CMS Energy (NYSE:CMS) Issues Quarterly Earnings Results, Beats Estimates By $0.05 EPS

CMS Energy (NYSE:CMS) released its earnings results on Thursday. The utilities provider reported $0.97 earnings per share for the quarter, beating analysts’ consensus estimates of $0.92 by $0.05, RTT News reports. CMS Energy had a net margin of 11.89% and a return on equity of 12.09%. The business had revenue of $2.18 billion during the quarter, compared to the consensus estimate of $2.32 billion. During the same quarter last year, the firm earned $0.70 earnings per share. The firm’s revenue for the quarter was down 4.7% compared to the same quarter last year. CMS Energy updated its FY 2024 guidance to 3.290-3.350 EPS and its FY24 guidance to $3.29 to $3.35 EPS.

CMS Energy Price Performance

Shares of CMS Energy stock traded up $0.18 during midday trading on Thursday, hitting $60.46. 2,446,467 shares of the company traded hands, compared to its average volume of 2,481,921. The stock has a market cap of $18.05 billion, a price-to-earnings ratio of 20.03, a PEG ratio of 2.32 and a beta of 0.38. The company has a debt-to-equity ratio of 1.84, a quick ratio of 0.66 and a current ratio of 0.98. The firm’s fifty day moving average price is $58.65 and its 200-day moving average price is $57.36. CMS Energy has a 12 month low of $49.87 and a 12 month high of $63.76.

CMS Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Wednesday, May 15th will be issued a $0.515 dividend. The ex-dividend date is Tuesday, May 14th. This represents a $2.06 dividend on an annualized basis and a dividend yield of 3.41%. CMS Energy’s dividend payout ratio (DPR) is currently 68.44%.

Insider Buying and Selling

In related news, SVP Brandon J. Hofmeister sold 3,500 shares of the firm’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $57.78, for a total transaction of $202,230.00. Following the completion of the transaction, the senior vice president now directly owns 68,971 shares of the company’s stock, valued at approximately $3,985,144.38. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.40% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have weighed in on the company. UBS Group lowered CMS Energy from a “buy” rating to a “neutral” rating and set a $65.00 price target on the stock. in a research report on Thursday, April 4th. JPMorgan Chase & Co. boosted their price objective on shares of CMS Energy from $65.00 to $66.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 13th. BMO Capital Markets raised their price objective on CMS Energy from $63.00 to $64.00 and gave the company an “outperform” rating in a research report on Wednesday, April 17th. KeyCorp boosted their target price on CMS Energy from $65.00 to $66.00 and gave the stock an “overweight” rating in a report on Friday, April 19th. Finally, Scotiabank cut their price target on CMS Energy from $67.00 to $66.00 and set a “sector outperform” rating for the company in a report on Monday. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $63.00.

About CMS Energy

CMS Energy Corporation operates as an energy company primarily in Michigan. The company operates through three segments: Electric Utility; Gas Utility; and Enterprises. The Electric Utility segment is involved in the generation, purchase, transmission, distribution, and sale of electricity. This segment generates electricity through coal, wind, gas, renewable energy, oil, and nuclear sources.