PNM Resources (NYSE:PNM) Posts Quarterly Earnings Results, Beats Estimates By $0.02 EPS

PNM Resources (NYSE:PNMGet Rating) posted its quarterly earnings results on Thursday. The utilities provider reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.02, Briefing.com reports. PNM Resources had a return on equity of 10.38% and a net margin of 10.68%. The business had revenue of $499.70 million for the quarter, compared to analyst estimates of $445.36 million. During the same period last year, the company earned $0.55 EPS. The firm’s revenue was up 17.2% on a year-over-year basis. PNM Resources updated its FY23 guidance to $2.50-$2.60 EPS and its FY 2023 guidance to $2.60-$2.75 EPS.

PNM Resources Stock Down 0.2 %

Shares of NYSE:PNM traded down $0.10 during midday trading on Friday, reaching $48.10. The company had a trading volume of 337,230 shares, compared to its average volume of 643,814. The company has a quick ratio of 0.34, a current ratio of 0.45 and a debt-to-equity ratio of 1.67. The business’s 50 day moving average price is $47.07 and its 200 day moving average price is $46.48. The stock has a market cap of $4.13 billion, a PE ratio of 21.28, a P/E/G ratio of 3.73 and a beta of 0.42. PNM Resources has a 1-year low of $43.43 and a 1-year high of $50.11.

Institutional Trading of PNM Resources

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Great West Life Assurance Co. Can increased its position in PNM Resources by 8.2% during the first quarter. Great West Life Assurance Co. Can now owns 46,260 shares of the utilities provider’s stock worth $2,263,000 after buying an additional 3,493 shares during the last quarter. Yousif Capital Management LLC increased its position in PNM Resources by 1.6% during the first quarter. Yousif Capital Management LLC now owns 45,120 shares of the utilities provider’s stock worth $2,151,000 after buying an additional 724 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp acquired a new position in PNM Resources during the first quarter worth approximately $5,387,000. Sei Investments Co. increased its position in PNM Resources by 114.7% during the first quarter. Sei Investments Co. now owns 238,673 shares of the utilities provider’s stock worth $11,378,000 after buying an additional 127,483 shares during the last quarter. Finally, Allianz Asset Management GmbH increased its position in PNM Resources by 0.8% during the first quarter. Allianz Asset Management GmbH now owns 391,228 shares of the utilities provider’s stock worth $18,650,000 after buying an additional 2,959 shares during the last quarter. Institutional investors and hedge funds own 86.59% of the company’s stock.

Analyst Ratings Changes

Separately, Mizuho upgraded PNM Resources from a “neutral” rating to a “buy” rating and reduced their target price for the stock from $53.00 to $52.00 in a report on Wednesday, June 22nd. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $49.00.

About PNM Resources

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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.

Further Reading

Earnings History for PNM Resources (NYSE:PNM)

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