PNM Resources (NYSE:PNM) downgraded its rating on Mizuho to Neutral

PNM Resources (NYSE:PNM – Get Assessment) was downgraded to a “neutral” rating from a “buy” rating by Mizuho equity analysts in a research note issued to investors on Monday, reports The Fly.

Other research analysts have also recently issued research reports on the company. Wells Fargo & Company raised its price target on PNM Resources to $48.00 in a research note on Wednesday, December 14th. StockNews.com assumed coverage of PNM Resources in a Research Note on Wednesday, October 12th. They gave the company a “hold” rating.

PNM Resources shares up 0.2%

PNM stock opened at $49.02 on Monday. The stock has a market cap of $4.21 billion, a P/E of 25.53, a price-to-earnings-to-growth ratio of 4.37, and a beta of 0.41. The company has a current ratio of 0.61, a quick ratio of 0.52 and a debt to equity ratio of 1.73. PNM Resources has a 12-month low of $43.43 and a 12-month high of $49.31. The company has a 50-day moving average price of $48.35 and a 200-day moving average price of $47.65.

PNM Resources (NYSE:PNM – Get Rating) last announced its earnings results on Friday, November 4th. The utility reported earnings per share of $1.46 for the quarter, beating analyst consensus estimates of $1.29 by $0.17. PNM Resources had a net margin of 8.03% and a return on equity of 10.72%. The company had revenue of $729.89 million for the quarter. As a group, equity analysts expect PNM Resources to post 2.66 EPS for the current fiscal year.

Institutional trading of PNM resources

A number of institutional investors and hedge funds have recently added to or reduced their holdings in PNM. Franklin Resources Inc. increased its position in PNM Resources by 5,074.9% during the second quarter. Franklin Resources Inc. now owns 1,014,439 shares of the utility worth $48,470,000 after purchasing an additional 994,836 shares during the period. Grantham Mayo Van Otterloo & Co. LLC increased its position in PNM Resources by 697.7% during the third quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 984,782 shares of the utility worth $45,034,000 after purchasing an additional 861,328 shares during the period. Citadel Advisors LLC increased its position in PNM Resources by 101.2% during the third quarter. Citadel Advisors LLC now owns 1,365,336 shares of the utility worth $62,437,000 after purchasing an additional 686,696 shares during the period. The Healthcare of Ontario Pension Plan Trust Fund increased its position in shares of PNM Resources by 101.7% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,244,400 shares of the utility worth $56,906,000 after purchasing an additional 627,400 shares during the period. Finally, State Street Corp added 17.5% to its position in PNM Resources during the first quarter. State Street Corp now owns 3,160,826 shares of the utility worth $150,677,000 after purchasing an additional 471,143 shares during the period. Institutional investors and hedge funds own 89.88% of the company’s shares.

Corporate Profile of PNM Resources

(received rating)

PNM Resources, Inc, through its subsidiaries, provides power and electrical services in the United States. It operates through the Public Service Company of New Mexico (PNM) and Texas-New Mexico Power Company (TNMP) segments. The PNM segment is engaged in the generation, transmission and distribution of electricity.

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