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PNM Resources and MGE Energy: Biggest Losers Last Week

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Mixed week for utilities

After rising 1.5% the previous week, the Select Sector Utilities Select Sector SPDR Fund (XLU) remained steady, with just a 0.2% gain during the week ending April 10. Treasury yields across maturities increased during the week. And five-year notes were most affected.

Utility stocks are highly sensitive to interest rates. Out of 41 utilities we track, 19 advanced and 22 dropped. During the same period, the broad-based SPDR S&P 500 ETF Trust (SPY) gained 1.7%. SPY is a key ETF that tracks the S&P 500 benchmark index. The iShares Core S&P 500 ETF (IVV) also tracks the S&P 500 Index.

 

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PNM Resources (PNM)

Albuquerque, New Mexico–based PNM Resources (PNM), one of the previous week’s biggest gainers, was the biggest loser in the week ending April 10. The stock lost 2.7% to end the week at $28.59 with a market capitalization of $2.3 billion. The company recorded a 20 cents a share dividend on April 10, which will be paid on May 15.

Other losers

MGE Energy (MGEE), operating in the state of Wisconsin, lost 2.5% to end the week at $43.49 with a market capitalization of $1.5 billion.

Portland General Electric Company (POR), based in Portland, Oregon, lost 1.6% to end the week at $36.59 with a market capitalization of $2.9 billion.

Northwestern (NWE), operating in the states of South Dakota, Nebraska, and Montana, lost 1.3% to end the week at $53.20 with a market capitalization of $2.5 billion.

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