HITE Hedge Asset Management LLC Acquires Shares of 537,121 TXNM Energy, Inc. $TXNM

Key Points

• HITE Hedge Asset Management LLC acquired 537,121 shares of TXNM Energy, valued at approximately $28.7 million, making it the 20th largest holding in their portfolio.
• TXNM Energy reported a Q2 earnings miss, with $0.25 EPS compared to the expected $0.46, despite a year-over-year revenue increase of 2.9% to $502.42 million.
• The company announced a quarterly dividend of $0.4075, scheduled for payment on August 22nd, representing a 2.9% yield for shareholders.

HITE Hedge Asset Management LLC purchased a new position in shares of TXNM Energy, Inc. (NYSE:TXNM - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 537,121 shares of the company's stock, valued at approximately $28,725,000. TXNM Energy comprises about 1.8% of HITE Hedge Asset Management LLC's investment portfolio, making the stock its 20th biggest position. HITE Hedge Asset Management LLC owned about 0.58% of TXNM Energy at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Principal Financial Group Inc. bought a new position in shares of TXNM Energy during the 1st quarter worth approximately $11,181,000. Allspring Global Investments Holdings LLC bought a new position in shares of TXNM Energy during the 1st quarter worth approximately $878,000. New York State Teachers Retirement System bought a new position in shares of TXNM Energy during the 1st quarter worth approximately $4,682,000. KBC Group NV bought a new position in shares of TXNM Energy during the 1st quarter worth approximately $188,000. Finally, Amalgamated Bank bought a new position in shares of TXNM Energy during the 1st quarter worth approximately $2,135,000. 91.68% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently commented on TXNM shares. Mizuho downgraded TXNM Energy from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 20th. Barclays reiterated an "overweight" rating and set a $61.00 target price (up from $57.00) on shares of TXNM Energy in a research note on Wednesday, May 21st. Wall Street Zen downgraded TXNM Energy from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Siebert Williams Shank downgraded TXNM Energy from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 23rd. Finally, Scotiabank boosted their price target on TXNM Energy from $55.00 to $60.00 and gave the company a "sector perform" rating in a research note on Tuesday, May 20th. Four research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, TXNM Energy presently has an average rating of "Moderate Buy" and an average target price of $54.86.

TXNM Energy Stock Performance

TXNM traded up $0.1750 during trading on Friday, hitting $56.7250. The stock had a trading volume of 1,239,047 shares, compared to its average volume of 1,175,085. The company has a 50 day moving average price of $56.67 and a 200-day moving average price of $54.25. The firm has a market cap of $5.98 billion, a price-to-earnings ratio of 29.24, a P/E/G ratio of 2.67 and a beta of 0.10. TXNM Energy, Inc. has a one year low of $40.47 and a one year high of $57.42. The company has a debt-to-equity ratio of 1.49, a current ratio of 0.51 and a quick ratio of 0.36.

TXNM Energy (NYSE:TXNM - Get Free Report) last released its quarterly earnings results on Friday, August 1st. The company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.46 by ($0.21). The firm had revenue of $502.42 million during the quarter, compared to the consensus estimate of $493.90 million. TXNM Energy had a net margin of 8.75% and a return on equity of 7.34%. The business's revenue was up 2.9% on a year-over-year basis. As a group, research analysts predict that TXNM Energy, Inc. will post 2.73 EPS for the current year.

TXNM Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 22nd. Shareholders of record on Friday, August 8th were issued a $0.4075 dividend. The ex-dividend date of this dividend was Friday, August 8th. This represents a $1.63 annualized dividend and a yield of 2.9%. TXNM Energy's payout ratio is currently 84.02%.

TXNM Energy Company Profile

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.