PNM Resources Inc. (PNM)

The total Delta Exposure (DEX) for PNM across all expirations shows 0 net shares that market makers must hedge, with 0 from calls and 0 from puts. The put-call delta ratio of n/a suggests neutral market maker positioning. The largest delta concentration at Dec 19, 25 with 0 net DEX represents significant hedging pressure that could fuel downside acceleration. The nearest expiration on Dec 19, 25 carries negative delta forcing market makers to buy shares, potentially providing support.