In a research note that was distributed to investors on Monday, stock analysts at Mizuho lowered their rating on PNM Resources (NYSE: PNM), moving it from “buy” to “neutral.” The Fly reported this.
Several other research analysts have also published their studies on the company in question not too long ago. Wells Fargo & Company revealed their intention to raise their price target on PNM Resources to $48.00 in a research note released on Wednesday, December 14. The note was published online. On Wednesday, October 12, StockNews.com made PNM Resources the focus of a research note for the first time. The note was published in its entirety online. They recommended that shareholders “hold” their shares of the company.
PNM shares started the trading day on Monday for $49.02 per share. The company’s stock currently trades at a price that translates to a price-to-earnings ratio of 25.53, a price-to-earnings-growth ratio of 4.37, and a beta value of 0.41. The market value of the company’s stock is $4.21 billion. 0.52 is the value assigned to the quick ratio, 1.73 is the value assigned to the debt-to-equity ratio, and 0.61 is the value assigned to the current ratio. PNM Resources reached an all-time high price of $49.31 within the past year, while the company’s all-time low price was $43.43. The moving averages for the previous 50 days at the company are $48.35, and the moving averages for the previous 200 days are $47.65.
PNM Resources (NYSE: PNM) released its quarterly results report on November 4—the day after the market closed—making it available to investors. The company that provides utilities reported earnings per share for the quarter of $1.46, which is $0.17 higher than the analysts’ consensus estimate of $1.29 per share. PNM Resources had a return on equity of 10.72% and a net margin of 8.03%. Both of these figures are percentages. The amount of $729.89 million in total revenue was recorded by the company for the time above period. According to forecasts provided by analysts specializing in the energy sector, PNM Resources is anticipated to generate earnings of 2.66 cents per share for the current financial year.
Recently, several different hedge funds and institutional investors have either increased the amount of PNM stock they are currently holding in their portfolios or decreased the amount of PNM stock they are currently holding. Franklin Resources Inc. increased the total percentage of PNM Resources stock owned by 5,074.9% during the second quarter of the fiscal year. Since the company’s previous report on its holdings, Franklin Resources Inc. has added 994,836 shares, bringing the total number of utility stocks it owns to 1,014,439; this gives the company’s holdings a market value of $48.47 million. In the third quarter of 2018, Grantham Mayo Van Otterloo & Co. LLC increased 697.7% in the proportion of PNM Resources that it owned. Over time, Grantham Mayo Van Otterloo & Co. LLC made additional purchases that amounted to a total of 861,328 shares. As a result, the company now holds 984,782 shares of the utility provider’s stock, which have a value of $45,034,000. Citadel Advisors LLC made a 101.2% purchase of additional PNM Resources stock during the third quarter, increasing the percentage of PNM Resources stock the company owned. After purchasing an additional 686,696 shares throughout the relevant period, Citadel Advisors LLC now has 1,365,336 shares of the utilities provider’s stock, with a market value of $62,437,000. These shares were acquired due to the company’s purchase of an additional 686,696 shares. The Healthcare of Ontario Pension Plan Trust Fund increased the proportion of its holdings that comprised PNM Resources by 101.7% over the third quarter. The Healthcare of Ontario Pension Plan Trust Fund now has 1,244,400 shares of the utility’s stock after purchasing an additional 627,400 shares during the period in question. These shares have a current value of $56,906,000, and the Healthcare of Ontario Pension Plan Trust Fund has 1,244,400 shares. During the first three months of this year, State Street Corporation made a 17.5% investment increase in PNM Resources, which brings us to our final point. After making an additional purchase of 471,143 shares during the most recent period, State Street Corp. now owns a total of 3,160,826 shares of the utilities provider’s stock, which has a value of $150,677,000. Institutional investors and hedge funds are responsible for the ownership of the vast majority of the company’s shares, which amounts to 89.88% of the total.
PNM Resources, Inc. is a holding company that, through its subsidiary companies, offers various services related to energy and electricity across the United States. The Public Service Company of New Mexico, which operates under the abbreviation PNM, and the Texas-New Mexico Power Company are the company’s two divisions that generate revenue (TNMP). The PNM division is in charge of all aspects of the electric power system, including the electrical current generation, transmission, and distribution.
Read More: Mizuho downgraded PNM Resources (NYSE:PNM) to Neutral.