PNM Resources (NYSE:PNM) Posts Earnings Results, Misses Estimates By $0.27 EPS

PNM Resources (NYSE:PNM) posted its quarterly earnings results on Tuesday. The utilities provider reported $0.41 EPS for the quarter, missing the consensus estimate of $0.68 by ($0.27), Briefing.com reports. The company had revenue of $436.90 million for the quarter, compared to analyst estimates of $531.00 million. PNM Resources had a return on equity of 10.51% and a net margin of 4.54%. The business’s revenue for the quarter was down 19.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.55 earnings per share. PNM Resources updated its FY24 guidance to $2.65-2.75 EPS.

PNM Resources Price Performance

Shares of PNM traded up $0.07 during mid-day trading on Wednesday, reaching $37.13. The company had a trading volume of 79,452 shares, compared to its average volume of 1,355,444. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.39 and a quick ratio of 0.31. The company has a market capitalization of $3.35 billion, a P/E ratio of 36.07, a P/E/G ratio of 10.24 and a beta of 0.35. PNM Resources has a twelve month low of $34.63 and a twelve month high of $48.71. The company’s 50-day moving average is $37.04 and its 200-day moving average is $39.28.

PNM Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 10th. Stockholders of record on Friday, April 26th will be paid a $0.387 dividend. The ex-dividend date of this dividend is Thursday, April 25th. This represents a $1.55 annualized dividend and a dividend yield of 4.17%. PNM Resources’s dividend payout ratio is currently 150.49%.

Analysts Set New Price Targets

PNM has been the subject of several research reports. Wells Fargo & Company raised PNM Resources from an “equal weight” rating to an “overweight” rating and set a $44.00 price objective for the company in a research report on Wednesday, January 3rd. StockNews.com cut shares of PNM Resources from a “hold” rating to a “sell” rating in a research note on Wednesday, January 17th. Mizuho downgraded PNM Resources from a “buy” rating to a “neutral” rating and set a $41.00 target price on the stock. in a research report on Wednesday, January 3rd. Barclays upped their price target on PNM Resources from $40.00 to $43.00 and gave the company an “overweight” rating in a report on Monday, April 15th. Finally, TheStreet lowered PNM Resources from a “b-” rating to a “c+” rating in a report on Thursday, January 4th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $46.80.

PNM Resources Company Profile

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.