K2 Principal Fund L.P. Makes New Investment in PNM Resources, Inc. (NYSE:PNM)

Posted by Jeanne O'Marion on May 26th, 2023

K2 Principal Fund L.P. bought a new stake in shares of PNM Resources, Inc. (NYSE:PNM – Get Rating) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 60,186 shares of the utilities provider’s stock, valued at approximately $2,936,000. K2 Principal Fund L.P. owned 0.07% of PNM Resources at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. Lindbrook Capital LLC raised its stake in PNM Resources by 194.1% in the fourth quarter. Lindbrook Capital LLC now owns 597 shares of the utilities provider’s stock worth $29,000 after buying an additional 394 shares in the last quarter. CI Investments Inc. bought a new position in PNM Resources in the fourth quarter worth approximately $34,000. Signaturefd LLC raised its stake in PNM Resources by 60.1% in the third quarter. Signaturefd LLC now owns 783 shares of the utilities provider’s stock worth $36,000 after buying an additional 294 shares in the last quarter. Quadrant Capital Group LLC increased its position in shares of PNM Resources by 44.5% during the third quarter. Quadrant Capital Group LLC now owns 782 shares of the utilities provider’s stock worth $36,000 after purchasing an additional 241 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. increased its position in shares of PNM Resources by 34.9% during the third quarter. Nomura Asset Management Co. Ltd. now owns 850 shares of the utilities provider’s stock worth $39,000 after purchasing an additional 220 shares in the last quarter. Hedge funds and other institutional investors own 89.88% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on PNM. Siebert Williams Shank raised PNM Resources from a “hold” rating to a “buy” rating and upped their target price for the company from $53.00 to $55.00 in a research report on Tuesday, May 16th. StockNews.com lowered shares of PNM Resources from a “buy” rating to a “hold” rating in a research note on Wednesday.

PNM Resources Price Performance

PNM Resources stock traded down $0.17 during midday trading on Friday, reaching $45.20. The company had a trading volume of 205,047 shares, compared to its average volume of 650,913. The company has a market capitalization of $3.88 billion, a P/E ratio of 18.71, a P/E/G ratio of 4.00 and a beta of 0.42. The company has a debt-to-equity ratio of 1.62, a current ratio of 0.29 and a quick ratio of 0.24. PNM Resources, Inc. has a 12-month low of $43.43 and a 12-month high of $49.60. The firm’s fifty day simple moving average is $48.10 and its 200-day simple moving average is $48.59.

PNM Resources (NYSE:PNM – Get Rating) last released its quarterly earnings data on Friday, May 5th. The utilities provider reported $0.55 EPS for the quarter, beating analysts’ consensus estimates of $0.39 by $0.16. The company had revenue of $544.00 million during the quarter, compared to the consensus estimate of $460.14 million. PNM Resources had a net margin of 8.89% and a return on equity of 10.55%. PNM Resources’s quarterly revenue was up 22.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.50 EPS. As a group, equities analysts anticipate that PNM Resources, Inc. will post 2.7 EPS for the current year.

PNM Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 12th. Stockholders of record on Friday, April 28th were issued a dividend of $0.368 per share. The ex-dividend date of this dividend was Thursday, April 27th. This represents a $1.47 dividend on an annualized basis and a dividend yield of 3.26%. PNM Resources’s dividend payout ratio is currently 60.74%.

PNM Resources Profile

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PNM Resources, Inc operates as an investor-owned holding company, which provides electricity and electric services in New Mexico and Texas. It operates through the following segments: Public Service Company of New Mexico (PNM), Texas-New Mexico Power Company (TNMP), and Corporate and Other. The PNM segment includes the retail electric utility operations of the company.