PNM Resources (PNM) Price Target Increased to $39.00 by Analysts at Bank of America

PNM Resources (NYSE:PNM) had its target price boosted by Bank of America from $36.00 to $39.00 in a research report issued on Wednesday. The brokerage currently has an “underperform” rating on the utilities provider’s stock. Bank of America’s price target points to a potential downside of 4.15% from the company’s previous close.

A number of other brokerages have also recently weighed in on PNM. Zacks Investment Research raised shares of PNM Resources from a “hold” rating to a “buy” rating and set a $44.00 price objective for the company in a research note on Thursday, August 2nd. Barclays started coverage on shares of PNM Resources in a research note on Tuesday, July 10th. They set an “underweight” rating and a $37.00 price objective for the company. Three investment analysts have rated the stock with a sell rating and six have assigned a hold rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $38.63.

Shares of PNM traded down $0.01 during mid-day trading on Wednesday, reaching $40.69. 105,898 shares of the company’s stock were exchanged, compared to its average volume of 458,942. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.34 and a quick ratio of 0.27. PNM Resources has a 52-week low of $33.75 and a 52-week high of $46.00. The stock has a market cap of $3.13 billion, a price-to-earnings ratio of 20.97, a price-to-earnings-growth ratio of 4.33 and a beta of 0.16.

PNM Resources (NYSE:PNM) last issued its quarterly earnings data on Tuesday, November 6th. The utilities provider reported $1.08 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.04 by $0.04. PNM Resources had a net margin of 6.08% and a return on equity of 9.34%. The business had revenue of $422.67 million during the quarter, compared to analysts’ expectations of $483.08 million. During the same period last year, the company posted $0.93 EPS. On average, equities analysts expect that PNM Resources will post 1.97 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Hartford Investment Management Co. acquired a new stake in PNM Resources during the second quarter worth approximately $207,000. Engineers Gate Manager LP acquired a new stake in PNM Resources during the third quarter worth approximately $216,000. Sun Life Financial INC acquired a new stake in PNM Resources during the second quarter worth approximately $224,000. Commonwealth Bank of Australia acquired a new stake in PNM Resources during the third quarter worth approximately $319,000. Finally, Dalton Greiner Hartman Maher & Co. acquired a new stake in PNM Resources during the second quarter worth approximately $323,000. Hedge funds and other institutional investors own 90.90% 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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Analyst Recommendations for PNM Resources (NYSE:PNM)

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