PNM Resources (NYSE:PNM) Releases FY24 Earnings Guidance

PNM Resources (NYSE:PNMGet Free Report) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $2.65-2.75 for the period, compared to the consensus EPS estimate of $2.69.

PNM Resources Price Performance

Shares of NYSE PNM opened at $37.41 on Tuesday. PNM Resources has a 52 week low of $34.63 and a 52 week high of $49.47. The company has a quick ratio of 0.27, a current ratio of 0.33 and a debt-to-equity ratio of 1.71. The firm has a market cap of $3.21 billion, a P/E ratio of 36.32, a P/E/G ratio of 0.37 and a beta of 0.36. The business’s 50 day moving average price is $39.19 and its 200 day moving average price is $42.10.

PNM Resources (NYSE:PNMGet Free Report) last released its quarterly earnings data on Tuesday, February 6th. The utilities provider reported $0.18 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.04. The firm had revenue of $412.11 million for the quarter, compared to analyst estimates of $705.05 million. PNM Resources had a net margin of 4.54% and a return on equity of 10.64%. During the same quarter in the prior year, the business earned $0.15 earnings per share. On average, sell-side analysts expect that PNM Resources will post 2.7 earnings per share for the current year.

PNM Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 16th. Stockholders of record on Friday, February 2nd will be paid a dividend of $0.387 per share. This is a boost from PNM Resources’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend is Thursday, February 1st. This represents a $1.55 dividend on an annualized basis and a dividend yield of 4.14%. PNM Resources’s dividend payout ratio (DPR) is presently 150.49%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. TheStreet downgraded shares of PNM Resources from a b- rating to a c+ rating in a report on Thursday, January 4th. Wells Fargo & Company upgraded PNM Resources from an equal weight rating to an overweight rating and set a $44.00 target price on the stock in a research report on Wednesday, January 3rd. Mizuho cut PNM Resources from a buy rating to a neutral rating and set a $41.00 price target for the company. in a report on Wednesday, January 3rd. StockNews.com lowered PNM Resources from a hold rating to a sell rating in a report on Wednesday, January 17th. Finally, Barclays started coverage on PNM Resources in a research report on Thursday, February 8th. They set an overweight rating and a $40.00 target price on the stock. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of Hold and an average target price of $46.20.

View Our Latest Stock Report on PNM Resources

Institutional Investors Weigh In On PNM Resources

Large investors have recently bought and sold shares of the company. Franklin Resources Inc. grew its holdings in shares of PNM Resources by 2.1% during the second quarter. Franklin Resources Inc. now owns 16,128 shares of the utilities provider’s stock worth $727,000 after buying an additional 338 shares in the last quarter. Captrust Financial Advisors grew its stake in PNM Resources by 14.8% during 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 in the last quarter. AQR Capital Management LLC raised its holdings in PNM Resources by 1.4% in the 4th quarter. AQR Capital Management LLC now owns 31,094 shares of the utilities provider’s stock valued at $1,517,000 after acquiring an additional 420 shares during the last quarter. LPL Financial LLC raised its holdings in PNM Resources by 6.5% in the 2nd quarter. LPL Financial LLC now owns 6,892 shares of the utilities provider’s stock valued at $329,000 after acquiring an additional 421 shares during the last quarter. Finally, Advisor Group Holdings Inc. lifted its stake in PNM Resources by 10.3% in the 4th quarter. Advisor Group Holdings Inc. now owns 4,913 shares of the utilities provider’s stock worth $239,000 after purchasing an additional 459 shares in the last quarter. 91.18% of the stock is currently owned by hedge funds and other institutional investors.

About PNM Resources

(Get Free Report)

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.

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