PNM Resources (NYSE:PNM) Announces Quarterly Earnings Results, Beats Estimates By $0.02 EPS

PNM Resources (NYSE:PNMGet Rating) posted its quarterly earnings results on Thursday. The utilities provider reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.02, Briefing.com reports. The firm had revenue of $499.70 million for the quarter, compared to analyst estimates of $445.36 million. PNM Resources had a return on equity of 10.38% and a net margin of 10.68%. PNM Resources’s quarterly revenue was up 17.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.55 earnings per share. PNM Resources updated its FY23 guidance to $2.50-$2.60 EPS and its FY 2023 guidance to $2.60-$2.75 EPS.

PNM Resources Stock Down 0.2 %

PNM stock traded down $0.10 during mid-day trading on Friday, hitting $48.10. The stock had a trading volume of 337,230 shares, compared to its average volume of 643,814. The company has a current ratio of 0.45, a quick ratio of 0.34 and a debt-to-equity ratio of 1.67. PNM Resources has a 1-year low of $43.43 and a 1-year high of $50.11. The company has a fifty day moving average of $47.07 and a 200 day moving average of $46.48. The stock has a market capitalization of $4.13 billion, a price-to-earnings ratio of 21.28, a PEG ratio of 3.73 and a beta of 0.42.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Captrust Financial Advisors increased its holdings in shares of PNM Resources by 14.8% during the 1st quarter. Captrust Financial Advisors now owns 2,626 shares of the utilities provider’s stock valued at $125,000 after acquiring an additional 339 shares during the last quarter. Ancora Advisors LLC acquired a new position in shares of PNM Resources during the 1st quarter valued at about $378,000. Quantbot Technologies LP acquired a new position in shares of PNM Resources during the 1st quarter valued at about $966,000. Guggenheim Capital LLC increased its holdings in shares of PNM Resources by 63.8% during the 1st quarter. Guggenheim Capital LLC now owns 24,141 shares of the utilities provider’s stock valued at $1,151,000 after acquiring an additional 9,402 shares during the last quarter. Finally, Prelude Capital Management LLC increased its holdings in shares of PNM Resources by 87.9% during the 1st quarter. Prelude Capital Management LLC now owns 27,924 shares of the utilities provider’s stock valued at $1,331,000 after acquiring an additional 13,061 shares during the last quarter. Institutional investors and hedge funds own 86.59% of the company’s stock.

Analysts Set New Price Targets

Separately, Mizuho raised PNM Resources from a “neutral” rating to a “buy” rating and dropped their target price for the stock from $53.00 to $52.00 in a research report on Wednesday, June 22nd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, PNM Resources presently has an average rating of “Hold” and a consensus price target of $49.00.

About PNM Resources

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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.

Further Reading

Earnings History for PNM Resources (NYSE:PNM)

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