PNM Resources (NYSE:PNM – Get Rating) updated its FY 2023 earnings guidance on Tuesday. The company provided earnings per share guidance of $2.60-$2.75 for the period, compared to the consensus earnings per share estimate of $2.67. The company issued revenue guidance of -. PNM Resources also updated its FY 2022 guidance to $2.50-$2.60 EPS.
Analysts Set New Price Targets
Separately, Mizuho upgraded PNM Resources from a neutral rating to a buy rating and cut their price objective for the company from $53.00 to $52.00 in a research report on Wednesday, June 22nd.
PNM Resources Stock Down 0.6 %
PNM stock traded down $0.28 during mid-day trading on Tuesday, reaching $47.33. The company had a trading volume of 13,994 shares, compared to its average volume of 335,114. PNM Resources has a fifty-two week low of $43.43 and a fifty-two week high of $50.11. The company has a market capitalization of $4.06 billion, a price-to-earnings ratio of 26.04, a price-to-earnings-growth ratio of 3.66 and a beta of 0.42. The company has a debt-to-equity ratio of 1.63, a quick ratio of 0.33 and a current ratio of 0.41. The firm has a fifty day simple moving average of $47.67 and a 200 day simple moving average of $46.86.
PNM Resources (NYSE:PNM – Get Rating) last released its quarterly earnings data on Thursday, August 4th. The utilities provider reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.55 by $0.02. PNM Resources had a return on equity of 10.41% and a net margin of 8.29%. The business had revenue of $499.70 million for the quarter, compared to the consensus estimate of $445.36 million. During the same quarter in the prior year, the business posted $0.55 EPS. The business’s revenue for the quarter was up 17.2% on a year-over-year basis. Analysts forecast that PNM Resources will post 2.6 earnings per share for the current fiscal year.
PNM Resources Announces Dividend
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The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 31st. Investors of record on Wednesday, August 17th will be paid a dividend of $0.347 per share. The ex-dividend date of this dividend is Tuesday, August 16th. This represents a $1.39 dividend on an annualized basis and a yield of 2.93%. PNM Resources’s dividend payout ratio is presently 76.37%.
Institutional Inflows and Outflows
A number of hedge funds have recently added to or reduced their stakes in the company. Captrust Financial Advisors lifted its position in PNM Resources by 14.8% during the 1st quarter. Captrust Financial Advisors now owns 2,626 shares of the utilities provider’s stock worth $125,000 after acquiring an additional 339 shares during the period. Creative Planning acquired a new stake in shares of PNM Resources in the 2nd quarter valued at approximately $235,000. LPL Financial LLC lifted its holdings in shares of PNM Resources by 6.5% in the 2nd quarter. LPL Financial LLC now owns 6,892 shares of the utilities provider’s stock valued at $329,000 after buying an additional 421 shares during the period. Ancora Advisors LLC acquired a new stake in shares of PNM Resources in the 1st quarter valued at approximately $378,000. Finally, Quantbot Technologies LP acquired a new stake in shares of PNM Resources in the 1st quarter valued at approximately $966,000. Hedge funds and other institutional investors own 91.18% 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.
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