PNM Resources (NYSE:PNM) Issues FY24 Earnings Guidance

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

PNM Resources Stock Down 0.1 %

Shares of PNM opened at $37.17 on Friday. The company has a current ratio of 0.39, a quick ratio of 0.31 and a debt-to-equity ratio of 1.77. The firm has a market cap of $3.35 billion, a P/E ratio of 36.09, a PEG ratio of 0.37 and a beta of 0.35. The stock’s 50 day moving average is $36.93 and its two-hundred day moving average is $40.71. PNM Resources has a 12 month low of $34.63 and a 12 month high of $49.08.

PNM Resources (NYSE:PNM) last posted its quarterly earnings data on Tuesday, February 6th. The utilities provider reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.04. The business had revenue of $412.11 million for the quarter, compared to the consensus estimate of $705.05 million. PNM Resources had a net margin of 4.54% and a return on equity of 10.51%. During the same period last year, the firm posted $0.15 earnings per share. Analysts predict that PNM Resources will post 2.71 earnings per share for the current fiscal year.

PNM Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 10th. Shareholders of record on Friday, April 26th will be paid 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 4.16%. PNM Resources’s dividend payout ratio (DPR) is currently 150.49%.

Wall Street Analysts Forecast Growth

PNM has been the topic of a number of research analyst reports. Mizuho lowered PNM Resources from a buy rating to a neutral rating and set a $41.00 price target on the stock. in a research note on Wednesday, January 3rd. TheStreet downgraded shares of PNM Resources from a b- rating to a c+ rating in a research note on Thursday, January 4th. Barclays started coverage on shares of PNM Resources in a research report on Thursday, February 8th. They set an overweight rating and a $40.00 price target on the stock. Wells Fargo & Company upgraded shares of PNM Resources from an equal weight rating to an overweight rating and set a $44.00 price objective for the company in a report on Wednesday, January 3rd. Finally, StockNews.com cut PNM Resources from a hold rating to a sell rating in a report on Wednesday, January 17th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company. According to MarketBeat.com, PNM Resources currently has a consensus rating of Hold and an average target price of $46.20.

Hedge Funds Weigh In On PNM Resources

Institutional investors have recently bought and sold shares of the company. International Assets Investment Management LLC lifted its stake in shares of PNM Resources by 4,061.5% in the 4th quarter. International Assets Investment Management LLC now owns 1,082 shares of the utilities provider’s stock valued at $45,000 after purchasing an additional 1,056 shares during the last quarter. State of Wyoming acquired a new position in PNM Resources in the fourth quarter valued at about $46,000. KBC Group NV purchased a new position in PNM Resources during the fourth quarter worth about $48,000. Captrust Financial Advisors increased its position in shares of PNM Resources by 14.8% during the first quarter. Captrust Financial Advisors now owns 2,626 shares of the utilities provider’s stock valued at $125,000 after acquiring an additional 339 shares during the last quarter. Finally, Public Employees Retirement System of Ohio raised its stake in shares of PNM Resources by 137.0% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 3,449 shares of the utilities provider’s stock valued at $156,000 after acquiring an additional 1,994 shares during the period. 91.18% of the stock is owned by hedge funds and other institutional investors.

About PNM Resources

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); Texas-New Mexico Power Company (TNMP); and Corporate and Other segments. The PNM segment engages in the generation, transmission, and distribution of electricity.