PNM Resources, Inc. to Post Q2 2024 Earnings of $0.55 Per Share, Zacks Research Forecasts (NYSE:PNM)

PNM Resources, Inc. (NYSE:PNM - Free Report) - Equities researchers at Zacks Research cut their Q2 2024 earnings estimates for PNM Resources in a research note issued to investors on Tuesday, May 21st. Zacks Research analyst J. Saha now expects that the utilities provider will post earnings of $0.55 per share for the quarter, down from their prior estimate of $0.66. The consensus estimate for PNM Resources' current full-year earnings is $2.71 per share. Zacks Research also issued estimates for PNM Resources' FY2024 earnings at $2.70 EPS, Q2 2025 earnings at $0.56 EPS, FY2025 earnings at $2.81 EPS and FY2026 earnings at $2.96 EPS.

PNM Resources (NYSE:PNM - Get Free Report) last issued its earnings results on Tuesday, April 30th. The utilities provider reported $0.41 earnings per share for the quarter, missing analysts' consensus estimates of $0.68 by ($0.27). PNM Resources had a return on equity of 9.91% and a net margin of 4.38%. The firm had revenue of $436.90 million for the quarter, compared to analyst estimates of $531.00 million. During the same quarter in the previous year, the firm posted $0.55 earnings per share. PNM Resources's quarterly revenue was down 19.7% on a year-over-year basis.

Separately, Barclays upped their price objective on shares of PNM Resources from $40.00 to $43.00 and gave the company an "overweight" rating in a report on Monday, April 15th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $44.75.

PNM Resources Stock Performance

Shares of NYSE:PNM traded down $1.15 on Wednesday, hitting $37.69. The company had a trading volume of 430,123 shares, compared to its average volume of 1,237,121. PNM Resources has a 1-year low of $34.63 and a 1-year high of $46.94. The stock has a market cap of $3.40 billion, a price-to-earnings ratio of 41.42, a P/E/G ratio of 3.10 and a beta of 0.35. The stock has a 50 day moving average price of $37.24 and a 200 day moving average price of $38.70. The company has a current ratio of 0.37, a quick ratio of 0.27 and a debt-to-equity ratio of 1.81.

PNM Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 10th. Stockholders of record on Friday, April 26th were paid a $0.387 dividend. This represents a $1.55 annualized dividend and a dividend yield of 4.11%. The ex-dividend date of this dividend was Thursday, April 25th. PNM Resources's dividend payout ratio is currently 170.33%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. River Road Asset Management LLC increased its position in PNM Resources by 107.9% during the 4th quarter. River Road Asset Management LLC now owns 1,154,420 shares of the utilities provider's stock valued at $48,024,000 after purchasing an additional 599,211 shares during the period. State of New Jersey Common Pension Fund D grew its position in shares of PNM Resources by 6.1% during the 4th quarter. State of New Jersey Common Pension Fund D now owns 59,797 shares of the utilities provider's stock worth $2,488,000 after buying an additional 3,425 shares during the period. Advisors Preferred LLC acquired a new stake in shares of PNM Resources during the 4th quarter worth approximately $2,439,000. Vanguard Group Inc. grew its position in shares of PNM Resources by 0.4% during the 3rd quarter. Vanguard Group Inc. now owns 9,379,034 shares of the utilities provider's stock worth $418,399,000 after buying an additional 40,253 shares during the period. Finally, Segantii Capital Management Ltd grew its position in shares of PNM Resources by 111.6% during the 4th quarter. Segantii Capital Management Ltd now owns 736,439 shares of the utilities provider's stock worth $30,636,000 after buying an additional 388,436 shares during the period. Institutional investors and hedge funds own 91.68% of the company's stock.

About PNM Resources

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.