PNM Resources (NYSE:PNM) Updates FY24 Earnings Guidance

PNM Resources (NYSE:PNM) issued an update on its FY24 earnings guidance on Tuesday morning. 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.

Analyst Ratings Changes

A number of equities analysts have recently commented on PNM shares. StockNews.com lowered PNM Resources from a hold rating to a sell rating in a research note on Wednesday, January 17th. Barclays increased their price objective on PNM Resources from $40.00 to $43.00 and gave the company an overweight rating in a research report on Monday, April 15th. Finally, TheStreet lowered shares of PNM Resources from a b- rating to a c+ rating in a research report on Thursday, January 4th. One analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of Hold and an average price target of $46.80.

PNM Resources Stock Performance

Shares of PNM traded up $0.07 on Friday, reaching $37.78. 459,836 shares of the stock traded hands, compared to its average volume of 1,345,479. The stock’s 50-day moving average price is $37.03 and its 200-day moving average price is $39.21. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.39 and a quick ratio of 0.31. The firm has a market cap of $3.41 billion, a price-to-earnings ratio of 41.52, a P/E/G ratio of 10.32 and a beta of 0.35. PNM Resources has a 12 month low of $34.63 and a 12 month high of $48.71.

PNM Resources (NYSE:PNM) last announced its quarterly earnings results 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). The business had revenue of $436.90 million during the quarter, compared to the consensus estimate of $531.00 million. PNM Resources had a net margin of 4.38% and a return on equity of 9.99%. The company’s quarterly revenue was down 19.7% compared to the same quarter last year. During the same period last year, the firm earned $0.55 EPS. Equities analysts forecast that PNM Resources will post 2.71 EPS for the current fiscal year.

PNM Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 10th. Shareholders of record on Friday, April 26th will be issued a dividend of $0.387 per share. This represents a $1.55 dividend on an annualized basis and a yield of 4.10%. The ex-dividend date of this dividend is Thursday, April 25th. 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.