Other equities analysts have also issued research reports about the stock. Wells Fargo & Co reaffirmed a hold rating on shares of PNM Resources in a research report on Wednesday, May 8th. Mizuho raised shares of PNM Resources from a neutral rating to a buy rating and raised their price objective for the company from $43.50 to $49.50 in a research report on Friday, May 10th. Zacks Investment Research raised shares of PNM Resources from a hold rating to a buy rating and set a $49.00 price objective on the stock in a research report on Saturday, March 2nd. Bank of America raised shares of PNM Resources from an underperform rating to a neutral rating and set a $48.00 price objective on the stock in a research report on Thursday, April 25th. Finally, Williams Capital reaffirmed a sell rating on shares of PNM Resources in a research report on Monday, March 18th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company’s stock. The company presently has an average rating of Hold and an average price target of $47.70.
PNM stock opened at $47.14 on Friday. The company has a quick ratio of 0.59, a current ratio of 0.69 and a debt-to-equity ratio of 1.66. The company has a market cap of $3.75 billion, a P/E ratio of 23.57, a P/E/G ratio of 4.18 and a beta of 0.28. PNM Resources has a 52 week low of $34.95 and a 52 week high of $48.35.
The company also recently declared a quarterly dividend, which was paid on Thursday, May 16th. Stockholders of record on Thursday, May 2nd were given a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 2.46%. The ex-dividend date of this dividend was Wednesday, May 1st. PNM Resources’s dividend payout ratio is 58.00%.
In other news, VP Joseph Don Tarry sold 1,092 shares of PNM Resources stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $44.89, for a total value of $49,019.88. Following the transaction, the vice president now owns 11,882 shares of the company’s stock, valued at $533,382.98. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Charles N. Eldred sold 14,000 shares of PNM Resources stock in a transaction that occurred 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 completion of the transaction, the chief financial officer now directly owns 108,289 shares in the company, valued at approximately $4,834,020.96. The disclosure for this sale can be found here. In the last three months, insiders sold 24,953 shares of company stock worth $1,110,564. Insiders own 1.24% of the company’s stock.
Several large investors have recently added to or reduced their stakes in PNM. Hotchkis & Wiley Capital Management LLC increased its position in PNM Resources by 2.8% during the first quarter. Hotchkis & Wiley Capital Management LLC now owns 97,995 shares of the utilities provider’s stock worth $4,639,000 after acquiring an additional 2,630 shares during the period. Schonfeld Strategic Advisors LLC bought a new position in PNM Resources during the first quarter worth $3,806,000. Morgan Stanley increased its position in PNM Resources by 207.9% during the first quarter. Morgan Stanley now owns 553,276 shares of the utilities provider’s stock worth $26,192,000 after acquiring an additional 373,611 shares during the period. Macquarie Group Ltd. increased its position in PNM Resources by 6.3% during the first quarter. Macquarie Group Ltd. now owns 12,121 shares of the utilities provider’s stock worth $574,000 after acquiring an additional 721 shares during the period. Finally, C M Bidwell & Associates Ltd. bought a new position in PNM Resources during the first quarter worth $133,000. 89.84% of the stock is currently owned by institutional investors.
PNM Resources Company Profile
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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