PNM Resources (NYSE:PNM) Releases FY24 Earnings Guidance

PNM Resources (NYSE:PNM) issued an update on its FY24 earnings guidance on Wednesday morning. 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. PNM Resources also updated its FY 2024 guidance to 2.650-2.750 EPS.

Analyst Ratings Changes

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

PNM Resources Stock Performance

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

PNM Resources (NYSE:PNM) last posted its earnings results on Wednesday, July 31st. The utilities provider reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.05. The firm had revenue of $488.10 million for the quarter, compared to the consensus estimate of $481.02 million. PNM Resources had a return on equity of 10.15% and a net margin of 4.50%. The business’s quarterly revenue was up 2.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.55 earnings per share. On average, research analysts forecast that PNM Resources will post 2.72 EPS for the current fiscal year.

PNM Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 9th. Stockholders 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 dividend yield of 3.71%. The ex-dividend date is Friday, July 26th. PNM Resources’s payout ratio 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.