PNM Resources (NYSE:PNM) Issues FY24 Earnings Guidance

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

PNM Resources Trading Down 0.5 %

NYSE PNM traded down $0.20 on Tuesday, hitting $36.86. The company’s stock had a trading volume of 105,968 shares, compared to its average volume of 1,359,208. The firm has a market cap of $3.32 billion, a PE ratio of 35.13, a PEG ratio of 10.04 and a beta of 0.35. PNM Resources has a 1-year low of $34.63 and a 1-year high of $48.71. The company’s 50-day moving average is $37.06 and its 200 day moving average is $39.32. The company has a quick ratio of 0.31, a current ratio of 0.39 and a debt-to-equity ratio of 1.77.

PNM Resources (NYSE:PNM) last issued its quarterly earnings results on Tuesday, February 6th. The utilities provider reported $0.18 EPS for the quarter, beating analysts’ consensus estimates of $0.14 by $0.04. The business had revenue of $412.11 million for 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 prior year, the firm posted $0.15 earnings per share. As a group, analysts predict that PNM Resources will post 2.7 earnings per share for the current fiscal year.

PNM Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 10th. Stockholders of record on Friday, April 26th will be given a dividend of $0.387 per share. This represents a $1.55 dividend on an annualized basis and a dividend yield of 4.20%. The ex-dividend date of this dividend is Thursday, April 25th. PNM Resources’s dividend payout ratio is currently 150.49%.

Analysts Set New Price Targets

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