PNM Resources (NYSE:PNM) Cut to Sell at StockNews.com

PNM Resources (NYSE:PNM) was downgraded by research analysts at StockNews.com from a “hold” rating to a “sell” rating in a report issued on Wednesday.

PNM has been the topic of a number of other research reports. Barclays boosted their target price on shares of 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 assumed coverage on shares of PNM Resources in a report on Thursday, May 30th. They set an “in-line” rating and a $38.00 price objective on the stock. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, PNM Resources has an average rating of “Hold” and a consensus target price of $43.40.

PNM Resources Stock Down 0.2 %

PNM Resources stock opened at $36.20 on Wednesday. The company has a debt-to-equity ratio of 1.81, a current ratio of 0.37 and a quick ratio of 0.27. PNM Resources has a fifty-two week low of $34.63 and a fifty-two week high of $45.94. The firm has a fifty day moving average price of $37.34 and a two-hundred day moving average price of $37.58. The firm has a market cap of $3.27 billion, a price-to-earnings ratio of 39.78 and a beta of 0.35.

PNM Resources (NYSE:PNM) last posted its quarterly earnings data on Tuesday, April 30th. The utilities provider reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.68 by ($0.27). PNM Resources had a return on equity of 9.91% and a net margin of 4.38%. The business had revenue of $436.90 million for the quarter, compared to analyst estimates of $531.00 million. During the same period in the prior year, the firm posted $0.55 EPS. PNM Resources’s revenue for the quarter was down 19.7% on a year-over-year basis. As a group, analysts forecast that PNM Resources will post 2.7 earnings per share for the current year.

Hedge Funds Weigh In On PNM Resources

Hedge funds have recently made changes to their positions in the business. Inspire Investing LLC boosted its position in shares of PNM Resources by 3.1% during the 1st quarter. Inspire Investing LLC now owns 9,530 shares of the utilities provider’s stock valued at $359,000 after acquiring an additional 290 shares in the last quarter. New York State Teachers Retirement System boosted its holdings in PNM Resources by 0.3% during the first quarter. New York State Teachers Retirement System now owns 87,439 shares of the utilities provider’s stock valued at $3,291,000 after purchasing an additional 300 shares in the last quarter. Xponance Inc. grew its stake in shares of PNM Resources by 2.9% in the 4th quarter. Xponance Inc. now owns 12,598 shares of the utilities provider’s stock valued at $524,000 after purchasing an additional 356 shares during the period. IFM Investors Pty Ltd raised its holdings in shares of PNM Resources by 3.3% in the 1st quarter. IFM Investors Pty Ltd now owns 11,877 shares of the utilities provider’s stock worth $447,000 after buying an additional 376 shares in the last quarter. Finally, Fortis Group Advisors LLC lifted its position in shares of PNM Resources by 100.0% during the 4th quarter. Fortis Group Advisors LLC now owns 800 shares of the utilities provider’s stock worth $33,000 after buying an additional 400 shares during the period. Institutional investors and hedge funds own 91.68% of the company’s stock.

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.