PNM Resources (PNM) Upgraded to Neutral at Bank of America

Bank of America upgraded shares of PNM Resources (NYSE:PNM) from an underperform rating to a neutral rating in a report released on Thursday morning, 24/7 WallStreet reports. Bank of America currently has $48.00 target price on the utilities provider’s stock.

Other equities research analysts have also issued research reports about the stock. Zacks Investment Research raised shares of PNM Resources from a hold rating to a buy rating and set a $47.00 target price for the company in a research note on Saturday, January 12th. Wells Fargo & Co set a $45.00 target price on shares of PNM Resources and gave the company a hold rating in a research note on Thursday, February 28th. Mizuho raised shares of PNM Resources from an underperform rating to a neutral rating and lifted their target price for the company from $42.50 to $43.50 in a research note on Friday, March 8th. Finally, Williams Capital reissued a sell rating on shares of PNM Resources in a research note on Monday, March 18th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus price target of $44.90.

PNM Resources stock opened at $45.67 on Thursday. PNM Resources has a 52 week low of $34.95 and a 52 week high of $47.92. The company has a debt-to-equity ratio of 1.52, a current ratio of 0.59 and a quick ratio of 0.45. The company has a market capitalization of $3.64 billion, a P/E ratio of 22.84, a PEG ratio of 4.45 and a beta of 0.29.

PNM Resources (NYSE:PNM) last posted its quarterly earnings data on Wednesday, February 27th. The utilities provider reported $0.18 EPS for the quarter, topping analysts’ consensus estimates of $0.17 by $0.01. PNM Resources had a net margin of 5.98% and a return on equity of 9.00%. The firm had revenue of $343.76 million during the quarter, compared to analyst estimates of $419.86 million. During the same quarter last year, the business posted $0.24 EPS. Equities analysts forecast that PNM Resources will post 2.15 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 16th. Shareholders of record on Thursday, May 2nd will be paid a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 2.54%. The ex-dividend date is Wednesday, May 1st. PNM Resources’s dividend payout ratio (DPR) is currently 58.00%.

In other PNM Resources news, CFO Charles N. Eldred sold 14,000 shares of PNM Resources stock in a transaction 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 sale, the chief financial officer now owns 108,289 shares of the company’s stock, valued at approximately $4,834,020.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Patrick V. Apodaca sold 4,800 shares of PNM Resources stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $44.32, for a total transaction of $212,736.00. Following the sale, the senior vice president now directly owns 63,258 shares of the company’s stock, valued at approximately $2,803,594.56. The disclosure for this sale can be found here. Insiders have sold a total of 24,953 shares of company stock valued at $1,110,564 in the last three months. Company insiders own 1.25% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the stock. James Investment Research Inc. lifted its stake in shares of PNM Resources by 2.7% in the 1st quarter. James Investment Research Inc. now owns 59,927 shares of the utilities provider’s stock valued at $2,837,000 after purchasing an additional 1,565 shares during the last quarter. Assenagon Asset Management S.A. acquired a new stake in shares of PNM Resources in the 1st quarter valued at $6,365,000. BNP Paribas Arbitrage SA lifted its stake in shares of PNM Resources by 105.0% in the 1st quarter. BNP Paribas Arbitrage SA now owns 39,569 shares of the utilities provider’s stock valued at $1,873,000 after purchasing an additional 20,265 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. acquired a new stake in shares of PNM Resources in the 1st quarter valued at $280,000. Finally, Virginia Retirement Systems ET AL lifted its stake in shares of PNM Resources by 0.6% in the 1st quarter. Virginia Retirement Systems ET AL now owns 171,000 shares of the utilities provider’s stock valued at $8,095,000 after purchasing an additional 1,000 shares during the last quarter. 90.02% of the stock is owned by institutional investors and hedge funds.

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.

Further Reading: What is a support level?

Analyst Recommendations for PNM Resources (NYSE:PNM)

Receive News & Ratings for PNM Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PNM Resources and related companies with MarketBeat.com's FREE daily email newsletter.