Short Interest in PNM Resources Inc (NYSE:PNM) Grows By 82.5%

PNM Resources Inc (NYSE:PNM) was the recipient of a significant growth in short interest during the month of March. As of March 15th, there was short interest totalling 1,631,416 shares, a growth of 82.5% from the February 28th total of 894,038 shares. Currently, 2.1% of the company’s shares are sold short. Based on an average daily trading volume, of 672,586 shares, the days-to-cover ratio is presently 2.4 days.

Shares of PNM traded up $0.33 on Wednesday, hitting $45.14. 238,941 shares of the stock traded hands, compared to its average volume of 412,039. The company has a market capitalization of $3.56 billion, a P/E ratio of 22.57, a price-to-earnings-growth ratio of 4.35 and a beta of 0.29. The company has a quick ratio of 0.45, a current ratio of 0.59 and a debt-to-equity ratio of 1.52. PNM Resources has a one year low of $34.95 and a one year high of $47.92.

PNM Resources (NYSE:PNM) last announced its quarterly earnings results on Wednesday, February 27th. The utilities provider reported $0.18 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.17 by $0.01. The company had revenue of $343.76 million during the quarter, compared to the consensus estimate of $419.86 million. PNM Resources had a net margin of 5.98% and a return on equity of 9.00%. During the same quarter last year, the firm earned $0.24 earnings per share. On average, sell-side analysts expect that PNM Resources will post 2.15 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 16th. Investors of record on Thursday, May 2nd will be given a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 2.57%. The ex-dividend date of this dividend is Wednesday, May 1st. PNM Resources’s dividend payout ratio (DPR) is currently 58.00%.

Several analysts have commented on the stock. Zacks Investment Research upgraded shares of PNM Resources from a “hold” rating to a “buy” rating and set a $48.00 price objective for the company in a report on Friday, January 25th. Wells Fargo & Co set a $45.00 target price on shares of PNM Resources and gave the company a “hold” rating in a report on Thursday, February 28th. Williams Capital reiterated a “sell” rating on shares of PNM Resources in a report on Monday, March 18th. Mizuho upgraded shares of PNM Resources from an “underperform” rating to a “neutral” rating and lifted their target price for the company from $42.50 to $43.50 in a report on Friday, March 8th. Finally, Bank of America reiterated an “underperform” rating and set a $43.00 target price (up from $40.00) on shares of PNM Resources in a report on Thursday, February 28th. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $43.90.

In other PNM Resources news, SVP Patrick V. Apodaca sold 4,800 shares of the firm’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $44.32, for a total value of $212,736.00. Following the completion of the sale, the senior vice president now directly owns 63,258 shares in the company, valued at $2,803,594.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Charles N. Eldred sold 14,000 shares of the firm’s stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $44.64, for a total transaction of $624,960.00. Following the completion of the sale, the chief financial officer now owns 108,289 shares of the company’s stock, valued at $4,834,020.96. The disclosure for this sale can be found here. Insiders have sold 24,953 shares of company stock worth $1,110,564 over the last ninety days. Insiders own 1.25% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in PNM. Oregon Public Employees Retirement Fund increased its position in shares of PNM Resources by 4,009.0% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,297,417 shares of the utilities provider’s stock valued at $32,000 after acquiring an additional 1,265,842 shares in the last quarter. Millennium Management LLC grew its position in PNM Resources by 212.4% in the 4th quarter. Millennium Management LLC now owns 947,749 shares of the utilities provider’s stock worth $38,943,000 after purchasing an additional 644,357 shares during the period. Clearbridge Investments LLC grew its position in PNM Resources by 956,429.5% in the 3rd quarter. Clearbridge Investments LLC now owns 420,873 shares of the utilities provider’s stock worth $16,603,000 after purchasing an additional 420,829 shares during the period. Copper Rock Capital Partners LLC bought a new stake in PNM Resources in the 4th quarter worth approximately $14,979,000. Finally, Federated Investors Inc. PA grew its position in PNM Resources by 84.3% in the 3rd quarter. Federated Investors Inc. PA now owns 558,939 shares of the utilities provider’s stock worth $22,050,000 after purchasing an additional 255,679 shares during the period. 90.03% of the stock is owned by institutional investors.

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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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