Eye Catching Stock News: PNM Resources (NYSE:PNM)

PNM Resources (NYSE:PNM) stock identified change of 23.06% away from 52-week low price and recently located move of -7.13% off 52-week high price. It has market worth of $3.91B and dividend yield of 2.50%. PNM stock has been recorded -0.82% away from 50 day moving average and -0.43% away from 200 day moving average. Moving closer, we can see that shares have been trading -1.90% off 20-day moving average.

On Jan. 7, 2020, PNM Resources (NYSE:PNM) notified the commencement of an underwritten public offering of 4,900,000 shares of its common stock.  Subject to certain conditions, all shares are expected to be borrowed by the forward purchasers (as defined below) (or their respective affiliates) from third parties and sold to the underwriters and offered in connection with the forward sale agreements described below. Citigroup, BofA Securities, Wells Fargo Securities, LLC and Evercore Group L.L.C. are acting as the joint book-running managers for this offering and Citigroup and BofA Securities are acting as representatives of the underwriters of the offering. The underwriters may offer shares of PNM Resources’ common stock in transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at market prices, at prices related to market prices or at negotiated prices.

In connection with the offering, PNM Resources expects to enter into separate forward sale agreements with affiliates of each of Citigroup Global Markets Inc. and BofA Securities (in such capacities, the forward purchasers) under which PNM Resources will agree to issue and sell to the forward purchasers an aggregate of 4,900,000 shares of its common stock at an initial forward sale price per share equal to the price per share at which the underwriters purchase the shares in the offering, subject to certain adjustments, upon physical settlement of the forward sale agreements. In addition, the underwriters of the offering expect to be granted a 30-day option to purchase up to an additional 735,000 shares of PNM Resources’ common stock upon the same terms. If the underwriters exercise their option, PNM Resources may elect to enter into additional forward sale agreements with the forward purchasers with respect to the additional shares or to issue and sell such shares directly to the underwriters.

Settlement of the forward sale agreements is expected to occur no later than 12 months following the completion of the offering. PNM Resources may, subject to certain conditions, elect cash settlement or net share settlement for all or a portion of its rights or obligations under any of the forward sale agreements.  PNM Resources will not initially receive any proceeds from the sale of its shares by the forward purchasers to the underwriters.

The Utilities sector company, PNM Resources noticed change of -1.11% to $49.2 along volume of 267950 shares in Tuesday session compared to an average volume of 366.61K. The stock observed return of -2.69% in 5 days trading activity. The stock was at 0.76% over one month performance. PNM’s shares are at -6.25% for the quarter and driving a 21.63% return over the course of the past year and is now at -2.98% since this point in 2018.

The average volatility for the week at 1.26% and for month was at 1.39%. There are 79.38M shares outstanding and 78.79M shares are floated in market. Right now the stock beta is 0.17.

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