PNM Resources (NYSE:PNM) Releases FY24 Earnings Guidance

PNM Resources (NYSE:PNM) updated its FY24 earnings guidance on Wednesday. The company provided EPS guidance of $2.65-2.75 for the period, compared to the consensus EPS estimate of $2.69. PNM Resources also updated its FY 2024 guidance to 2.650-2.750 EPS.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Barclays lifted their price target on PNM Resources from $43.00 to $45.00 and gave the stock an overweight rating in a report on Monday, July 22nd. Evercore ISI began coverage on shares of PNM Resources in a report on Thursday, May 30th. They issued an in-line rating and a $38.00 price objective on the stock. Wells Fargo & Company boosted their price objective on shares of PNM Resources from $41.00 to $46.00 and gave the company an overweight rating in a report on Thursday. Finally, StockNews.com upgraded shares of PNM Resources from a sell rating to a hold rating in a report on Friday. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of Hold and a consensus price target of $44.20.

PNM Resources Trading Down 1.0 %

NYSE PNM traded down $0.44 during trading on Friday, hitting $41.77. The stock had a trading volume of 512,372 shares, compared to its average volume of 720,509. The company has a market capitalization of $3.77 billion, a PE ratio of 45.90 and a beta of 0.35. The company has a quick ratio of 0.27, a current ratio of 0.37 and a debt-to-equity ratio of 1.81. The firm has a 50 day moving average price of $38.05 and a 200 day moving average price of $37.43. PNM Resources has a twelve month low of $34.63 and a twelve month high of $45.10.

PNM Resources (NYSE:PNM) last released its earnings results on Wednesday, July 31st. The utilities provider reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.05. PNM Resources had a return on equity of 10.15% and a net margin of 4.50%. The company had revenue of $488.10 million during the quarter, compared to the consensus estimate of $481.02 million. During the same period in the previous year, the company posted $0.55 EPS. PNM Resources’s revenue was up 2.3% compared to the same quarter last year. As a group, equities research analysts forecast that PNM Resources will post 2.72 earnings per share for the current year.

PNM Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 9th. Investors of record on Friday, July 26th will be issued a $0.3875 dividend. This represents a $1.55 dividend on an annualized basis and a yield of 3.71%. The ex-dividend date of this dividend is Friday, July 26th. PNM Resources’s dividend payout ratio (DPR) 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.