PNM Resources (NYSE:PNM) Releases Earnings Results

PNM Resources (NYSE:PNM - Get Free Report) posted its quarterly earnings results on Tuesday. The utilities provider reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.68 by ($0.27), Briefing.com reports. PNM Resources had a return on equity of 10.51% and a net margin of 4.54%. The business had revenue of $436.90 million during the quarter, compared to analysts' expectations of $531.00 million. During the same quarter in the prior year, the firm earned $0.55 EPS. The firm's revenue for the quarter was down 19.7% compared to the same quarter last year. PNM Resources updated its FY24 guidance to $2.65-2.75 EPS.

PNM Resources Stock Performance

NYSE:PNM traded up $0.32 during mid-day trading on Wednesday, hitting $37.38. 857,626 shares of the company traded hands, compared to its average volume of 1,364,947. The stock's fifty day moving average price is $37.03 and its 200-day moving average price is $39.26. PNM Resources has a one year low of $34.63 and a one year high of $48.71. The company has a quick ratio of 0.31, a current ratio of 0.39 and a debt-to-equity ratio of 1.77. The firm has a market cap of $3.37 billion, a price-to-earnings ratio of 36.29, a price-to-earnings-growth ratio of 10.24 and a beta of 0.35.

PNM Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 10th. Shareholders of record on Friday, April 26th will be issued a dividend of $0.387 per share. This represents a $1.55 annualized dividend and a yield of 4.14%. The ex-dividend date of this dividend is Thursday, April 25th. PNM Resources's dividend payout ratio is presently 150.49%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PNM. TheStreet cut PNM Resources from a "b-" rating to a "c+" rating in a research note on Thursday, January 4th. Mizuho cut PNM Resources from a "buy" rating to a "neutral" rating and set a $41.00 price objective for the company. in a research report on Wednesday, January 3rd. StockNews.com cut PNM Resources from a "hold" rating to a "sell" rating in a research report on Wednesday, January 17th. Barclays upped their price objective on PNM Resources from $40.00 to $43.00 and gave the company an "overweight" rating in a research report on Monday, April 15th. Finally, Wells Fargo & Company upgraded PNM Resources from an "equal weight" rating to an "overweight" rating and set a $44.00 price objective for the company in a research report on Wednesday, January 3rd. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $46.80.

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.