM Resources (NYSE:PNM) from a hold rating to a sell rating in a report issued on Wednesday morning.

Several other equities research analysts have also recently commented on PNM. Barclays upped their price target on PNM Resources from $40.00 to $43.00 and gave the stock an overweight rating in a research note on Monday, April 15th. Evercore ISI initiated coverage on shares of PNM Resources in a report on Thursday, May 30th. They set an in-line rating and a $38.00 price target for the company. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of Hold and a consensus target price of $43.40.

PNM Resources Trading Up 0.7 %

NYSE:PNM opened at $36.23 on Wednesday. PNM Resources has a 12-month low of $34.63 and a 12-month high of $45.94. The firm has a market cap of $3.27 billion, a PE ratio of 39.81 and a beta of 0.35. The company has a current ratio of 0.37, a quick ratio of 0.27 and a debt-to-equity ratio of 1.81. The stock has a fifty day moving average price of $37.32 and a 200 day moving average price of $37.51.

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

Institutional Trading of PNM Resources

A number of institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in shares of PNM Resources by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 9,498,325 shares of the utilities provider’s stock valued at $357,517,000 after acquiring an additional 167,395 shares during the period. Zimmer Partners LP raised its holdings in PNM Resources by 1,332.6% during the first quarter. Zimmer Partners LP now owns 3,551,669 shares of the utilities provider’s stock worth $133,685,000 after purchasing an additional 3,303,752 shares during the last quarter. Hudson Bay Capital Management LP grew its holdings in PNM Resources by 42.5% in the third quarter. Hudson Bay Capital Management LP now owns 2,670,601 shares of the utilities provider’s stock valued at $119,136,000 after purchasing an additional 796,077 shares during the last quarter. Reaves W H & Co. Inc. increased its position in shares of PNM Resources by 6,084.6% in the first quarter. Reaves W H & Co. Inc. now owns 1,740,227 shares of the utilities provider’s stock valued at $65,503,000 after buying an additional 1,712,089 shares in the last quarter. Finally, First Trust Advisors LP raised its stake in shares of PNM Resources by 6.3% during the 4th quarter. First Trust Advisors LP now owns 1,587,169 shares of the utilities provider’s stock worth $66,026,000 after buying an additional 94,267 shares during the last quarter. Hedge funds and other institutional investors own 91.68% of the company’s stock.

PNM Resources Company Profile

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.