Wells Fargo Sticks to Their Hold Rating for Pnm Resources (PNM)

By Jason Carr

Wells Fargo analyst Jonathan Reeder maintained a Hold rating on Pnm Resources (PNMResearch Report) today. The company’s shares closed last Friday at $39.06.

According to TipRanks.com, Reeder is a 4-star analyst with an average return of 6.0% and a 64.3% success rate. Reeder covers the Utilities sector, focusing on stocks such as American States Water Company, Brookfield Infrastructure, and California Water Service.

Currently, the analyst consensus on Pnm Resources is a Hold with an average price target of $45.50, implying a 14.2% upside from current levels. In a report issued on April 21, Barclays also maintained a Hold rating on the stock with a $47.00 price target.

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Based on Pnm Resources’ latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $334 million and GAAP net loss of $15.13 million. In comparison, last year the company earned revenue of $350 million and had a net profit of $18.83 million.

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Public Service Co. of New Mexico provides electricity and electric services. It offers payment options, billing, save money and energy and business energy analyzer. The company was founded in 1917 and is headquartered in Albuquerque, NM.