Short Interest in PNM Resources, Inc. (NYSE:PNM) Rises By 37.3%

PNM Resources, Inc. (NYSE:PNM) was the recipient of a significant growth in short interest during the month of August. As of August 31st, there was short interest totalling 3,350,000 shares, a growth of 37.3% from the August 15th total of 2,440,000 shares. Based on an average daily trading volume, of 615,100 shares, the days-to-cover ratio is presently 5.4 days. Currently, 4.0% of the shares of the stock are sold short.

Shares of PNM traded up $0.05 during mid-day trading on Tuesday, hitting $49.57. 8,812 shares of the company traded hands, compared to its average volume of 829,129. The business has a 50-day moving average of $48.87 and a 200 day moving average of $48.99. PNM Resources has a one year low of $39.26 and a one year high of $50.25. The stock has a market capitalization of $4.25 billion, a price-to-earnings ratio of 20.21, a PEG ratio of 4.20 and a beta of 0.53. The company has a current ratio of 0.62, a quick ratio of 0.52 and a debt-to-equity ratio of 1.49.

PNM Resources (NYSE:PNM) last announced its quarterly earnings data on Friday, July 30th. The utilities provider reported $0.55 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.46 by $0.09. The business had revenue of $426.54 million for the quarter, compared to analyst estimates of $345.08 million. PNM Resources had a net margin of 12.46% and a return on equity of 9.79%. PNM Resources’s revenue was up 19.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.55 earnings per share. As a group, analysts anticipate that PNM Resources will post 2.28 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, August 13th. Shareholders of record on Friday, August 6th were issued a $0.327 dividend. The ex-dividend date was Thursday, August 5th. This represents a $1.31 annualized dividend and a yield of 2.64%. PNM Resources’s dividend payout ratio (DPR) is presently 57.46%.

Separately, Argus cut shares of PNM Resources from a “buy” rating to a “hold” rating in a research note on Wednesday, August 25th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $50.20.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Weiss Multi Strategy Advisers LLC raised its holdings in PNM Resources by 171.4% in the second quarter. Weiss Multi Strategy Advisers LLC now owns 557,470 shares of the utilities provider’s stock worth $27,188,000 after purchasing an additional 352,099 shares during the period. Invesco Ltd. increased its position in shares of PNM Resources by 34.5% during the second quarter. Invesco Ltd. now owns 169,520 shares of the utilities provider’s stock worth $8,267,000 after acquiring an additional 43,509 shares in the last quarter. Metropolitan Life Insurance Co NY increased its position in shares of PNM Resources by 99,548.6% during the second quarter. Metropolitan Life Insurance Co NY now owns 36,870 shares of the utilities provider’s stock worth $1,798,000 after acquiring an additional 36,833 shares in the last quarter. Millennium Management LLC increased its position in shares of PNM Resources by 32.4% during the second quarter. Millennium Management LLC now owns 2,871,930 shares of the utilities provider’s stock worth $140,064,000 after acquiring an additional 702,828 shares in the last quarter. Finally, Man Group plc increased its position in shares of PNM Resources by 20.4% during the second quarter. Man Group plc now owns 140,929 shares of the utilities provider’s stock worth $6,873,000 after acquiring an additional 23,912 shares in the last quarter. Institutional investors own 83.26% of the company’s stock.

PNM Resources Company Profile

PNM Resources, Inc operates as an investor-owned holding company, which provides electricity and electric services in New Mexico and Texas. It operates through the following segments: Public Service Company of New Mexico (PNM), Texas-New Mexico Power Company (TNMP), and Corporate and Other. The PNM segment includes the retail electric utility operations of the company.

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