PNM Resources (NYSE:PNM) Shares Gap Down to $38.08

PNM Resources, Inc. (NYSE:PNMGet Free Report) shares gapped down before the market opened on Tuesday . The stock had previously closed at $38.08, but opened at $36.51. PNM Resources shares last traded at $37.04, with a volume of 220,750 shares traded.

Analyst Ratings Changes

PNM has been the subject of several research analyst reports. Barclays raised their price target on PNM Resources from $40.00 to $43.00 and gave the stock an “overweight” rating in a research report on Monday, April 15th. Evercore ISI began coverage on PNM Resources in a research note on Thursday, May 30th. They issued an “in-line” rating and a $38.00 price objective on the stock. Finally, StockNews.com upgraded PNM Resources from a “sell” rating to a “hold” rating in a research note on Thursday, May 30th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, PNM Resources currently has a consensus rating of “Hold” and a consensus target price of $43.40.

Read Our Latest Stock Report on PNM Resources

PNM Resources Price Performance

The company has a market capitalization of $3.41 billion, a PE ratio of 41.59, a P/E/G ratio of 5.52 and a beta of 0.38. The company has a current ratio of 0.37, a quick ratio of 0.27 and a debt-to-equity ratio of 1.81. The stock has a fifty day simple moving average of $37.35 and a 200-day simple moving average of $38.33.

PNM Resources (NYSE:PNMGet Free Report) last announced its quarterly earnings results on Tuesday, April 30th. The utilities provider reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.27). The business had revenue of $436.90 million for the quarter, compared to analysts’ expectations of $531.00 million. PNM Resources had a return on equity of 9.91% and a net margin of 4.38%. The firm’s quarterly revenue was down 19.7% on a year-over-year basis. During the same period last year, the firm earned $0.55 earnings per share. Equities analysts anticipate that PNM Resources, Inc. will post 2.7 earnings per share for the current year.

Institutional Trading of PNM Resources

Several institutional investors and hedge funds have recently made changes to their positions in PNM. Zimmer Partners LP lifted its holdings in shares of PNM Resources by 1,332.6% in the 1st quarter. Zimmer Partners LP now owns 3,551,669 shares of the utilities provider’s stock valued at $133,685,000 after purchasing an additional 3,303,752 shares during the last quarter. Reaves W H & Co. Inc. increased its position in PNM Resources by 6,084.6% in the 1st quarter. Reaves W H & Co. Inc. now owns 1,740,227 shares of the utilities provider’s stock valued at $65,503,000 after acquiring an additional 1,712,089 shares during the period. Acadian Asset Management LLC acquired a new position in PNM Resources in the 1st quarter valued at about $35,136,000. Hudson Bay Capital Management LP increased its position in PNM Resources by 42.5% in the 3rd quarter. Hudson Bay Capital Management LP now owns 2,670,601 shares of the utilities provider’s stock valued at $119,136,000 after acquiring an additional 796,077 shares during the period. Finally, Clean Energy Transition LLP acquired a new position in PNM Resources in the 1st quarter valued at about $23,574,000. 91.68% of the stock is owned by hedge funds and other institutional investors.

About PNM Resources

(Get Free Report)

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.

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