Short Interest in PNM Resources, Inc. (NYSE:PNM) Rises By 31.4%

PNM Resources, Inc. (NYSE:PNM) was the target of a significant increase in short interest in the month of June. As of June 15th, there was short interest totalling 2,220,000 shares, an increase of 31.4% from the May 31st total of 1,690,000 shares. Based on an average daily trading volume, of 628,400 shares, the short-interest ratio is presently 3.5 days.

PNM Resources Stock Performance

Shares of PNM Resources stock opened at $36.98 on Friday. The company has a current ratio of 0.37, a quick ratio of 0.27 and a debt-to-equity ratio of 1.81. The business has a 50-day moving average price of $37.35 and a two-hundred day moving average price of $37.73. PNM Resources has a 1-year low of $34.63 and a 1-year high of $45.94. The company has a market cap of $3.34 billion, a P/E ratio of 40.64 and a beta of 0.38.

PNM Resources (NYSE:PNM) last issued its quarterly earnings results on Tuesday, April 30th. The utilities provider reported $0.41 earnings per share for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.27). The business had revenue of $436.90 million for the quarter, compared to analyst estimates of $531.00 million. PNM Resources had a return on equity of 9.91% and a net margin of 4.38%. The business’s revenue was down 19.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.55 earnings per share. As a group, analysts anticipate that PNM Resources will post 2.7 EPS for the current year.

Institutional Trading of PNM Resources

Several large investors have recently made changes to their positions in the company. LRI Investments LLC bought a new position in PNM Resources in the 1st quarter valued at about $30,000. GAMMA Investing LLC raised its holdings in shares of PNM Resources by 106.4% in the 1st quarter. GAMMA Investing LLC now owns 834 shares of the utilities provider’s stock worth $31,000 after purchasing an additional 430 shares during the period. Fortis Group Advisors LLC raised its holdings in shares of PNM Resources by 100.0% in the 4th quarter. Fortis Group Advisors LLC now owns 800 shares of the utilities provider’s stock worth $33,000 after purchasing an additional 400 shares during the period. Fifth Third Bancorp raised its holdings in shares of PNM Resources by 152.3% in the 1st quarter. Fifth Third Bancorp now owns 1,062 shares of the utilities provider’s stock worth $40,000 after purchasing an additional 641 shares during the period. Finally, International Assets Investment Management LLC raised its holdings in shares of PNM Resources by 4,061.5% in the 4th quarter. International Assets Investment Management LLC now owns 1,082 shares of the utilities provider’s stock worth $45,000 after purchasing an additional 1,056 shares during the period. 91.68% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Barclays boosted their price target on PNM Resources from $40.00 to $43.00 and gave the company an “overweight” rating in a research note on Monday, April 15th. StockNews.com upgraded PNM Resources from a “sell” rating to a “hold” rating in a research note on Tuesday. Finally, Evercore ISI assumed coverage on PNM Resources in a research note on Thursday, May 30th. They issued an “in-line” rating and a $38.00 price target for the company. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, PNM Resources has an average rating of “Hold” and a consensus price target of $43.40.

PNM Resources Company Profile

PNM Resources, 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.