Notable Runner: Could PNM Resources Inc Change Direction After Today’s Big Increase?

Notable Runner: Could PNM Resources Inc Change Direction After Today's Big Increase?

The stock of PNM Resources Inc (NYSE:PNM) is a huge mover today! The stock increased 2.82% or $0.9 during the last trading session, hitting $32.85. About 1.14M shares traded hands or 111.25% up from the average. PNM Resources Inc (NYSE:PNM) has declined 5.64% since March 29, 2016 and is downtrending. It has underperformed by 9.12% the S&P500.
The move comes after 7 months positive chart setup for the $2.64 billion company. It was reported on Oct, 31 by Barchart.com. We have $43.69 PT which if reached, will make NYSE:PNM worth $871.20M more.

Analysts await PNM Resources Inc (NYSE:PNM) to report earnings on November, 4. They expect $0.80 EPS, up 5.26% or $0.04 from last year’s $0.76 per share. PNM’s profit will be $64.29M for 10.27 P/E if the $0.80 EPS becomes a reality. After $0.40 actual EPS reported by PNM Resources Inc for the previous quarter, Wall Street now forecasts 100.00% EPS growth.

PNM Resources Inc (NYSE:PNM) Ratings Coverage

Out of 6 analysts covering PNM Resources (NYSE:PNM), 5 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 83% are positive. PNM Resources has been the topic of 18 analyst reports since July 22, 2015 according to StockzIntelligence Inc. The rating was maintained by SunTrust with “Neutral” on Monday, September 26. The firm has “Buy” rating given on Wednesday, July 22 by Argus Research. The rating was upgraded by Barclays Capital to “Overweight” on Monday, November 30. Gabelli upgraded the shares of PNM in a report on Monday, December 14 to “Buy” rating. The firm has “Buy” rating by Williams Capital Group given on Tuesday, October 4. The rating was downgraded by Zacks on Wednesday, August 5 to “Buy”. Barclays Capital maintained the stock with “Overweight” rating in Thursday, September 29 report. Jefferies upgraded the stock to “Buy” rating in Tuesday, September 20 report. The rating was maintained by Argus Research on Thursday, September 22 with “Buy”. The firm has “Hold” rating by Jefferies given on Thursday, March 24.

According to Zacks Investment Research, “PNM Resources is an energy holding company based in Albuquerque, New Mexico. Its principal subsidiary is Public Service Company of New Mexico, which provides electric power and natural gas utility services to more than 1.3 million people in New Mexico. The company also sells power on the wholesale market in the Western U.S.”

Insitutional Activity: The institutional sentiment decreased to 1.18 in 2016 Q2. Its down 0.28, from 1.46 in 2016Q1. The ratio turned negative, as 19 funds sold all PNM Resources Inc shares owned while 72 reduced positions. 26 funds bought stakes while 81 increased positions. They now own 72.87 million shares or 0.92% more from 72.20 million shares in 2016Q1.
Sg Americas Lc holds 0.01% or 25,937 shares in its portfolio. Tiaa Cref Invest has 373,223 shares for 0.01% of their US portfolio. Moreover, Teacher Retirement Of Texas has 0% invested in PNM Resources Inc (NYSE:PNM) for 11,127 shares. Putnam Ltd Company last reported 0.01% of its portfolio in the stock. Blackrock Institutional Tru Com Na, a California-based fund reported 2.37 million shares. Allianz Asset Mgmt Ag, a Germany-based fund reported 113,236 shares. Proshare Advsrs Ltd Liability last reported 0.01% of its portfolio in the stock. Prudential Financial Incorporated holds 90,437 shares or 0.01% of its portfolio. Advsrs Asset Inc holds 0.02% of its portfolio in PNM Resources Inc (NYSE:PNM) for 40,070 shares. Barclays Public Llc has 0% invested in the company for 10,443 shares. Jefferies Gp Limited Liability, a New York-based fund reported 9,001 shares. Blackrock Gru Limited has 0% invested in the company for 63,310 shares. Next Fincl holds 555 shares or 0.01% of its portfolio. Weaver C Barksdale & Assocs reported 195 shares or 0.01% of all its holdings. Moreover, Lazard Asset Mngmt has 0.03% invested in PNM Resources Inc (NYSE:PNM) for 404,880 shares.

More recent PNM Resources Inc (NYSE:PNM) news were published by: Prnewswire.com which released: “PNM Resources Reports Third Quarter Results” on October 28, 2016. Also Nasdaq.com published the news titled: “PNM Resources Inc. Announces 91% Fall In Q2 Bottom Line” on August 08, 2016. Prnewswire.com‘s news article titled: “PNM Resources Applauds Facebook Selection of New Mexico as Site for New Data …” with publication date: September 14, 2016 was also an interesting one.

PNM Company Profile

PNM Resources, Inc. (PNMR), incorporated on March 3, 2000, is an investor-owned holding firm 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 and Subsidiaries (PNM) and Texas-New Mexico Power Company and Subsidiaries (TNMP). It operates in three divisions: PNM, TNMP, and Corporate and Other.

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