PNM Resources Inc (NYSE:PNM) was the recipient of a significant decline in short interest during the month of June. As of June 30th, there was short interest totalling 1,133,300 shares, a decline of 13.9% from the May 30th total of 1,315,900 shares. Approximately 1.4% of the shares of the stock are sold short. Based on an average daily trading volume, of 375,300 shares, the days-to-cover ratio is currently 3.0 days.
Large investors have recently modified their holdings of the company. Rhumbline Advisers lifted its holdings in shares of PNM Resources by 1.3% during the first quarter. Rhumbline Advisers now owns 263,528 shares of the utilities provider’s stock worth $12,475,000 after purchasing an additional 3,376 shares during the period. Deutsche Bank AG lifted its holdings in PNM Resources by 59.9% in the fourth quarter. Deutsche Bank AG now owns 318,993 shares of the utilities provider’s stock valued at $13,106,000 after buying an additional 119,512 shares during the period. Hsbc Holdings PLC lifted its holdings in PNM Resources by 186.2% in the fourth quarter. Hsbc Holdings PLC now owns 90,744 shares of the utilities provider’s stock valued at $3,729,000 after buying an additional 59,042 shares during the period. New York State Common Retirement Fund lifted its holdings in PNM Resources by 26.8% in the first quarter. New York State Common Retirement Fund now owns 114,479 shares of the utilities provider’s stock valued at $5,419,000 after buying an additional 24,213 shares during the period. Finally, Metropolitan Life Insurance Co. NY lifted its holdings in PNM Resources by 74.0% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 45,818 shares of the utilities provider’s stock valued at $1,883,000 after buying an additional 19,480 shares during the period. Institutional investors own 90.15% of the company’s stock.
Shares of NYSE:PNM traded down $0.89 during mid-day trading on Friday, reaching $49.51. 558,233 shares of the company’s stock were exchanged, compared to its average volume of 350,639. The firm has a market cap of $4.01 billion, a price-to-earnings ratio of 24.76, a price-to-earnings-growth ratio of 4.26 and a beta of 0.29. The firm’s fifty day simple moving average is $49.85. The company has a quick ratio of 0.59, a current ratio of 0.69 and a debt-to-equity ratio of 1.66. PNM Resources has a twelve month low of $37.17 and a twelve month high of $52.10.
PNM Resources (NYSE:PNM) last issued its quarterly earnings results on Tuesday, May 7th. The utilities provider reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of $0.11 by $0.02. The company had revenue of $349.65 million for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.21 earnings per share. Sell-side analysts anticipate that PNM Resources will post 2.16 EPS for the current fiscal year.
PNM has been the topic of a number of research reports. Mizuho set a $88.00 target price on shares of Gilead Sciences and gave the stock a “buy” rating in a research note on Friday, May 10th. Zacks Investment Research cut shares of ExlService from a “hold” rating to a “sell” rating in a research note on Wednesday. Wells Fargo & Co reaffirmed a “buy” rating on shares of Allergan in a research note on Monday, June 10th. Bank of America raised shares of Air Products & Chemicals from an “underperform” rating to a “neutral” rating and boosted their target price for the stock from $170.00 to $215.00 in a research note on Thursday, April 25th. Finally, Barclays reaffirmed a “top pick” rating and set a GBX 3,250 ($42.47) target price on shares of in a research note on Wednesday, June 19th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus 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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