PNM Resources (NYSE:PNM) Issues FY 2024 Earnings Guidance

PNM Resources (NYSE:PNM) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 2.650-2.750 for the period, compared to the consensus earnings per share estimate of 2.680. The company issued revenue guidance of -.

Analyst Ratings Changes

Several research firms recently commented on PNM. StockNews.com downgraded shares of PNM Resources from a hold rating to a sell rating in a research report on Wednesday, January 17th. Mizuho downgraded shares of 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 started 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 on the stock. Wells Fargo & Company upgraded shares of PNM Resources from an equal weight rating to an overweight rating and set a $44.00 price target on the stock in a research report on Wednesday, January 3rd. Finally, TheStreet downgraded shares of PNM Resources from a b- rating to a c+ rating in a research report on Thursday, January 4th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, PNM Resources has an average rating of Hold and a consensus target price of $46.20.

PNM Resources Price Performance

PNM stock opened at $37.64 on Friday. The stock has a market capitalization of $3.40 billion, a PE ratio of 36.54, a price-to-earnings-growth ratio of 0.37 and a beta of 0.35. The company’s 50-day moving average is $37.00 and its 200-day moving average is $40.51. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.39 and a quick ratio of 0.31. PNM Resources has a 1 year low of $34.63 and a 1 year high of $49.08.

PNM Resources (NYSE:PNM) last announced its quarterly earnings results on Tuesday, February 6th. The utilities provider reported $0.18 earnings per share for the quarter, beating 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 business had revenue of $412.11 million for the quarter, compared to analysts’ expectations of $705.05 million. During the same quarter last year, the firm earned $0.15 EPS. Equities research analysts expect that PNM Resources will post 2.71 EPS for the current fiscal year.

PNM Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 10th. Stockholders of record on Friday, April 26th will be paid a dividend of $0.387 per share. The ex-dividend date is Thursday, April 25th. This represents a $1.55 annualized dividend and a dividend yield of 4.11%. PNM Resources’s payout ratio is currently 150.49%.

Institutional Investors Weigh In On PNM Resources

Large investors have recently modified their holdings of the stock. State of Wyoming purchased a new stake in shares of PNM Resources during the 4th quarter worth approximately $46,000. International Assets Investment Management LLC grew its stake in PNM Resources by 4,061.5% in the 4th quarter. International Assets Investment Management LLC now owns 1,082 shares of the utilities provider’s stock valued at $45,000 after buying an additional 1,056 shares in the last quarter. KBC Group NV purchased a new position in PNM Resources in the 4th quarter valued at approximately $48,000. Captrust Financial Advisors grew its stake in PNM Resources by 14.8% in the 1st quarter. Captrust Financial Advisors now owns 2,626 shares of the utilities provider’s stock valued at $125,000 after buying an additional 339 shares in the last quarter. Finally, Public Employees Retirement System of Ohio boosted its holdings in PNM Resources by 137.0% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 3,449 shares of the utilities provider’s stock valued at $156,000 after purchasing an additional 1,994 shares during the period. Hedge funds and other institutional investors own 91.68% of the company’s stock.

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); Texas-New Mexico Power Company (TNMP); and Corporate and Other segments. The PNM segment engages in the generation, transmission, and distribution of electricity.