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

PNM Resources (NYSE:PNM) announced its earnings results on Wednesday. The utilities provider reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.55 by $0.05, Briefing.com reports. The company had revenue of $488.10 million for the quarter, compared to analyst estimates of $481.02 million. PNM Resources had a return on equity of 9.91% and a net margin of 4.38%. The firm’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.55 earnings per share. 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 Price Performance

Shares of NYSE PNM traded up $0.61 during mid-day trading on Thursday, hitting $42.19. 667,561 shares of the stock traded hands, compared to its average volume of 1,074,538. The company has a debt-to-equity ratio of 1.81, a current ratio of 0.37 and a quick ratio of 0.27. PNM Resources has a twelve month low of $34.63 and a twelve month high of $45.10. The company has a market cap of $3.81 billion, a PE ratio of 45.88 and a beta of 0.35. The firm has a 50 day simple moving average of $37.86 and a two-hundred day simple moving average of $37.37.

PNM Resources Announces Dividend

The company also recently disclosed 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 annualized dividend and a dividend yield of 3.67%. The ex-dividend date of this dividend is Friday, July 26th. PNM Resources’s dividend payout ratio (DPR) is 170.33%.

Analyst Ratings Changes

PNM has been the topic of a number of recent research reports. Barclays increased their target price on PNM Resources from $43.00 to $45.00 and gave the stock an “overweight” rating in a research note on Monday, July 22nd. Evercore ISI began coverage on PNM Resources in a research note on Thursday, May 30th. They set an “in-line” rating and a $38.00 target price on the stock. StockNews.com lowered PNM Resources from a “hold” rating to a “sell” rating in a research note on Wednesday, July 3rd. Finally, Wells Fargo & Company raised their price objective on PNM Resources from $41.00 to $46.00 and gave the stock an “overweight” rating in a research note on Thursday. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target 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.