PNM Resources, Inc. (NYSE:PNM) Short Interest Update

PNM Resources, Inc. (NYSE:PNM – Get Rating) was the target of a significant increase in short interest during the month of July. As of July 15th, there was short interest totalling 4,830,000 shares, an increase of 37.6% from the June 30th total of 3,510,000 shares. Based on an average daily trading volume, of 619,000 shares, the short-interest ratio is currently 7.8 days. Currently, 5.7% of the shares of the company are short sold.

PNM Resources Stock Performance

PNM opened at $48.27 on Monday. The firm has a market cap of $4.14 billion, a P/E ratio of 21.36, a PEG ratio of 3.65 and a beta of 0.44. PNM Resources has a 1-year low of $43.43 and a 1-year high of $50.11. The company has a 50 day simple moving average of $46.97 and a two-hundred day simple moving average of $46.41. The company has a debt-to-equity ratio of 1.67, a current ratio of 0.45 and a quick ratio of 0.34.

PNM Resources (NYSE:PNM – Get Rating) last posted its quarterly earnings results on Thursday, April 28th. The utilities provider reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.45 by $0.05. PNM Resources had a net margin of 10.68% and a return on equity of 10.38%. The business had revenue of $444.12 million during the quarter, compared to analyst estimates of $382.37 million. During the same period in the prior year, the business posted $0.32 earnings per share. The company’s revenue was up 21.8% on a year-over-year basis. Equities analysts forecast that PNM Resources will post 2.6 earnings per share for the current fiscal year.

Analyst Ratings Changes

Separately, Mizuho raised shares of PNM Resources from a “neutral” rating to a “buy” rating and reduced their target price for the company from $53.00 to $52.00 in a report on Wednesday, June 22nd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, PNM Resources currently has a consensus rating of “Hold” and an average price target of $49.00.

Hedge Funds Weigh In On PNM Resources

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. SG Americas Securities LLC boosted its position in shares of PNM Resources by 385.9% during the second quarter. SG Americas Securities LLC now owns 27,106 shares of the utilities provider’s stock worth $1,295,000 after acquiring an additional 21,528 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of PNM Resources by 39.8% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 83,183 shares of the utilities provider’s stock worth $3,974,000 after acquiring an additional 23,701 shares during the last quarter. Strs Ohio boosted its position in shares of PNM Resources by 21.7% during the second quarter. Strs Ohio now owns 8,400 shares of the utilities provider’s stock worth $401,000 after acquiring an additional 1,500 shares during the last quarter. Exchange Traded Concepts LLC boosted its position in shares of PNM Resources by 2.3% during the second quarter. Exchange Traded Concepts LLC now owns 13,255 shares of the utilities provider’s stock worth $633,000 after acquiring an additional 304 shares during the last quarter. Finally, Trust Co. of Vermont bought a new position in shares of PNM Resources during the second quarter worth $72,000. Institutional investors own 86.59% of the company’s stock.

PNM Resources Company Profile

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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.