Q2 2024 Earnings Forecast for PNM Resources, Inc. (NYSE:PNM) Issued By Zacks Research

PNM Resources, Inc. (NYSE:PNM) – Equities researchers at Zacks Research dropped their Q2 2024 earnings estimates for PNM Resources in a research report issued to clients and investors on Tuesday, May 21st. Zacks Research analyst J. Saha now forecasts that the utilities provider will post earnings of $0.55 per share for the quarter, down from their previous estimate of $0.66. The consensus estimate for PNM Resources’ current full-year earnings is $2.70 per share. Zacks Research also issued estimates for PNM Resources’ FY2024 earnings at $2.70 EPS, Q2 2025 earnings at $0.56 EPS, FY2025 earnings at $2.81 EPS and FY2026 earnings at $2.96 EPS.

PNM Resources (NYSE:PNM) last posted its quarterly earnings data on Tuesday, April 30th. The utilities provider reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.68 by ($0.27). PNM Resources had a return on equity of 9.91% and a net margin of 4.38%. The company had revenue of $436.90 million for the quarter, compared to analyst estimates of $531.00 million. During the same quarter in the previous year, the firm posted $0.55 EPS. PNM Resources’s quarterly revenue was down 19.7% on a year-over-year basis.

Separately, Barclays boosted their target price on PNM Resources from $40.00 to $43.00 and gave the stock an “overweight” rating in a report on Monday, April 15th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, PNM Resources has an average rating of “Hold” and a consensus price target of $44.75.

PNM Resources Stock Down 2.3 %

PNM Resources stock opened at $36.84 on Wednesday. The company has a market capitalization of $3.32 billion, a P/E ratio of 40.47, a P/E/G ratio of 5.66 and a beta of 0.35. PNM Resources has a 1-year low of $34.63 and a 1-year high of $46.94. The firm’s fifty day simple moving average is $37.26 and its 200-day simple moving average is $38.69. The company has a current ratio of 0.37, a quick ratio of 0.27 and a debt-to-equity ratio of 1.81.

Institutional Investors Weigh In On PNM Resources

A number of institutional investors and hedge funds have recently modified their holdings of PNM. River Road Asset Management LLC boosted its holdings in shares of PNM Resources by 107.9% in the fourth quarter. River Road Asset Management LLC now owns 1,154,420 shares of the utilities provider’s stock valued at $48,024,000 after buying an additional 599,211 shares during the period. State of New Jersey Common Pension Fund D increased its holdings in PNM Resources by 6.1% during the 4th quarter. State of New Jersey Common Pension Fund D now owns 59,797 shares of the utilities provider’s stock worth $2,488,000 after purchasing an additional 3,425 shares in the last quarter. Advisors Preferred LLC acquired a new stake in shares of PNM Resources in the 4th quarter valued at about $2,439,000. Vanguard Group Inc. lifted its holdings in shares of PNM Resources by 0.4% in the third quarter. Vanguard Group Inc. now owns 9,379,034 shares of the utilities provider’s stock valued at $418,399,000 after purchasing an additional 40,253 shares in the last quarter. Finally, Segantii Capital Management Ltd boosted its position in shares of PNM Resources by 111.6% during the fourth quarter. Segantii Capital Management Ltd now owns 736,439 shares of the utilities provider’s stock worth $30,636,000 after buying an additional 388,436 shares during the period. 91.68% of the stock is owned by institutional investors.

PNM Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 10th. Stockholders of record on Friday, April 26th were paid a dividend of $0.387 per share. This represents a $1.55 annualized dividend and a dividend yield of 4.20%. The ex-dividend date of this dividend was Thursday, April 25th. PNM Resources’s dividend payout ratio (DPR) is presently 170.33%.

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.