PNM Resources (NYSE:PNM) Releases Quarterly Earnings Results, Beats Expectations By $0.04 EPS

PNM Resources (NYSE:PNMGet Free Report) posted its quarterly earnings results on Tuesday. The utilities provider reported $0.18 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.04, Briefing.com reports. PNM Resources had a return on equity of 10.58% and a net margin of 7.33%. During the same quarter in the prior year, the firm posted $0.15 EPS. PNM Resources updated its FY 2024 guidance to 2.650-2.750 EPS and its FY24 guidance to $2.65-2.75 EPS.

PNM Resources Stock Performance

NYSE PNM opened at $36.21 on Wednesday. The stock has a market capitalization of $3.11 billion, a price-to-earnings ratio of 20.23, a PEG ratio of 0.34 and a beta of 0.36. PNM Resources has a twelve month low of $34.63 and a twelve month high of $49.47. The company has a current ratio of 0.33, a quick ratio of 0.27 and a debt-to-equity ratio of 1.71. The stock has a 50-day moving average of $39.57 and a 200 day moving average of $42.33.

PNM Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 16th. Investors of record on Friday, February 2nd will be issued a $0.387 dividend. This is a boost from PNM Resources’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend is Thursday, February 1st. This represents a $1.55 dividend on an annualized basis and a yield of 4.28%. PNM Resources’s dividend payout ratio is presently 86.59%.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Mizuho downgraded PNM Resources from a “buy” rating to a “neutral” rating and set a $41.00 price target on the stock. in a research note on Wednesday, January 3rd. Wells Fargo & Company upgraded PNM Resources from an “equal weight” rating to an “overweight” rating and set a $44.00 target price on the stock in a research note on Wednesday, January 3rd. TheStreet downgraded PNM Resources from a “b-” rating to a “c+” rating in a research note on Thursday, January 4th. Finally, StockNews.com downgraded PNM Resources from a “hold” rating to a “sell” rating in a research note on Wednesday, January 17th. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, PNM Resources currently has a consensus rating of “Hold” and an average price target of $47.75.

Check Out Our Latest Analysis on PNM Resources

Hedge Funds Weigh In On PNM Resources

A number of hedge funds have recently made changes to their positions in PNM. International Assets Investment Management LLC increased its holdings in shares of PNM Resources by 4,061.5% in the fourth quarter. International Assets Investment Management LLC now owns 1,082 shares of the utilities provider’s stock valued at $45,000 after purchasing an additional 1,056 shares during the last quarter. Comerica Bank acquired a new stake in shares of PNM Resources in the third quarter valued at approximately $2,049,000. Creative Planning increased its holdings in shares of PNM Resources by 28.5% in the third quarter. Creative Planning now owns 16,398 shares of the utilities provider’s stock valued at $732,000 after purchasing an additional 3,634 shares during the last quarter. GSA Capital Partners LLP acquired a new stake in shares of PNM Resources in the third quarter valued at approximately $211,000. Finally, Royal Bank of Canada grew its position in PNM Resources by 38.0% in the third quarter. Royal Bank of Canada now owns 14,616 shares of the utilities provider’s stock worth $652,000 after acquiring an additional 4,026 shares during the period. Institutional investors and hedge funds own 91.18% of the company’s stock.

About PNM Resources

(Get Free Report)

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.

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Earnings History for PNM Resources (NYSE:PNM)

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