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PNM

PNM Resources

$48.77

-0.06 (-0.12%)

16:29
12/06/19
12/06
16:29
12/06/19
16:29

PNM Resources raises quarterly dividend 6% to 30.75c per share

The Board of Directors of PNM Resources unanimously voted to increase the company's annual dividend payment by 7c, a 6% increase, to an indicated annual rate of $1.23 per share of common stock. This is consistent with the company's target to pay out 50%-60% of annual ongoing earnings. The board has declared the resulting quarterly stock dividend of 30.75c per share, payable February 14, 2020, to shareholders of record at the close of business February 3, 2020.

PNM PNM Resources
$48.77

-0.06 (-0.12%)

09/30/19
BOFA
09/30/19
UPGRADE
Target $56
BOFA
Buy
PNM Resources upgraded to Buy on likelihood of NM plan success at BofA/Merrill
As previously reported, BofA Merrill Lynch analyst Julien Dumoulin-Smith upgraded PNM Resources to Buy from Neutral and raised his price target on the shares to $56 from $51, citing his view that a positive Supreme Court decision seems likely, which would allow the company to continue with its plan to abandon, securitize and replace the New Mexico San Juan coal plant. He also raised his EPS estimates in 2022 to account for confidence in PNM's latest capex and financing plan.
10/07/19
EVER
10/07/19
NO CHANGE
Target $44
EVER
In Line
New Mexico Supreme Court decision a setback for PNM Resources, says Evercore ISI
Evercore ISI analyst Greg Gordon noted that New Mexico's Supreme Court declined to rule on the applicability of the Energy Transition Act to filings with the PRC last week, which he called a setback for PNM Resources. He believes the court may have chosen not to rule on this topic because of its pre-emptive nature and thinks PNM is likely to appeal an unfavorable decision, though the question will then be whether the Court will then hear the appeal, Gordon tells investors. He maintains an In Line rating and $44 price target on PNM Resources shares.
11/21/19
LEHM
11/21/19
UPGRADE
Target $51
LEHM
Equal Weight
PNM Resources upgraded to Equal Weight from Underweight at Barclays
Barclays analyst Eric Beaumont upgraded PNM Resources to Equal Weight from Underweight with a $51 price target.
11/21/19
LEHM
11/21/19
NO CHANGE
LEHM
Barclays makes seven rating changes in North America Power & Utilities
Following company updates from Q3 reports and the Edison Electric Institute Financial Forum Conference, combined with regulatory actions and relative performance, Barclays analyst Eric Beaumont updated adjusted his ratings and estimates in the North America Power & Utilities space. The analyst upgraded Duke Energy (DUK), Pinnacle West (PNW) and Alliant Energy (LNT) to Overweight from Equal Weight. Duke and Pinnacle West have "underperformed meaningfully based on idiosyncratic issues," says the analyst, who sees "compelling relative upside" in the stocks. Further, Alliant needs less equity than assumed and has improved regulatory treatment, adds Beaumont. The analyst also upgraded PNM Resources (PNM) to Equal Weight from Underweight following the stock's underperformance. Further, he downgraded both CenterPoint Energy (CNP) and PSEG (PEG) to Equal Weight from Overweight. CenterPoint appears to be headed towards a "significantly adverse" regulatory outcome for Houston Electric, and PSEG's Q3 disclosures resulted in lower earnings at PEGP Power, contends Beaumont. The analyst also downgraded Consolidated Edison (ED) to Underweight from Equal Weight. HE says the company received a fair order in the CECONY rate case, but will be challenged to hit the high end of the performance range.

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