Mizuho Upgrades PNM Resources (NYSE:PNM) to “Buy”

PNM Resources (NYSE:PNMGet Rating) was upgraded by equities researchers at Mizuho from a “neutral” rating to a “buy” rating in a research report issued on Wednesday, Marketbeat Ratings reports. The firm presently has a $52.00 price target on the utilities provider’s stock, down from their prior price target of $53.00. Mizuho’s target price would indicate a potential upside of 11.42% from the company’s previous close.

Separately, StockNews.com started coverage on shares of PNM Resources in a report on Thursday, March 31st. They issued a “hold” rating on the stock. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, PNM Resources presently has a consensus rating of “Hold” and a consensus price target of $49.00.

NYSE PNM opened at $46.67 on Wednesday. PNM Resources has a 52 week low of $43.43 and a 52 week high of $50.11. The company has a quick ratio of 0.34, a current ratio of 0.45 and a debt-to-equity ratio of 1.67. The business’s fifty day simple moving average is $46.65 and its 200-day simple moving average is $46.02. The firm has a market cap of $4.01 billion, a PE ratio of 20.65, a P/E/G ratio of 4.00 and a beta of 0.46.

PNM Resources (NYSE:PNMGet Rating) last posted its quarterly earnings results on Thursday, April 28th. The utilities provider reported $0.50 EPS for the quarter, topping the consensus estimate of $0.45 by $0.05. PNM Resources had a return on equity of 10.38% and a net margin of 10.68%. The business had revenue of $444.12 million for the quarter, compared to analyst estimates of $382.37 million. During the same quarter in the previous year, the firm earned $0.32 EPS. The company’s quarterly revenue was up 21.8% compared to the same quarter last year. Research analysts expect that PNM Resources will post 2.55 EPS for the current year.

Institutional investors have recently added to or reduced their stakes in the company. Dark Forest Capital Management LP purchased a new position in PNM Resources in the third quarter worth $31,000. Allegheny Financial Group LTD acquired a new stake in PNM Resources in the fourth quarter valued at $32,000. Lazard Asset Management LLC acquired a new stake in shares of PNM Resources during the fourth quarter valued at $32,000. CWM LLC acquired a new stake in shares of PNM Resources during the fourth quarter valued at $39,000. Finally, Trust Co. of Vermont acquired a new stake in shares of PNM Resources during the fourth quarter valued at $68,000. Institutional investors and hedge funds own 86.59% of the company’s stock.

About PNM Resources (Get Rating)

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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