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 -.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Barclays assumed coverage on shares of PNM Resources in a research report on Thursday, February 8th. They issued an overweight rating and a $40.00 price target for the company. Mizuho lowered 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. 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 cut shares of PNM Resources from a b- rating to a c+ rating in a research note on Thursday, January 4th. Finally, StockNews.com cut PNM Resources from a hold rating to a sell rating in a report on Wednesday, January 17th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of Hold and an average price target of $46.20.

PNM Resources Price Performance

NYSE:PNM opened at $37.44 on Thursday. The company has a market capitalization of $3.38 billion, a price-to-earnings ratio of 36.35, a PEG ratio of 0.37 and a beta of 0.35. The company has a 50-day moving average of $36.97 and a 200-day moving average of $40.53. 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 52 week low of $34.63 and a 52 week high of $49.08.

PNM Resources (NYSE:PNM) last released its quarterly earnings data on Tuesday, February 6th. The utilities provider reported $0.18 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.04. PNM Resources had a net margin of 4.54% and a return on equity of 10.51%. The company had revenue of $412.11 million for the quarter, compared to analyst estimates of $705.05 million. During the same period in the previous year, the business earned $0.15 EPS. As a group, equities research analysts anticipate that PNM Resources will post 2.71 earnings per share for the current fiscal year.

PNM Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 10th. Shareholders of record on Friday, April 26th will be given a dividend of $0.387 per share. This represents a $1.55 dividend on an annualized basis and a yield of 4.13%. The ex-dividend date is Thursday, April 25th. PNM Resources’s payout ratio is currently 150.49%.

Institutional Trading of PNM Resources

Several institutional investors have recently added to or reduced their stakes in the company. Great West Life Assurance Co. Can increased its stake 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 acquiring an additional 3,493 shares during the last quarter. Yousif Capital Management LLC increased its stake in PNM Resources by 1.6% in the 1st quarter. Yousif Capital Management LLC now owns 45,120 shares of the utilities provider’s stock valued at $2,151,000 after purchasing an additional 724 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp purchased a new stake in shares of PNM Resources in the first quarter valued at $5,387,000. Sei Investments Co. raised its position in shares of PNM Resources by 114.7% in the 1st 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 period. Finally, Allianz Asset Management GmbH boosted its stake in shares of PNM Resources by 0.8% during the 1st quarter. Allianz Asset Management GmbH now owns 391,228 shares of the utilities provider’s stock valued at $18,650,000 after buying an additional 2,959 shares during the last quarter. Institutional investors own 91.68% of the company’s stock.

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.