TXNM Energy (NYSE:TXNM) Sees Unusually-High Trading Volume on Analyst Upgrade

TXNM Energy, Inc. (NYSE:TXNM) shares saw unusually-strong trading volume on Tuesday after Scotiabank raised their price target on the stock from $55.00 to $60.00. Scotiabank currently has a sector perform rating on the stock. Approximately 1,169,509 shares traded hands during trading, an increase of 28% from the previous session’s volume of 913,533 shares.The stock last traded at $56.47 and had previously closed at $56.57.

Several other brokerages have also issued reports on TXNM. Barclays increased their price objective on TXNM Energy from $56.00 to $57.00 and gave the stock an “overweight” rating in a report on Tuesday, March 18th. Evercore ISI raised TXNM Energy from an “in-line” rating to an “outperform” rating and boosted their price target for the company from $51.00 to $54.00 in a research note on Tuesday, February 11th. Finally, Mizuho raised shares of TXNM Energy from a “neutral” rating to an “outperform” rating and set a $53.00 price objective on the stock in a research report on Tuesday, March 11th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $54.29.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of TXNM Energy by 12.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 297,350 shares of the company’s stock worth $15,902,000 after purchasing an additional 32,776 shares during the last quarter. Empowered Funds LLC acquired a new position in shares of TXNM Energy during the first quarter worth approximately $547,000. United Services Automobile Association acquired a new position in shares of TXNM Energy during the first quarter worth approximately $310,000. Resolution Capital Ltd boosted its position in shares of TXNM Energy by 17.4% in the first quarter. Resolution Capital Ltd now owns 145,954 shares of the company’s stock valued at $7,806,000 after acquiring an additional 21,621 shares during the period. Finally, Nexpoint Asset Management L.P. grew its stake in shares of TXNM Energy by 108.3% in the first quarter. Nexpoint Asset Management L.P. now owns 16,350 shares of the company’s stock worth $874,000 after acquiring an additional 8,500 shares during the last quarter. Institutional investors and hedge funds own 91.68% of the company’s stock.

TXNM Energy Price Performance

The firm has a market cap of $5.23 billion, a P/E ratio of 29.40, a price-to-earnings-growth ratio of 6.12 and a beta of 0.11. The stock’s 50-day moving average is $52.88 and its 200-day moving average is $50.07. The company has a quick ratio of 0.27, a current ratio of 0.36 and a debt-to-equity ratio of 1.80.

TXNM Energy (NYSE:TXNM) last posted its quarterly earnings data on Friday, May 9th. The company reported $0.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by ($0.01). TXNM Energy had a return on equity of 9.69% and a net margin of 9.26%. The company had revenue of $482.79 million for the quarter, compared to the consensus estimate of $451.01 million. The business’s revenue for the quarter was up 10.5% on a year-over-year basis. As a group, equities analysts anticipate that TXNM Energy, Inc. will post 2.73 EPS for the current fiscal year.

TXNM Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 16th. Shareholders of record on Friday, April 25th were given a $0.4075 dividend. The ex-dividend date was Friday, April 25th. This represents a $1.63 dividend on an annualized basis and a dividend yield of 2.89%. TXNM Energy’s dividend payout ratio is currently 72.44%.

About TXNM Energy

TXNM Energy, Inc, through its subsidiaries, provides electricity and electric services 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 engages in the generation, transmission, and distribution of electricity.