PNM Resources Inc (PNM) To Go Ex-Dividend on August 6th

PNM Resources Inc (NYSE:PNM) announced a quarterly dividend on Tuesday, July 28th, Zacks reports. Stockholders of record on Friday, August 7th will be given a dividend of 0.308 per share by the utilities provider on Friday, August 14th. This represents a $1.23 dividend on an annualized basis and a dividend yield of 2.99%. The ex-dividend date is Thursday, August 6th.

PNM Resources has raised its dividend payment by an average of 31.8% per year over the last three years and has increased its dividend annually for the last 8 consecutive years. PNM Resources has a payout ratio of 56.7% indicating that 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 $0.66 during trading hours on Thursday, hitting $41.18. The company’s stock had a trading volume of 5,153 shares, compared to its average volume of 376,124. The stock has a market capitalization of $3.34 billion, a P/E ratio of 76.26, a price-to-earnings-growth ratio of 3.08 and a beta of 0.56. The stock has a fifty day moving average of $39.32 and a 200-day moving average of $43.56. The company has a current ratio of 0.26, a quick ratio of 0.19 and a debt-to-equity ratio of 1.46. PNM Resources has a 52-week low of $27.08 and a 52-week high of $56.14.

Several equities analysts recently commented on PNM shares. UBS Group increased their target price on PNM Resources from $45.00 to $49.00 and gave the company a “buy” rating in a report on Friday, June 5th. Zacks Investment Research lowered PNM Resources from a “buy” rating to a “hold” rating and set a $41.00 price objective on the stock. in a report on Tuesday, May 26th. Barclays raised PNM Resources from an “equal weight” rating to an “overweight” rating and dropped their price objective for the stock from $47.00 to $44.00 in a report on Friday, May 15th. Wells Fargo & Co reaffirmed a “hold” rating on shares of PNM Resources in a report on Friday, May 1st. Finally, Bank of America dropped their price objective on PNM Resources from $47.00 to $43.00 and set a “buy” rating on the stock in a report on Monday, May 4th. Six research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price 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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