PNM Resources, Inc. (NYSE:PNM) Short Interest Up 31.4% in June

PNM Resources, Inc. (NYSE:PNM) saw a large growth in short interest in June. As of June 15th, there was short interest totalling 2,220,000 shares, a growth of 31.4% from the May 31st total of 1,690,000 shares. Based on an average trading volume of 628,400 shares, the days-to-cover ratio is presently 3.5 days.

Hedge Funds Weigh In On PNM Resources

A number of hedge funds have recently bought and sold shares of the company. Zimmer Partners LP boosted its holdings in shares of PNM Resources by 1,332.6% in the 1st quarter. Zimmer Partners LP now owns 3,551,669 shares of the utilities provider’s stock worth $133,685,000 after buying an additional 3,303,752 shares during the last quarter. Reaves W H & Co. Inc. lifted its holdings in PNM Resources by 6,084.6% during the first quarter. Reaves W H & Co. Inc. now owns 1,740,227 shares of the utilities provider’s stock valued at $65,503,000 after purchasing an additional 1,712,089 shares during the last quarter. Acadian Asset Management LLC purchased a new stake in PNM Resources during the first quarter valued at about $35,136,000. Hudson Bay Capital Management LP lifted its holdings in PNM Resources by 42.5% during the third quarter. Hudson Bay Capital Management LP now owns 2,670,601 shares of the utilities provider’s stock valued at $119,136,000 after purchasing an additional 796,077 shares during the last quarter. Finally, Clean Energy Transition LLP purchased a new stake in PNM Resources during the first quarter valued at about $23,574,000. 91.68% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on PNM shares. Barclays lifted their price objective on shares of PNM Resources from $40.00 to $43.00 and gave the company an “overweight” rating in a research note on Monday, April 15th. StockNews.com upgraded shares of PNM Resources from a “sell” rating to a “hold” rating in a research note on Tuesday, June 25th. Finally, Evercore ISI started coverage on shares of PNM Resources in a research note on Thursday, May 30th. They issued an “in-line” rating and a $38.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $43.40.

PNM Resources Stock Down 1.8 %

PNM stock traded down $0.68 during midday trading on Monday, reaching $36.28. 463,420 shares of the company’s stock traded hands, compared to its average volume of 1,144,397. The company has a market cap of $3.27 billion, a price-to-earnings ratio of 40.00 and a beta of 0.35. The firm’s fifty day moving average price is $37.35 and its 200-day moving average price is $37.67. The company has a quick ratio of 0.27, a current ratio of 0.37 and a debt-to-equity ratio of 1.81. PNM Resources has a 52 week low of $34.63 and a 52 week high of $45.94.

PNM Resources (NYSE:PNM) last announced its quarterly earnings results on Tuesday, April 30th. The utilities provider reported $0.41 EPS for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.27). The business had revenue of $436.90 million for the quarter, compared to the consensus estimate of $531.00 million. PNM Resources had a net margin of 4.38% and a return on equity of 9.91%. The business’s revenue for the quarter was down 19.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.55 EPS. As a group, sell-side analysts forecast that PNM Resources will post 2.7 earnings per share for the current fiscal year.

PNM Resources Company Profile

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.