CMS Energy (NYSE:CMS) Updates FY 2024 Earnings Guidance

CMS Energy (NYSE:CMS) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 3.290-3.350 for the period, compared to the consensus earnings per share estimate of 3.330. The company issued revenue guidance of -. CMS Energy also updated its FY24 guidance to $3.29-$3.35 EPS.

CMS Energy Price Performance

CMS Energy stock traded down $0.25 during mid-day trading on Friday, hitting $62.96. 1,597,173 shares of the company were exchanged, compared to its average volume of 2,372,410. 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 business has a fifty day moving average of $60.67 and a 200 day moving average of $59.42. CMS Energy has a 1-year low of $49.87 and a 1-year high of $64.28. The company has a market capitalization of $18.80 billion, a PE ratio of 19.27, a price-to-earnings-growth ratio of 2.48 and a beta of 0.38.

CMS Energy (NYSE:CMS) last released its quarterly earnings data on Thursday, July 25th. The utilities provider reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.03. CMS Energy had a return on equity of 12.83% and a net margin of 13.19%. The firm had revenue of $1.61 billion during the quarter, compared to analyst estimates of $1.73 billion. During the same period in the prior year, the company posted $0.75 earnings per share. The business’s revenue for the quarter was up 3.3% compared to the same quarter last year. As a group, sell-side analysts expect that CMS Energy will post 3.33 earnings per share for the current year.

CMS Energy Cuts Dividend

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

Wall Street Analysts Forecast Growth

Several analysts have recently commented on CMS shares. Scotiabank decreased their target price on CMS Energy from $67.00 to $66.00 and set a sector outperform rating on the stock in a report on Monday, April 22nd. Guggenheim raised their price target on CMS Energy from $66.00 to $67.00 and gave the company a buy rating in a report on Friday. Barclays raised their price target on CMS Energy from $57.00 to $59.00 and gave the company an equal weight rating in a report on Tuesday, April 30th. KeyCorp raised their price target on CMS Energy from $66.00 to $68.00 and gave the company an overweight rating in a report on Monday, May 20th. Finally, Wells Fargo & Company increased their price objective on shares of CMS Energy from $66.00 to $70.00 and gave the stock an overweight rating in a research report on Friday. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average price target of $65.00.

Insider Buying and Selling

In other CMS Energy news, SVP Brian F. Rich sold 2,000 shares of the firm’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $61.10, for a total transaction of $122,200.00. Following the completion of the sale, the senior vice president now owns 97,682 shares of the company’s stock, valued at approximately $5,968,370.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Jon E. Barfield sold 2,360 shares of the business’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of $60.79, for a total value of $143,464.40. Following the completion of the sale, the director now directly owns 14,556 shares in the company, valued at approximately $884,859.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Brian F. Rich sold 2,000 shares of the company’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $61.10, for a total value of $122,200.00. Following the completion of the transaction, the senior vice president now directly owns 97,682 shares in the company, valued at $5,968,370.20. The disclosure for this sale can be found here. In the last three months, insiders have sold 6,027 shares of company stock valued at $365,651. 0.40% of the stock is owned by insiders.

CMS Energy Company Profile

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.