PNM Resources (NYSE:PNM) Updates 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 recent research reports. StockNews.com cut PNM Resources from a hold rating to a sell rating in a research report on Wednesday, January 17th. Wells Fargo & Company raised shares of PNM Resources from an equal weight rating to an overweight rating and set a $44.00 price target for the company in a report on Wednesday, January 3rd. Barclays upped their price objective on PNM Resources from $40.00 to $43.00 and gave the stock an overweight rating in a report on Monday, April 15th. Mizuho cut shares of PNM Resources from a buy rating to a neutral rating and set a $41.00 price target on the stock. in a research note on Wednesday, January 3rd. Finally, TheStreet downgraded shares of PNM Resources from a b- rating to a c+ rating in a report on Thursday, January 4th. One investment 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. According to MarketBeat, the company currently has a consensus rating of Hold and a consensus price target of $46.80.

PNM Resources Trading Up 0.4 %

Shares of NYSE PNM traded up $0.13 on Tuesday, reaching $37.19. 568,049 shares of the company traded hands, compared to its average volume of 1,365,185. PNM Resources has a fifty-two week low of $34.63 and a fifty-two week high of $48.71. The company has a 50 day moving average of $37.06 and a 200 day moving average of $39.32. The stock has a market capitalization of $3.35 billion, a PE ratio of 35.13, a P/E/G ratio of 10.04 and a beta of 0.35. The company has a current ratio of 0.39, a quick ratio of 0.31 and a debt-to-equity ratio of 1.77.

PNM Resources (NYSE:PNM) last posted its 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 analyst estimates of $705.05 million. During the same quarter in the previous year, the business posted $0.15 EPS. On average, equities research analysts forecast that PNM Resources will post 2.7 earnings per share 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. Investors of record on Friday, April 26th will be given a dividend of $0.387 per share. This represents a $1.55 annualized dividend and a yield of 4.16%. The ex-dividend date is Thursday, April 25th. PNM Resources’s dividend payout ratio (DPR) 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.