PNM Resources (NYSE:PNM) Updates FY24 Earnings Guidance

PNM Resources (NYSE:PNM) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $2.65-2.75 for the period, compared to the consensus earnings per share estimate of $2.69.

PNM Resources Stock Up 0.9 %

Shares of NYSE:PNM traded up $0.35 during trading on Thursday, hitting $37.74. The company’s stock had a trading volume of 317,395 shares, compared to its average volume of 1,352,433. The business has a 50 day moving average price of $37.03 and a two-hundred day moving average price of $39.26. The company has a market capitalization of $3.40 billion, a PE ratio of 41.23, a P/E/G ratio of 10.24 and a beta of 0.35. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.31 and a current ratio of 0.39. PNM Resources has a fifty-two week low of $34.63 and a fifty-two week high of $48.71.

PNM Resources (NYSE:PNM) last issued its earnings results on Tuesday, April 30th. The utilities provider reported $0.41 EPS for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.27). PNM Resources had a return on equity of 9.99% and a net margin of 4.38%. The firm had revenue of $436.90 million for the quarter, compared to analyst estimates of $531.00 million. During the same quarter in the previous year, the firm posted $0.55 EPS. The business’s revenue for the quarter was down 19.7% on a year-over-year basis. As a group, research analysts expect that PNM Resources will post 2.7 EPS for the current fiscal year.

PNM Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, May 10th. Investors of record on Friday, April 26th will be issued a dividend of $0.387 per share. The ex-dividend date is Thursday, April 25th. This represents a $1.55 annualized dividend and a yield of 4.10%. PNM Resources’s dividend payout ratio is currently 170.33%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on PNM shares. Mizuho cut shares of PNM Resources from a buy rating to a neutral rating and set a $41.00 price target for the company. in a report on Wednesday, January 3rd. TheStreet lowered shares of PNM Resources from a b- rating to a c+ rating in a research report on Thursday, January 4th. Barclays upped their target price on shares of PNM Resources from $40.00 to $43.00 and gave the stock an overweight rating in a research report on Monday, April 15th. StockNews.com lowered shares of PNM Resources from a hold rating to a sell rating in a research report on Wednesday, January 17th. Finally, Wells Fargo & Company upgraded shares of PNM Resources from an equal weight rating to an overweight rating and set a $44.00 target price on the stock in a research report on Wednesday, January 3rd. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of Hold and a consensus price target of $46.80.

PNM Resources Company Profile

PNM Resources, Inc, through its subsidiaries, provides electricity and electric services 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 engages in the generation, transmission, and distribution of electricity.