Bank of America Begins Coverage on PNM Resources, Inc. (Holding Co (PNM) With An Initial Rating Of “Underperform”


PNM Resources, Inc. (Holding Co (NYSE:PNM).

On August 18 the company was downgraded from “Outperform” to “Sector Perform” by analysts at RBC Capital.

The company is so far trading up since yesterday’s close of 42.2. The company recently announced a dividend for shareholders to be paid on Tuesday the 14th of November 2017. The dividend will be $0.243 per share for the quarter or $0.97 annualized. This dividend represents a yield of $2.30 which is the dividend as a percentage of the current share price. The ex-dividend date will be Thursday August 3rd, 2017.

Company shares last traded at $42.25 which is slightly above $41.51, the 50 day moving average and just a bit higher than the 200 day moving average of $39.62. The 50 day moving average was up $0.74 or +1.78% and the 200 day average went up by +6.65%.

PNM Resources, Inc. (PNMR), launched on March 3, 2000, is an investor-owned holding company with approximately two regulated utilities providing electricity and electric services in New Mexico and Texas. PNMR’s electric utilities are Public Service Company of New Mexico (PNM) and Texas-New Mexico Power Company (TNMP). It operates in three segments: PNM, TNMP, and Corporate and Other. The Company, through its Website, provides information, including news releases, notices of Webcasts, and filings with the Securities and Exchange Commission (SEC)..

The most current P/E ratio is 24.28 and the market cap of the company is 3.37B. In the latest earnings report the EPS was $1.74 and is estimated to be $1.85 for the current year with 79,653,000 shares presently outstanding. Analysts expect next quarter’s EPS to be $0.25 with next year’s EPS anticipated to be $1.76.

Investors are feeling more bullish lately as indicated by the change in short interest. The company saw a fall in short interest between September 15, 2017 and September 29, 2017 of -3.06%. Short interest decreased from 1,995,587 to 1,934,545 over that timeframe. With short interest at 1,934,545 and short average daily volume at 590,455, days to cover is 3.0 and the short interest percentage is 0.01% as of September 29.