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PNM Resources (NYSE:PNM) downgraded to sell on StockNews.com


PNM Resources (NYSE:PNM – Get a Free Report) was downgraded from a “hold” rating to a “sell” rating by stock researchers at StockNews.com in a research note issued to investors on Friday.

A number of other research firms have also recently weighed in on PNM. Evercore ISI initiated coverage on shares of PNM Resources in a research report on Thursday, May 30. They set an in-line rating and a target price of $38.00 for the company. Barclays lifted their price objective on shares of PNM Resources from $40.00 to $43.00 and gave the company an “overweight” rating in a research note on Monday, April 15. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. According to MarketBeat, PNM Resources currently has a consensus rating of “Hold” and a consensus target price of $43.40.

Read our latest research report on PNM resources

PNM Resources shares fell 0.9%

PNM Resources stock opened at $37.53 on Friday. PNM Resources has a 12-month low of $34.63 and a 12-month high of $46.94. The company has a 50-day moving average of $37.35 and a 200-day moving average of $38.32. The company has a market cap of $3.38 billion, a price-to-earnings ratio of 41.24, a price-to-earnings ratio of 5.52, and a beta of 0.38. The company has a quick ratio of 0.27, a current ratio of 0.37 and a debt-to-equity ratio of 1.81.

PNM Resources (NYSE:PNM – Get Free Report) last reported its earnings results on Tuesday, April 30. The utility reported $0.41 earnings per share for the quarter, topping analysts’ consensus estimates of $0.68 by ($0.27). PNM Resources had a net margin of 4.38% and a return on equity of 9.91%. The company had revenue of $436.90 million for the quarter, compared to the consensus estimate of $531.00 million. During the same period last year, the company earned earnings per share of $0.55. The company’s revenue fell 19.7% year over year. As a group, stock analysts predict that PNM Resources will post earnings per share of 2.7 this year.

Institutional inflow and outflow

A number of hedge funds have recently made changes to their positions in PNM. LRI Investments LLC bought a new stake in PNM Resources worth $30,000 during the first quarter. GAMMA Investing LLC boosted its position in shares of PNM Resources by 106.4% during the first quarter. GAMMA Investing LLC now owns 834 shares of the utility’s stock worth $31,000 after acquiring an additional 430 shares during the last quarter. Fortis Group Advisors LLC grew its holdings in shares of PNM Resources by 100.0% in the fourth quarter. Fortis Group Advisors LLC now owns 800 shares of the utility’s stock valued at $33,000 after purchasing an additional 400 shares in the last quarter. Fifth Third Bancorp increased its position in shares of PNM Resources by 152.3% in the first quarter. Fifth Third Bancorp now owns 1,062 shares of the utility’s stock worth $40,000 after purchasing an additional 641 shares in the last quarter. Finally, International Assets Investment Management LLC increased its holdings in PNM Resources by 4,061.5% in the fourth quarter. International Assets Investment Management LLC now owns 1,082 shares of the utility’s stock valued at $45,000 after purchasing an additional 1,056 shares in the last quarter. 91.68% of the shares are currently owned by hedge funds and other institutional investors.

About PNM Resources

(Get a free report)

PNM Resources, Inc, through its subsidiaries, provides electricity and electrical services in the United States. It operates through the Public Service Company of New Mexico (PNM) and Texas-New Mexico Power Company (TNMP) segments. The PNM segment is involved in the generation, transmission and distribution of electricity.

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Analyst Recommendations for PNM Sources (NYSE:PNM)



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