PNM Resources Inc (NYSE:PNM) Declares $0.31 Quarterly Dividend

PNM Resources Inc (NYSE:PNM) announced a quarterly dividend on Tuesday, July 28th, Zacks reports. Stockholders of record on Friday, August 7th will be paid a dividend of 0.308 per share by the utilities provider on Friday, August 14th. This represents a $1.23 annualized dividend and a dividend yield of 3.00%. The ex-dividend date is Thursday, August 6th.

PNM Resources has increased its dividend by an average of 31.8% per year over the last three years and has raised its dividend every year for the last 8 years. PNM Resources has a dividend payout ratio of 56.7% meaning its dividend is sufficiently covered by earnings. Equities analysts expect PNM Resources to earn $2.27 per share next year, which means the company should continue to be able to cover its $1.23 annual dividend with an expected future payout ratio of 54.2%.

NYSE:PNM traded down $0.74 during midday trading on Thursday, hitting $41.10. The stock had a trading volume of 4,275 shares, compared to its average volume of 376,124. PNM Resources has a one year low of $27.08 and a one year high of $56.14. The company has a market capitalization of $3.34 billion, a price-to-earnings ratio of 76.26, a PEG ratio of 3.08 and a beta of 0.56. The stock has a 50-day moving average of $39.32 and a 200 day moving average of $43.56. The company has a quick ratio of 0.19, a current ratio of 0.26 and a debt-to-equity ratio of 1.46.

Several research analysts recently issued reports on PNM shares. Zacks Investment Research cut PNM Resources from a “buy” rating to a “hold” rating and set a $41.00 price objective on the stock. in a research note on Tuesday, May 26th. Bank of America dropped their target price on PNM Resources from $47.00 to $43.00 and set a “buy” rating on the stock in a research report on Monday, May 4th. Mizuho increased their target price on PNM Resources from $43.00 to $45.00 and gave the company a “buy” rating in a research report on Wednesday, June 3rd. Barclays raised PNM Resources from an “equal weight” rating to an “overweight” rating and dropped their target price for the company from $47.00 to $44.00 in a research report on Friday, May 15th. Finally, Royal Bank of Canada reissued a “hold” rating and issued a $46.00 price objective on shares of PNM Resources in a research report on Thursday, April 30th. Six investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $45.89.

About PNM Resources

PNM Resources, Inc, through its subsidiaries, engages in the energy and energy-related businesses 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 is primarily involved in the generation, transmission, and distribution of electricity.

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Dividend History for PNM Resources (NYSE:PNM)

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