CMS Energy (NYSE:CMS) Posts Quarterly Earnings Results, Beats Estimates By $0.03 EPS

CMS Energy (NYSE:CMS) announced its quarterly earnings data on Thursday. The utilities provider reported $0.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.03, Briefing.com reports. CMS Energy had a return on equity of 12.83% and a net margin of 13.19%. The company had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.73 billion. During the same period in the previous year, the company posted $0.75 EPS. The firm’s revenue was up 3.3% on a year-over-year basis. CMS Energy updated its FY 2024 guidance to 3.290-3.350 EPS and its FY24 guidance to $3.29-$3.35 EPS.

CMS Energy Trading Down 0.4 %

CMS traded down $0.25 on Friday, reaching $62.96. 1,597,173 shares of the company traded hands, compared to its average volume of 2,372,494. The company has a quick ratio of 1.05, a current ratio of 1.35 and a debt-to-equity ratio of 1.82. The company has a market cap of $18.80 billion, a P/E ratio of 19.20, a price-to-earnings-growth ratio of 2.48 and a beta of 0.38. The firm has a fifty day simple moving average of $60.66 and a two-hundred day simple moving average of $59.44. CMS Energy has a one year low of $49.87 and a one year high of $64.28.

CMS Energy Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Friday, August 2nd will be paid a $0.51 dividend. This represents a $2.04 annualized dividend and a yield of 3.24%. The ex-dividend date is Friday, August 2nd. CMS Energy’s dividend payout ratio is presently 62.80%.

Insiders Place Their Bets

In other CMS Energy news, SVP Brandon J. Hofmeister sold 1,667 shares of the company’s stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $59.98, for a total value of $99,986.66. Following the completion of the sale, the senior vice president now directly owns 68,330 shares in the company, valued at approximately $4,098,433.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, SVP Brian F. Rich sold 2,000 shares of the stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $61.10, for a total transaction of $122,200.00. Following the transaction, the senior vice president now directly owns 97,682 shares in the company, valued at $5,968,370.20. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Brandon J. Hofmeister sold 1,667 shares of the business’s stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $59.98, for a total transaction of $99,986.66. Following the completion of the transaction, the senior vice president now directly owns 68,330 shares of the company’s stock, valued at approximately $4,098,433.40. The disclosure for this sale can be found here. Insiders have sold 6,027 shares of company stock worth $365,651 in the last three months. Corporate insiders own 0.40% of the company’s stock.

Wall Street Analyst Weigh In

CMS has been the subject of a number of recent analyst reports. Wells Fargo & Company upped their price target on shares of CMS Energy from $66.00 to $70.00 and gave the stock an “overweight” rating in a research report on Friday. Guggenheim upped their target price on shares of CMS Energy from $66.00 to $67.00 and gave the stock a “buy” rating in a report on Friday. Morgan Stanley cut their price target on CMS Energy from $61.00 to $58.00 and set an “equal weight” rating for the company in a research note on Monday, June 24th. Barclays boosted their price objective on CMS Energy from $57.00 to $59.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 30th. Finally, KeyCorp increased their target price on CMS Energy from $66.00 to $68.00 and gave the stock an “overweight” rating in a research report on Monday, May 20th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $65.00.

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.