PNM Resources (NYSE:PNM) Releases Quarterly Earnings Results, Misses Expectations By $0.27 EPS

PNM Resources (NYSE:PNM) announced its earnings results on Tuesday. The utilities provider reported $0.41 EPS for the quarter, missing the consensus estimate of $0.68 by ($0.27), Briefing.com reports. PNM Resources had a return on equity of 10.51% and a net margin of 4.54%. The company had revenue of $436.90 million for the quarter, compared to analyst estimates of $531.00 million. During the same period in the previous year, the firm posted $0.55 earnings per share. The firm’s quarterly revenue was down 19.7% compared to the same quarter last year. PNM Resources updated its FY24 guidance to $2.65-2.75 EPS.

PNM Resources Price Performance

PNM traded up $0.03 on Wednesday, reaching $37.09. 50,129 shares of the company’s stock were exchanged, compared to its average volume of 1,355,181. The stock has a market cap of $3.35 billion, a PE ratio of 35.98, a P/E/G ratio of 10.24 and a beta of 0.35. PNM Resources has a twelve month low of $34.63 and a twelve month high of $48.71. The stock’s fifty day moving average price is $37.04 and its 200-day moving average price is $39.28. 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 Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, May 10th. Investors 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 4.17%. The ex-dividend date of this dividend is Thursday, April 25th. PNM Resources’s dividend payout ratio (DPR) is presently 150.49%.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on PNM shares. Mizuho downgraded PNM Resources from a “buy” rating to a “neutral” rating and set a $41.00 target price on the stock. in a research note on Wednesday, January 3rd. Wells Fargo & Company raised 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 report on Wednesday, January 3rd. TheStreet cut PNM Resources from a “b-” rating to a “c+” rating in a research note on Thursday, January 4th. Barclays upped their price target on shares of PNM Resources from $40.00 to $43.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. Finally, StockNews.com lowered shares of PNM Resources from a “hold” rating to a “sell” rating in a report on Wednesday, January 17th. One 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. Based on data from MarketBeat.com, PNM Resources presently has an average rating of “Hold” and a consensus price target of $46.80.

About PNM Resources

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.