PNM Resources Inc [NYSE: PNM] stock went on a downward path that fall over -1.07% on Wednesday, amounting to a one-week price increase of more than 0.56%. The company report on January 4, 2024 at 3:14 PM that NMPRC Issues Decision in PNM Rate Review.
The New Mexico Public Regulation Commission (NMPRC) issued an order in the application for a 2024 change in customer base rates by Public Service Company of New Mexico (PNM), a wholly-owned subsidiary of PNM Resources (NYSE: PNM).
The order modified the recommended decision in the case and equates to an estimated increase in base rates of $15.3 million, based on a 9.26% return on equity and a 50% equity capitalization structure on $2,557 million of rate base. PNM had requested a $63.8 million increase to base rates. PNM’s current authorized rates are based on a 9.575% return on equity with a 50% equity capitalization ratio.
Over the last 12 months, PNM stock dropped by -27.21%. The one-year PNM Resources Inc stock forecast points to a potential upside of 19.63. The average equity rating for PNM stock is currently 2.00, trading closer to a bullish pattern in the stock market.
The market cap for the stock reached $3.09 billion, with 85.83 million shares outstanding and 84.76 million shares in the current float. Compared to the average trading volume of 1.22M shares, PNM stock reached a trading volume of 3412988 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Guru’s Opinion on PNM Resources Inc [PNM]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for PNM shares is $44.83 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on PNM stock is a recommendation set at 2.00. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Wells Fargo have made an estimate for PNM Resources Inc shares, keeping their opinion on the stock as Overweight, with their previous recommendation back on January 03, 2024.
The Average True Range (ATR) for PNM Resources Inc is set at 0.85, with the Price to Sales ratio for PNM stock in the period of the last 12 months amounting to 1.47. The Price to Book ratio for the last quarter was 1.38, with the Price to Cash per share for the same quarter was set at 0.09.
PNM Stock Performance Analysis:
PNM Resources Inc [PNM] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 0.56. With this latest performance, PNM shares dropped by -15.56% in over the last four-week period, additionally sinking by -20.41% over the last 6 months – not to mention a drop of -27.21% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for PNM stock in for the last two-week period is set at 23.90, with the RSI for the last a single of trading hit 22.57, and the three-weeks RSI is set at 26.20 for PNM Resources Inc [PNM]. The present Moving Average for the last 50 days of trading for this stock 40.80, while it was recorded at 36.20 for the last single week of trading, and 44.19 for the last 200 days.
Insight into PNM Resources Inc Fundamentals:
PNM Resources Inc’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.27 and a Current Ratio set at 0.33.
PNM Stock EPS
With the latest financial reports released by the company, PNM Resources Inc posted 0.15/share EPS, while the average EPS was predicted by analysts to be reported at 0.16/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -6.30%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for PNM. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for PNM Resources Inc go to 6.25%.
PNM Resources Inc [PNM] Institutonal Ownership Details
The top three institutional holders of PNM stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in PNM stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in PNM stock with ownership which is approximately 5.8325%.
