PNM Resources, Inc. (Holding Co.) (PNM) Stock Rating Lowered by BidaskClub

PNM Resources, Inc. (Holding Co.) (NYSE:PNM) was downgraded by research analysts at BidaskClub from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday.

Other equities research analysts also recently issued reports about the stock. Zacks Investment Research raised shares of PNM Resources, Inc. (Holding Co.) from a “sell” rating to a “hold” rating in a report on Wednesday, July 12th. Royal Bank Of Canada set a $39.00 price target on shares of PNM Resources, Inc. (Holding Co.) and gave the stock a “buy” rating in a report on Saturday, June 3rd. Mizuho initiated coverage on shares of PNM Resources, Inc. (Holding Co.) in a report on Wednesday, April 19th. They issued an “underperform” rating and a $32.25 price target on the stock. Finally, Evercore ISI initiated coverage on shares of PNM Resources, Inc. (Holding Co.) in a report on Friday, March 31st. They issued an “in-line” rating and a $36.00 price target on the stock. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $36.47.

Shares of PNM Resources, Inc. (NYSE PNM) traded up 1.82% during mid-day trading on Wednesday, reaching $39.20. 224,618 shares of the company’s stock traded hands. PNM Resources, Inc. has a 12-month low of $30.95 and a 12-month high of $40.10. The company has a market cap of $3.12 billion, a P/E ratio of 24.21 and a beta of 0.32. The firm has a 50-day moving average of $38.68 and a 200 day moving average of $36.81.

PNM Resources, Inc. (Holding Co.) (NYSE:PNM) last released its quarterly earnings data on Friday, April 28th. The utilities provider reported $0.28 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.24 by $0.04. The business had revenue of $330.20 million for the quarter. PNM Resources, Inc. (Holding Co.) had a net margin of 9.62% and a return on equity of 8.22%. PNM Resources, Inc. (Holding Co.)’s revenue for the quarter was up 6.2% compared to the same quarter last year. During the same period last year, the company earned $0.13 earnings per share. Equities analysts forecast that PNM Resources, Inc. will post $1.82 EPS for the current year.

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In related news, Director Norman P. Becker bought 2,500 shares of the stock in a transaction that occurred on Monday, June 5th. The shares were acquired at an average cost of $38.98 per share, with a total value of $97,450.00. Following the completion of the purchase, the director now directly owns 5,732 shares of the company’s stock, valued at approximately $223,433.36. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.26% of the company’s stock.

Large investors have recently made changes to their positions in the stock. BlackRock Inc. increased its stake in shares of PNM Resources, Inc. (Holding Co.) by 16,661.9% in the first quarter. BlackRock Inc. now owns 8,489,239 shares of the utilities provider’s stock worth $314,103,000 after buying an additional 8,438,593 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of PNM Resources, Inc. (Holding Co.) by 4.6% in the first quarter. Vanguard Group Inc. now owns 7,082,734 shares of the utilities provider’s stock worth $262,061,000 after buying an additional 308,821 shares in the last quarter. Alliancebernstein L.P. increased its stake in shares of PNM Resources, Inc. (Holding Co.) by 5.2% in the first quarter. Alliancebernstein L.P. now owns 2,928,634 shares of the utilities provider’s stock worth $108,359,000 after buying an additional 144,125 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in shares of PNM Resources, Inc. (Holding Co.) by 5.7% in the first quarter. Goldman Sachs Group Inc. now owns 2,723,894 shares of the utilities provider’s stock worth $100,784,000 after buying an additional 147,047 shares in the last quarter. Finally, State Street Corp increased its stake in shares of PNM Resources, Inc. (Holding Co.) by 0.4% in the first quarter. State Street Corp now owns 2,717,553 shares of the utilities provider’s stock worth $100,549,000 after buying an additional 11,978 shares in the last quarter. 94.07% of the stock is currently owned by institutional investors and hedge funds.

About PNM Resources, Inc. (Holding Co.)

PNM Resources, Inc (PNMR) is an investor-owned holding company with approximately two regulated utilities providing electricity and electric services in New Mexico and Texas. PNMR’s electric utilities are Public Service Company of New Mexico (PNM) and Texas-New Mexico Power Company (TNMP). It operates in three segments: PNM, TNMP, and Corporate and Other.