PNM Resources (NYSE:PNM) Reaches New 1-Year Low at $34.63

PNM Resources, Inc. (NYSE:PNMGet Free Report)’s stock price reached a new 52-week low during mid-day trading on Monday . The company traded as low as $34.63 and last traded at $34.96, with a volume of 62078 shares traded. The stock had previously closed at $35.64.

Analysts Set New Price Targets

Several research firms have recently weighed in on PNM. Wells Fargo & Company upgraded PNM Resources from an “equal weight” rating to an “overweight” rating and set a $44.00 price target for the company in a research note on Wednesday, January 3rd. Mizuho cut PNM Resources from a “buy” rating to a “neutral” rating and set a $41.00 price target on the stock. in a report on Wednesday, January 3rd. StockNews.com lowered PNM Resources from a “hold” rating to a “sell” rating in a report on Wednesday, January 17th. Finally, TheStreet downgraded PNM Resources from a “b-” rating to a “c+” rating in a report on Thursday, January 4th. One analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat, PNM Resources currently has an average rating of “Hold” and an average price target of $47.75.

View Our Latest Stock Analysis on PNM

PNM Resources Stock Performance

The company has a debt-to-equity ratio of 1.71, a quick ratio of 0.27 and a current ratio of 0.33. The stock has a market cap of $2.99 billion, a P/E ratio of 19.91, a P/E/G ratio of 0.35 and a beta of 0.36. The business’s 50-day moving average price is $39.83 and its 200-day moving average price is $42.47.

PNM Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 16th. Shareholders of record on Friday, February 2nd will be given a $0.387 dividend. This is a boost from PNM Resources’s previous quarterly dividend of $0.37. The ex-dividend date is Thursday, February 1st. This represents a $1.55 dividend on an annualized basis and a yield of 4.45%. PNM Resources’s dividend payout ratio is presently 86.59%.

Institutional Investors Weigh In On PNM Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Fifth Third Bancorp raised its holdings in PNM Resources by 139.4% during the second quarter. Fifth Third Bancorp now owns 668 shares of the utilities provider’s stock valued at $30,000 after acquiring an additional 389 shares during the period. State of Wyoming purchased a new stake in shares of PNM Resources during the fourth quarter worth about $46,000. International Assets Investment Management LLC raised its stake in PNM Resources by 4,061.5% during the 4th quarter. International Assets Investment Management LLC now owns 1,082 shares of the utilities provider’s stock valued at $45,000 after purchasing an additional 1,056 shares during the period. Allworth Financial LP lifted its holdings in PNM Resources by 59.5% in the 3rd quarter. Allworth Financial LP now owns 1,088 shares of the utilities provider’s stock worth $49,000 after purchasing an additional 406 shares in the last quarter. Finally, Millburn Ridgefield Corp bought a new position in PNM Resources in the 3rd quarter worth approximately $66,000. Institutional investors own 91.18% of the company’s stock.

About PNM Resources

(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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