PNM Resources, Inc. (NYSE:PNM) Raises Dividend to $0.39 Per Share

PNM Resources, Inc. (NYSE:PNMGet Free Report) declared a quarterly dividend on Tuesday, December 5th, Zacks reports. Stockholders of record on Friday, February 2nd will be paid a dividend of 0.387 per share by the utilities provider on Friday, February 16th. This represents a $1.55 dividend on an annualized basis and a dividend yield of 4.23%. The ex-dividend date is Thursday, February 1st. This is an increase from PNM Resources’s previous quarterly dividend of $0.37.

PNM Resources has increased its dividend by an average of 6.1% annually over the last three years and has raised its dividend annually for the last 12 consecutive years. PNM Resources has a dividend payout ratio of 53.6% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect PNM Resources to earn $2.75 per share next year, which means the company should continue to be able to cover its $1.55 annual dividend with an expected future payout ratio of 56.4%.

PNM Resources Price Performance

PNM stock opened at $36.56 on Wednesday. The company has a debt-to-equity ratio of 1.71, a quick ratio of 0.27 and a current ratio of 0.33. PNM Resources has a 52 week low of $35.17 and a 52 week high of $49.48. The firm’s fifty day moving average is $40.19 and its 200 day moving average is $42.67. The firm has a market cap of $3.14 billion, a P/E ratio of 20.42, a P/E/G ratio of 0.37 and a beta of 0.37.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. TheStreet lowered shares of PNM Resources from a “b-” rating to a “c+” rating in a report on Thursday, January 4th. StockNews.com lowered shares of PNM Resources from a “hold” rating to a “sell” rating in a report on Wednesday, January 17th. Mizuho lowered shares of PNM Resources from a “buy” rating to a “neutral” rating and set a $41.00 target price on the stock. in a report on Wednesday, January 3rd. Finally, Wells Fargo & Company raised shares of PNM Resources from an “equal weight” rating to an “overweight” rating and set a $44.00 target price on the stock in a report on Wednesday, January 3rd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $47.75.

View Our Latest Analysis on PNM Resources

Institutional Investors Weigh In On PNM Resources

Large investors have recently added to or reduced their stakes in the company. Raymond James & Associates bought a new stake in PNM Resources in the 4th quarter worth $339,000. LPL Financial LLC grew its holdings in PNM Resources by 6.5% in the 2nd quarter. LPL Financial LLC now owns 6,892 shares of the utilities provider’s stock worth $329,000 after acquiring an additional 421 shares during the last quarter. Creative Planning grew its holdings in PNM Resources by 38.3% in the 4th quarter. Creative Planning now owns 6,331 shares of the utilities provider’s stock worth $309,000 after acquiring an additional 1,753 shares during the last quarter. Point72 Middle East FZE purchased a new stake in shares of PNM Resources in the 4th quarter worth about $302,000. Finally, Advisor Group Holdings Inc. lifted its position in shares of PNM Resources by 10.3% in the 4th quarter. Advisor Group Holdings Inc. now owns 4,913 shares of the utilities provider’s stock worth $239,000 after purchasing an additional 459 shares during the period. Institutional investors own 91.18% of the company’s stock.

PNM Resources Company Profile

(Get Free Report)

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.

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Dividend History for PNM Resources (NYSE:PNM)

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