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 (EPS) guidance of $2.65-2.75 for the period, compared to the consensus estimate of $2.69. PNM Resources also updated its FY 2024 guidance to 2.650-2.750 EPS.

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 quick ratio of 0.27, a current ratio of 0.37 and a debt-to-equity ratio of 1.81. The company has a market capitalization of $3.77 billion, a PE ratio of 45.90 and a beta of 0.35. 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 posted its quarterly earnings data on Wednesday, July 31st. The utilities provider reported $0.60 EPS for the quarter, beating the consensus estimate of $0.55 by $0.05. PNM Resources had a net margin of 4.50% and a return on equity of 10.15%. The business had revenue of $488.10 million during the quarter, compared to analyst estimates of $481.02 million. During the same quarter last year, the firm posted $0.55 earnings per share. The business’s revenue for the quarter 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 Dividend Announcement

The business 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 dividend of $0.3875 per share. This represents a $1.55 dividend on an annualized basis and a dividend yield of 3.71%. The ex-dividend date of this dividend is Friday, July 26th. PNM Resources’s dividend payout ratio is currently 170.33%.

Wall Street Analysts Forecast Growth

PNM has been the topic of several analyst reports. Barclays lifted their target price on PNM Resources from $43.00 to $45.00 and gave the company an overweight rating in a research note on Monday, July 22nd. StockNews.com upgraded PNM Resources from a sell rating to a hold rating in a research report on Friday. Evercore ISI started coverage on PNM Resources in a research note on Thursday, May 30th. They issued an in-line rating and a $38.00 price target on the stock. Finally, Wells Fargo & Company increased their price objective on PNM Resources from $41.00 to $46.00 and gave the stock an overweight rating in a research report on Thursday. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, PNM Resources currently has an average rating of Hold and an average target price of $44.20.

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.