PNM Resources (NYSE:PNM) Issues Earnings Results, Beats Expectations By $0.02 EPS

PNM Resources (NYSE:PNMGet Rating) announced its quarterly earnings results on Thursday. The utilities provider reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.55 by $0.02, Briefing.com reports. PNM Resources had a net margin of 8.29% and a return on equity of 10.40%. The firm had revenue of $499.70 million for the quarter, compared to the consensus estimate of $445.36 million. During the same period in the prior year, the firm posted $0.55 earnings per share. The firm’s quarterly revenue was up 17.2% compared to the same quarter last year. 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 Price Performance

PNM traded down $0.10 during midday trading on Friday, hitting $48.10. 337,230 shares of the company traded hands, compared to its average volume of 441,417. The company has a current ratio of 0.45, a quick ratio of 0.34 and a debt-to-equity ratio of 1.67. The company has a market capitalization of $4.13 billion, a price-to-earnings ratio of 26.43, a PEG ratio of 3.71 and a beta of 0.42. PNM Resources has a 52-week low of $43.43 and a 52-week high of $50.11. The business has a 50 day simple moving average of $47.07 and a two-hundred day simple moving average of $46.48.

Hedge Funds Weigh In On PNM Resources

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in PNM Resources by 1.3% during the first quarter. Vanguard Group Inc. now owns 8,847,754 shares of the utilities provider’s stock valued at $421,772,000 after purchasing an additional 111,969 shares in the last quarter. State Street Corp lifted its holdings in PNM Resources by 17.5% during the first quarter. State Street Corp now owns 3,160,826 shares of the utilities provider’s stock valued at $150,677,000 after purchasing an additional 471,143 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in PNM Resources by 5.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 881,135 shares of the utilities provider’s stock valued at $42,004,000 after purchasing an additional 48,544 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in PNM Resources by 6.5% during the first quarter. Goldman Sachs Group Inc. now owns 669,506 shares of the utilities provider’s stock valued at $31,915,000 after purchasing an additional 41,011 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its position in shares of PNM Resources by 28.8% in the first quarter. Arrowstreet Capital Limited Partnership now owns 592,585 shares of the utilities provider’s stock valued at $28,249,000 after buying an additional 132,604 shares during the last quarter. 86.59% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

PNM Resources Company Profile

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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.

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Earnings History for PNM Resources (NYSE:PNM)

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