PNM Resources Inc. (NYSE: PNM) Stock Upgraded at Jefferies Group

Analysts at Jefferies Group upgraded shares of PNM Resources Inc. (NYSE: PNM) from Hold to Buy today. With a rating of Buy on the stock, PNM Resources Inc. has a 52-week high of $36.15. A number of other analysts have issued reports on the company recently, and PNM Resources Inc. has secured a consensus one-year price target of $36.20, higher than the opening price of $33.54. Stock prices sometimes get a bounce to the upside when analysts upgrade a stock.

U.S. stocks closed higher Tuesday as investors anticipate the results of meetings from the Federal Reserve and the Bank of Japan.

The Dow Jones Industrial Average DJIA, +0.05% rose 9.79 points, or less than 0.1%, to close at 18,129.96.

The S&P 500 index SPX, +0.03% advanced 0.64 points to finish at 2,139.76, led by gains in the health-care and consumer-staples sectors.

The Nasdaq Composite index COMP, +0.12% gained 6.33 points, or 0.1%, to close at 5,241.35.

Yesterday PNM Resources Inc. (NYSE: PNM) shares last traded at $33.50, which represents an increase of $0.49 from the previous closing price. Opening at $33.54, they fluctuated from $33.29 and $33.88 throughout the day.

PNM Resources Inc. (NYSE: PNM) now has a market cap of 2.67B.

The stock’s average daily volume is 535,745 shares out of a total float 79,027,000 and some 719,773 shares crossed the trading desk yesterday, 20 percent higher than the average. Heavy volume accumulation by institutional investors may be in the near future as the combination of large expansions in trading volume and price inflation can be indicative components.

While higher trading for short periods will not mean much, conversely, a trend of heavy trading volume on the buy side over a period of days or weeks expresses a positive signal to market traders that institutions may be moving in, so institutional sponsorship is crucial.

Institutional sponsorship just refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.

Institutional investors such as these have teams of analysts researching thousands of stocks, so it is good confirmation to see them taking a postion in a stock you’re researching.

By spotting trends, moving averages allow investors to make those trends work in their favor and increase the number of successful trades.

With that in mind, PNM Resources Inc. (NYSE: PNM) now has a 50-day MA of $32.64 and 200-day MA of $33.14. It has traded in a 52-week range between $25.92 – 36.15 and today’s last price is 0.07% lower than the 52 week high of $36.15.

Indeed, earnings growth is among the most important things to look at in regards to stock investing and, accordingly, investors identify companies that have raised their earnings at least 25% or more for the past 3 years.

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