PNM Resources (NYSE:PNM) Releases FY24 Earnings Guidance

PNM Resources (NYSE:PNM) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $2.65-2.75 for the period, compared to the consensus estimate of $2.69. PNM Resources also updated its FY 2024 guidance to 2.650-2.750 EPS.

Wall Street Analyst Weigh In

PNM has been the subject of several research analyst reports. Wells Fargo & Company increased their target price on PNM Resources from $41.00 to $46.00 and gave the stock an overweight rating in a research report on Thursday. StockNews.com raised PNM Resources from a sell rating to a hold rating in a research note on Friday. Barclays raised their price target on PNM Resources from $43.00 to $45.00 and gave the stock an overweight rating in a research note on Monday, July 22nd. Finally, Evercore ISI began coverage on PNM Resources in a report on Thursday, May 30th. They set an in-line rating and a $38.00 price objective on the stock. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of Hold and an average target price of $44.20.

PNM Resources Trading Down 1.0 %

PNM traded down $0.44 during trading hours on Friday, reaching $41.77. The company’s stock had a trading volume of 512,372 shares, compared to its average volume of 720,509. PNM Resources has a fifty-two week low of $34.63 and a fifty-two week high of $45.10. The stock has a market cap of $3.77 billion, a PE ratio of 45.90 and a beta of 0.35. The business’s 50-day moving average is $38.05 and its 200-day moving average is $37.43. The company has a debt-to-equity ratio of 1.81, a current ratio of 0.37 and a quick ratio of 0.27.

PNM Resources (NYSE:PNM) last released its quarterly earnings results on Wednesday, July 31st. The utilities provider reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.55 by $0.05. The company had revenue of $488.10 million for the quarter, compared to analysts’ expectations of $481.02 million. PNM Resources had a return on equity of 10.15% and a net margin of 4.50%. The firm’s revenue was up 2.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.55 earnings per share. As a group, equities research analysts predict that PNM Resources will post 2.72 earnings per share for the current fiscal year.

PNM Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 9th. Shareholders of record on Friday, July 26th will be issued a dividend of $0.3875 per share. This represents a $1.55 annualized dividend and a dividend yield of 3.71%. The ex-dividend date is Friday, July 26th. PNM Resources’s payout ratio is 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.