PNM Resources Inc (NYSE:PNM) Short Interest Update
PNM Resources Inc (NYSE:PNM) was the recipient of a large decrease in short interest during the month of August. As of August 31st, there was short interest totalling 768,000 shares, a decrease of 19.9% from the July 31st total of 958,600 shares. Based on an average daily volume of 394,800 shares, the days-to-cover ratio is currently 1.9 days. Approximately 1.0% of the company’s stock are short sold.
A number of equities research analysts recently weighed in on the company. UBS Group upped their price objective on PNM Resources from $50.00 to $53.00 and gave the stock a “neutral” rating in a research note on Friday, September 6th. TheStreet upgraded PNM Resources from a “c+” rating to a “b-” rating in a research note on Thursday, August 29th. Zacks Investment Research cut PNM Resources from a “hold” rating to a “sell” rating in a research note on Wednesday, July 31st. Barclays restated a “sell” rating and set a $49.00 price objective on shares of PNM Resources in a research note on Wednesday, June 19th. Finally, Wells Fargo & Co set a $52.00 price objective on PNM Resources and gave the stock a “hold” rating in a research note on Monday, July 15th. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company. PNM Resources presently has a consensus rating of “Hold” and an average price target of $50.83.
A number of large investors have recently made changes to their positions in the stock. Atria Investments LLC acquired a new position in PNM Resources during the 2nd quarter valued at about $1,105,000. Royal Bank of Canada increased its position in PNM Resources by 9.9% during the 2nd quarter. Royal Bank of Canada now owns 40,067 shares of the utilities provider’s stock valued at $2,039,000 after buying an additional 3,606 shares in the last quarter. Verition Fund Management LLC increased its position in PNM Resources by 176.8% during the 2nd quarter. Verition Fund Management LLC now owns 97,000 shares of the utilities provider’s stock valued at $4,938,000 after buying an additional 61,953 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. increased its position in PNM Resources by 54.2% during the 2nd quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,058 shares of the utilities provider’s stock valued at $105,000 after buying an additional 723 shares in the last quarter. Finally, United Services Automobile Association increased its position in PNM Resources by 4.7% during the 2nd quarter. United Services Automobile Association now owns 76,296 shares of the utilities provider’s stock valued at $3,884,000 after buying an additional 3,441 shares in the last quarter. 90.49% of the stock is currently owned by institutional investors.
PNM Resources (NYSE:PNM) last announced its earnings results on Friday, August 2nd. The utilities provider reported $0.37 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.37. PNM Resources had a positive return on equity of 8.08% and a negative net margin of 1.69%. The company had revenue of $330.23 million for the quarter. On average, research analysts expect that PNM Resources will post 2.08 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, August 16th. Investors of record on Tuesday, August 6th were given a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 2.31%. The ex-dividend date was Monday, August 5th. PNM Resources’s dividend payout ratio is currently 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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