PNM Resources (NYSE:PNM) Issues FY24 Earnings Guidance

PNM Resources (NYSE:PNM) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $2.65-2.75 for the period, compared to the consensus earnings per share estimate of $2.69.

Analysts Set New Price Targets

PNM has been the subject of a number of analyst 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 report on Wednesday, January 3rd. Barclays lifted their price target on shares of PNM Resources from $40.00 to $43.00 and gave the company an overweight rating in a report on Monday, April 15th. TheStreet cut shares of PNM Resources from a b- rating to a c+ rating in a research note on Thursday, January 4th. StockNews.com lowered shares of PNM Resources from a hold rating to a sell rating in a report on Wednesday, January 17th. Finally, Mizuho downgraded PNM Resources from a buy rating to a neutral rating and set a $41.00 target price on the stock. in a report on Wednesday, January 3rd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, PNM Resources has a consensus rating of Hold and a consensus target price of $46.80.

PNM Resources Price Performance

NYSE:PNM traded up $0.13 during mid-day trading on Tuesday, reaching $37.19. 568,049 shares of the company were exchanged, compared to its average volume of 1,365,185. PNM Resources has a 12 month low of $34.63 and a 12 month high of $48.71. The stock has a market cap of $3.35 billion, a PE ratio of 35.13, a PEG ratio of 10.04 and a beta of 0.35. The company has a quick ratio of 0.31, a current ratio of 0.39 and a debt-to-equity ratio of 1.77. The company has a fifty day moving average of $37.06 and a 200 day moving average of $39.32.

PNM Resources (NYSE:PNM) last issued its earnings results on Tuesday, February 6th. The utilities provider reported $0.18 EPS for the quarter, beating the consensus estimate of $0.14 by $0.04. The company had revenue of $412.11 million during the quarter, compared to analysts’ expectations of $705.05 million. PNM Resources had a net margin of 4.54% and a return on equity of 10.51%. During the same quarter in the previous year, the company posted $0.15 EPS. On average, research analysts anticipate that PNM Resources will post 2.7 EPS for the current fiscal year.

PNM Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, May 10th. Investors of record on Friday, April 26th will be given a $0.387 dividend. This represents a $1.55 dividend on an annualized basis and a yield of 4.16%. The ex-dividend date of this dividend is Thursday, April 25th. PNM Resources’s dividend payout ratio is presently 150.49%.

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.