PNM Resources (NYSE:PNM) Issues Quarterly Earnings Results, Beats Expectations By $0.05 EPS

PNM Resources (NYSE:PNM) posted its quarterly earnings results on Wednesday. The utilities provider reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.55 by $0.05, Briefing.com reports. PNM Resources had a return on equity of 9.91% and a net margin of 4.38%. The company had revenue of $488.10 million for the quarter, compared to analysts’ expectations of $481.02 million. During the same period in the previous year, the firm earned $0.55 EPS. The firm’s revenue was up 2.3% compared to the same quarter last year. PNM Resources updated its FY24 guidance to $2.65-2.75 EPS and its FY 2024 guidance to 2.650-2.750 EPS.

PNM Resources Trading Up 1.5 %

Shares of PNM Resources stock traded up $0.63 on Thursday, reaching $42.21. The company had a trading volume of 651,579 shares, compared to its average volume of 1,074,429. The firm has a market cap of $3.81 billion, a price-to-earnings ratio of 45.88 and a beta of 0.35. The company has a debt-to-equity ratio of 1.81, a current ratio of 0.37 and a quick ratio of 0.27. The firm’s 50-day moving average price is $37.86 and its two-hundred day moving average price is $37.37. PNM Resources has a 1 year low of $34.63 and a 1 year high of $45.10.

PNM Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 9th. Shareholders of record on Friday, July 26th will be given a dividend of $0.3875 per share. The ex-dividend date is Friday, July 26th. This represents a $1.55 dividend on an annualized basis and a yield of 3.67%. PNM Resources’s dividend payout ratio (DPR) is presently 170.33%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on PNM shares. Evercore ISI began coverage on shares of PNM Resources in a report on Thursday, May 30th. They issued an “in-line” rating and a $38.00 target price on the stock. StockNews.com cut shares of PNM Resources from a “hold” rating to a “sell” rating in a research note on Wednesday, July 3rd. Barclays raised their price objective on PNM Resources from $43.00 to $45.00 and gave the company an “overweight” rating in a research report on Monday, July 22nd. Finally, Wells Fargo & Company boosted their target price on PNM Resources from $41.00 to $46.00 and gave the stock an “overweight” rating in a research report on Thursday. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $44.20.

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.