PNM Resources (NYSE:PNM) Upgraded to “Neutral” at UBS Group

PNM Resources (NYSE:PNM) was upgraded by equities researchers at UBS Group from a “sell” rating to a “neutral” rating in a report issued on Wednesday, The Fly reports.

A number of other equities research analysts also recently commented on PNM. Wells Fargo & Co reissued a “hold” rating on shares of PNM Resources in a report on Monday. Mizuho raised PNM Resources from a “neutral” rating to a “buy” rating and raised their target price for the company from $43.50 to $49.50 in a report on Friday, May 10th. Bank of America raised PNM Resources from an “underperform” rating to a “neutral” rating and set a $48.00 target price for the company in a report on Thursday, April 25th. Williams Capital reissued a “sell” rating on shares of PNM Resources in a report on Monday, March 18th. Finally, Zacks Investment Research raised PNM Resources from a “hold” rating to a “buy” rating and set a $49.00 target price for the company in a report on Saturday, March 2nd. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $47.70.

PNM Resources stock opened at $49.15 on Wednesday. PNM Resources has a one year low of $34.95 and a one year high of $50.60. The company has a debt-to-equity ratio of 1.66, a current ratio of 0.69 and a quick ratio of 0.59. The firm has a market capitalization of $3.97 billion, a price-to-earnings ratio of 24.58, a price-to-earnings-growth ratio of 4.41 and a beta of 0.24.

PNM Resources (NYSE:PNM) last released its earnings results on Tuesday, May 7th. The utilities provider reported $0.13 EPS for the quarter, beating analysts’ consensus estimates of $0.11 by $0.02. PNM Resources had a return on equity of 8.68% and a net margin of 6.10%. The company had revenue of $349.65 million during the quarter, compared to the consensus estimate of $273.12 million. During the same quarter last year, the company earned $0.21 earnings per share. PNM Resources’s quarterly revenue was up 10.0% compared to the same quarter last year. On average, analysts predict that PNM Resources will post 2.16 earnings per share for the current year.

Several hedge funds have recently made changes to their positions in the company. BlackRock Inc. increased its position in shares of PNM Resources by 1.9% in the fourth quarter. BlackRock Inc. now owns 9,639,611 shares of the utilities provider’s stock valued at $396,091,000 after buying an additional 178,580 shares in the last quarter. Northern Trust Corp increased its position in shares of PNM Resources by 0.7% in the first quarter. Northern Trust Corp now owns 2,175,967 shares of the utilities provider’s stock valued at $103,010,000 after buying an additional 14,464 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of PNM Resources by 0.4% in the first quarter. Dimensional Fund Advisors LP now owns 1,759,243 shares of the utilities provider’s stock valued at $83,282,000 after buying an additional 6,136 shares in the last quarter. Oregon Public Employees Retirement Fund increased its position in shares of PNM Resources by 4,009.0% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,297,417 shares of the utilities provider’s stock valued at $32,000 after buying an additional 1,265,842 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of PNM Resources by 32.0% in the first quarter. Geode Capital Management LLC now owns 1,151,413 shares of the utilities provider’s stock valued at $54,507,000 after buying an additional 279,188 shares in the last quarter. Institutional investors and hedge funds own 90.26% of the company’s stock.

PNM Resources Company Profile

PNM Resources, Inc, through its subsidiaries, engages in the energy and energy-related businesses 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 is primarily involved in the generation, transmission, and distribution of electricity.

Featured Story: Are 12b-1 Fees Affecting Your Mutual Fund Performance?

The Fly

Analyst Recommendations for PNM Resources (NYSE:PNM)

Receive News & Ratings for PNM Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PNM Resources and related companies with MarketBeat.com's FREE daily email newsletter.