PNM Resources Inc (NYSE:PNM) Short Interest Down 13.9% in June

PNM Resources Inc (NYSE:PNM) was the recipient of a large decrease in short interest in June. As of June 30th, there was short interest totalling 1,133,300 shares, a decrease of 13.9% from the May 30th total of 1,315,900 shares. Based on an average daily volume of 375,300 shares, the short-interest ratio is currently 3.0 days. Approximately 1.4% of the company’s stock are sold short.

NYSE:PNM traded down $0.89 during mid-day trading on Friday, hitting $49.51. The stock had a trading volume of 558,233 shares, compared to its average volume of 350,639. PNM Resources has a twelve month low of $37.17 and a twelve month high of $52.10. The firm has a market cap of $4.01 billion, a PE ratio of 24.76, a price-to-earnings-growth ratio of 4.26 and a beta of 0.29. The stock has a 50 day simple moving average of $49.85. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.59 and a current ratio of 0.69.

PNM Resources (NYSE:PNM) last issued its earnings results on Tuesday, May 7th. The utilities provider reported $0.13 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.11 by $0.02. The business had revenue of $349.65 million during the quarter, compared to the consensus estimate of $273.12 million. PNM Resources had a net margin of 6.10% and a return on equity of 8.68%. PNM Resources’s revenue was up 10.0% on a year-over-year basis. During the same period last year, the business posted $0.21 EPS. Equities analysts anticipate that PNM Resources will post 2.16 earnings per share for the current year.

A number of hedge funds have recently modified their holdings of the business. Mason Street Advisors LLC lifted its position in PNM Resources by 1.5% during the first quarter. Mason Street Advisors LLC now owns 42,358 shares of the utilities provider’s stock worth $2,005,000 after acquiring an additional 635 shares during the last quarter. Van ECK Associates Corp lifted its position in PNM Resources by 5.6% during the fourth quarter. Van ECK Associates Corp now owns 15,651 shares of the utilities provider’s stock worth $643,000 after acquiring an additional 833 shares during the last quarter. Virginia Retirement Systems ET AL lifted its position in PNM Resources by 0.6% during the first quarter. Virginia Retirement Systems ET AL now owns 171,000 shares of the utilities provider’s stock worth $8,095,000 after acquiring an additional 1,000 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in PNM Resources by 38.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 3,925 shares of the utilities provider’s stock worth $162,000 after acquiring an additional 1,100 shares during the last quarter. Finally, First Citizens Bank & Trust Co. lifted its position in PNM Resources by 17.5% during the first quarter. First Citizens Bank & Trust Co. now owns 8,907 shares of the utilities provider’s stock worth $422,000 after acquiring an additional 1,324 shares during the last quarter. Hedge funds and other institutional investors own 90.15% of the company’s stock.

A number of research firms have issued reports on PNM. Wells Fargo & Co reiterated a “buy” rating on shares of Allergan in a report on Monday, June 10th. Williams Capital restated a “hold” rating on shares of Southwest Gas in a research note on Monday, March 18th. Zacks Investment Research downgraded shares of ExlService from a “hold” rating to a “sell” rating in a research note on Wednesday. Barclays restated a “top pick” rating and set a GBX 3,250 ($42.47) price objective on shares of in a research note on Wednesday, June 19th. Finally, UBS Group downgraded shares of to a “sell” rating and raised their target price for the company from GBX 530 ($6.93) to GBX 540 ($7.06) in a research note on Wednesday, June 12th. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $48.28.

About PNM Resources

PNM Resources, Inc, through its subsidiaries, engages in the energy and energy-related businesses 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 is primarily involved in the generation, transmission, and distribution of electricity.

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