PNM Resources (NYSE:PNM) Cut to “Hold” at StockNews.com

PNM Resources (NYSE:PNM – Get Rating) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a research report issued on Wednesday.

Separately, Siebert Williams Shank upgraded PNM Resources from a “hold” rating to a “buy” rating and increased their price objective for the stock from $53.00 to $55.00 in a research report on Tuesday, May 16th.

PNM Resources Price Performance

NYSE:PNM opened at $45.75 on Wednesday. PNM Resources has a one year low of $43.43 and a one year high of $49.60. The company has a debt-to-equity ratio of 1.62, a quick ratio of 0.24 and a current ratio of 0.29. The stock has a market cap of $3.93 billion, a PE ratio of 18.90, a P/E/G ratio of 4.07 and a beta of 0.42. The stock has a 50 day moving average price of $48.17 and a 200 day moving average price of $48.62.

PNM Resources (NYSE:PNM – Get Rating) last posted its quarterly earnings results on Friday, May 5th. The utilities provider reported $0.55 EPS for the quarter, beating the consensus estimate of $0.39 by $0.16. PNM Resources had a return on equity of 10.55% and a net margin of 8.89%. The firm had revenue of $544.00 million during the quarter, compared to analysts’ expectations of $460.14 million. During the same quarter last year, the firm earned $0.50 earnings per share. The business’s revenue for the quarter was up 22.5% on a year-over-year basis. Equities research analysts expect that PNM Resources will post 2.65 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. boosted its position in shares of PNM Resources by 0.6% during the first quarter. BlackRock Inc. now owns 11,097,571 shares of the utilities provider’s stock worth $540,230,000 after buying an additional 68,064 shares during the period. Vanguard Group Inc. boosted its position in shares of PNM Resources by 1.1% during the third quarter. Vanguard Group Inc. now owns 9,045,025 shares of the utilities provider’s stock worth $413,629,000 after buying an additional 99,734 shares during the period. PSquared Asset Management AG boosted its position in shares of PNM Resources by 227.4% during the first quarter. PSquared Asset Management AG now owns 4,094,600 shares of the utilities provider’s stock worth $199,325,000 after buying an additional 2,844,000 shares during the period. State Street Corp boosted its holdings in PNM Resources by 1.5% in the first quarter. State Street Corp now owns 3,373,488 shares of the utilities provider’s stock valued at $164,221,000 after purchasing an additional 49,528 shares during the period. Finally, Cohen & Steers Inc. boosted its holdings in PNM Resources by 3.1% in the third quarter. Cohen & Steers Inc. now owns 2,115,292 shares of the utilities provider’s stock valued at $96,732,000 after purchasing an additional 63,787 shares during the period. 89.88% of the stock is currently owned by hedge funds and other institutional investors.

PNM Resources Company Profile

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PNM Resources, Inc operates as an investor-owned holding company, which provides electricity and electric services in New Mexico and Texas. It operates through the following segments: Public Service Company of New Mexico (PNM), Texas-New Mexico Power Company (TNMP), and Corporate and Other. The PNM segment includes the retail electric utility operations of the company.