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.
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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