PNM Resources (NYSE:PNM) Issues FY 2024 Earnings Guidance

PNM Resources (NYSE:PNM) updated its FY 2024 earnings guidance on Wednesday. The company provided EPS guidance of 2.650-2.750 for the period, compared to the consensus EPS estimate of 2.680. The company issued revenue guidance of -.

PNM Resources Stock Performance

NYSE PNM opened at $37.64 on Friday. The company has a quick ratio of 0.31, a current ratio of 0.39 and a debt-to-equity ratio of 1.77. PNM Resources has a 52-week low of $34.63 and a 52-week high of $49.08. The business’s 50-day moving average price is $37.00 and its 200 day moving average price is $40.51. The firm has a market cap of $3.40 billion, a P/E ratio of 36.54, a P/E/G ratio of 0.37 and a beta of 0.35.

PNM Resources (NYSE:PNM) last released its quarterly earnings results on Tuesday, February 6th. The utilities provider reported $0.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.04. PNM Resources had a return on equity of 10.51% and a net margin of 4.54%. The firm had revenue of $412.11 million for the quarter, compared to analyst estimates of $705.05 million. During the same quarter last year, the company posted $0.15 earnings per share. On average, equities research analysts expect that PNM Resources will post 2.71 earnings per share for the current year.

PNM Resources Dividend Announcement

The business 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. This represents a $1.55 dividend on an annualized basis and a dividend yield of 4.11%. The ex-dividend date of this dividend is Thursday, April 25th. PNM Resources’s dividend payout ratio is currently 150.49%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on PNM. Wells Fargo & Company raised PNM Resources from an equal weight rating to an overweight rating and set a $44.00 price objective on the stock in a report on Wednesday, January 3rd. TheStreet downgraded shares of PNM Resources from a b- rating to a c+ rating in a research report on Thursday, January 4th. StockNews.com downgraded shares of PNM Resources from a hold rating to a sell rating in a research report on Wednesday, January 17th. Barclays began 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 for the company. Finally, Mizuho downgraded shares of PNM Resources from a buy rating to a neutral rating and set a $41.00 price target for the company. in a research report on Wednesday, January 3rd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of Hold and a consensus target price of $46.20.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of PNM. International Assets Investment Management LLC raised its holdings in 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 acquiring an additional 1,056 shares during the last quarter. State of Wyoming acquired a new position in PNM Resources in the 4th quarter valued at $46,000. KBC Group NV acquired a new position in PNM Resources in the 4th quarter valued at $48,000. Captrust Financial Advisors raised its holdings in PNM Resources by 14.8% in the 1st 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 grew its stake in shares of PNM Resources by 137.0% during 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 buying an additional 1,994 shares during the period. 91.68% of the stock is currently owned by institutional investors and hedge funds.

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.