Gabelli & Co May Have Gained Confidence in PNM Resources (NYSE:PNM), Upgrades Stock


PNM Resources (NYSE:PNM) Stock Upgrade

The rating of PNM Resources (NYSE:PNM) shares have been upgraded by research analysts at Gabelli & Co from their previous Hold rating to a solid Buy via a recent report revealed to investors on Monday, 14 December. Gabelli & Co currently has a $36.0 target price shares and their target price would now indicate a possible upside of 26.45%.

From a total of 6 analysts covering PNM Resources (NYSE:PNM) stock, 5 rate it a ”Buy”, 0 a “Sell”, and 4 a ”Hold”. This means that 56% of the ratings are positive. The highest target price is $32 while the lowest target price is $29. The mean of all analyst targets is $31.33 with a 5.26% above today’s ($28.69) stock price. PNM Resources was the topic of 7 analyst reports since July 22, 2015 according to the firm StockzIntelligence Inc. Barclays Capital upgraded shares on November 30 to “Overweight” rating. Argus Research maintained PNM stock in a recent report from July 22 with “Buy” rating.

Approximately 131,513 shares of stock traded hands. PNM Resources Inc (NYSE:PNM) has risen 5.88% since May 11, 2015 and is uptrending. It has outperformed by 10.29% the S&P500.

The overall sentiment of institutions has decreased to 0.93 in Q2 2015. Its down 0.22, from 1.15 in 2015Q2. The ratio fall, as 33 institutions have sold all the shares of PNM Resources Inc that they owned while 68 funds have taken shares off the table. 23 funds have purchased shares for the first time while 71 added to their positions. These institutions now hold 64.03 million shares or 7.31% less than the 69.09 million shares they owned in 2015Q2.

The Fund Fiduciary Management Associates Llc currently is holding shares equating to 1.96% of its total portfolio in PNM Resources Inc representing a total of 1.07 million shares. Another fund,Monarch Partners Asset Management Llc, is holding a total of 511,125 shares equating to 1.75% of their holdings. Additionally, Green Arrow Capital Management Llc has a 246,547 share stake in PNM Resources Inc which represents 1.29% of their total portfolio. The Fund, Piermont Capital Management Inc., based out of Missouri, has also built up a stake in the stock, which represents a total of 0.98% of their total portfolio. Finally At Bancorp, a fund which is based in the state of Iowa reported a total holdings of 118,983 shares.

PNM Resources, Inc. is an investor-owned holding firm of energy and energy-related businesses. The company has a market cap of $2.26 billion. The Company’s business divisions include PNM, TNMP and Corporate and Other. It has 18.24 P/E ratio. PNM is an electric utility that provides electric generation, transmission, and distribution service to its rate-regulated customers.

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.”