Shares of PNM Resources, Inc. (NYSE:PNM – Get Rating) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $49.32 and last traded at $49.19, with a volume of 804 shares traded. The stock had previously closed at $49.18.
Wall Street Analyst Weigh In
Several equities research analysts have issued reports on PNM shares. StockNews.com started coverage on shares of PNM Resources in a research report on Wednesday, October 12th. They set a “hold” rating for the company. Mizuho downgraded shares of PNM Resources from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $51.00 to $50.30 in a research report on Monday, January 9th. Finally, Wells Fargo & Company raised their price objective on shares of PNM Resources to $48.00 in a research report on Wednesday, December 14th.
PNM Resources Trading Down 0.4 %
The company has a quick ratio of 0.52, a current ratio of 0.61 and a debt-to-equity ratio of 1.73. The firm has a market capitalization of $4.23 billion, a P/E ratio of 25.66, a PEG ratio of 4.38 and a beta of 0.41. The firm has a 50 day moving average of $48.73 and a 200-day moving average of $47.74.
PNM Resources Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, February 17th. Shareholders of record on Friday, February 3rd will be paid a dividend of $0.368 per share. The ex-dividend date of this dividend is Thursday, February 2nd. This is a boost from PNM Resources’s previous quarterly dividend of $0.35. This represents a $1.47 annualized dividend and a yield of 2.99%. PNM Resources’s dividend payout ratio is presently 72.40%.
Institutional Investors Weigh In On PNM Resources
Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Johnson & White Wealth Management LLC bought a new stake in PNM Resources during the fourth quarter worth $455,000. Exchange Traded Concepts LLC lifted its stake in PNM Resources by 2.8% during the fourth quarter. Exchange Traded Concepts LLC now owns 13,257 shares of the utilities provider’s stock worth $647,000 after purchasing an additional 360 shares during the last quarter. Allworth Financial LP lifted its stake in PNM Resources by 6,406.7% during the fourth quarter. Allworth Financial LP now owns 976 shares of the utilities provider’s stock worth $48,000 after purchasing an additional 961 shares during the last quarter. Coldstream Capital Management Inc. bought a new stake in PNM Resources during the fourth quarter worth $272,000. Finally, Robeco Institutional Asset Management B.V. bought a new stake in PNM Resources during the third quarter worth $758,000. 89.88% of the stock is currently owned by institutional investors.
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.
- Get a free copy of the StockNews.com research report on PNM Resources (PNM)
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