PNM Resources Inc (NYSE:PNM) Sees Significant Increase in Short Interest
PNM Resources Inc (NYSE:PNM) was the target of a large growth in short interest in July. As of July 31st, there was short interest totalling 958,600 shares, a growth of 18.4% from the June 30th total of 809,500 shares. Based on an average daily trading volume, of 396,400 shares, the days-to-cover ratio is presently 2.4 days. Approximately 1.2% of the shares of the stock are sold short.
Several large investors have recently bought and sold shares of the company. Renaissance Technologies LLC lifted its stake in shares of PNM Resources by 0.3% in the 2nd quarter. Renaissance Technologies LLC now owns 2,532,700 shares of the utilities provider’s stock valued at $128,940,000 after purchasing an additional 6,900 shares during the last quarter. Northern Trust Corp lifted its stake in shares of PNM Resources by 1.1% in the 2nd quarter. Northern Trust Corp now owns 2,200,925 shares of the utilities provider’s stock valued at $112,049,000 after purchasing an additional 24,958 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of PNM Resources by 1.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,753,107 shares of the utilities provider’s stock valued at $72,035,000 after purchasing an additional 33,289 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of PNM Resources by 2.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,073,219 shares of the utilities provider’s stock valued at $54,638,000 after purchasing an additional 21,752 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of PNM Resources by 10.3% in the 4th quarter. Geode Capital Management LLC now owns 872,225 shares of the utilities provider’s stock valued at $35,839,000 after purchasing an additional 81,603 shares during the last quarter. 89.29% of the stock is owned by institutional investors and hedge funds.
Several equities analysts have weighed in on the company. Zacks Investment Research cut PNM Resources from a “hold” rating to a “sell” rating in a report on Wednesday, July 31st. Wells Fargo & Co set a $52.00 price target on PNM Resources and gave the company a “hold” rating in a report on Monday, July 15th. Bank of America upgraded PNM Resources from an “underperform” rating to a “neutral” rating and set a $48.00 price target for the company in a report on Thursday, April 25th. Barclays restated a “sell” rating and set a $49.00 price target on shares of PNM Resources in a report on Wednesday, June 19th. Finally, UBS Group upgraded PNM Resources from a “sell” rating to a “neutral” rating and set a $49.15 price target for the company in a report on Wednesday, June 12th. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company. PNM Resources currently has a consensus rating of “Hold” and an average price target of $50.19.
PNM Resources (NYSE:PNM) last posted its quarterly earnings data on Friday, August 2nd. The utilities provider reported $0.37 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.37. The business had revenue of $330.23 million during the quarter. PNM Resources had a positive return on equity of 8.08% and a negative net margin of 1.69%. Equities analysts forecast that PNM Resources will post 2.08 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 16th. Stockholders of record on Tuesday, August 6th will be paid a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 2.30%. The ex-dividend date is Monday, August 5th. PNM Resources’s payout ratio is 58.00%.
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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