PNM Resources, Inc. Forecasted to Post FY2024 Earnings of $2.71 Per Share (NYSE:PNM)

PNM Resources, Inc. (NYSE:PNMFree Report) – Zacks Research cut their FY2024 EPS estimates for shares of PNM Resources in a report released on Tuesday, February 27th. Zacks Research analyst J. Saha now anticipates that the utilities provider will post earnings per share of $2.71 for the year, down from their previous forecast of $2.88. The consensus estimate for PNM Resources’ current full-year earnings is $2.71 per share. Zacks Research also issued estimates for PNM Resources’ FY2025 earnings at $2.80 EPS and FY2026 earnings at $2.97 EPS.

Other research analysts also recently issued research reports about the stock. Wells Fargo & Company upgraded shares of PNM Resources from an “equal weight” rating to an “overweight” rating and set a $44.00 price target on the stock in a research report on Wednesday, January 3rd. TheStreet lowered shares of PNM Resources from a “b-” rating to a “c+” rating in a report on Thursday, January 4th. StockNews.com cut shares of PNM Resources from a “hold” rating to a “sell” rating in a research report on Wednesday, January 17th. Mizuho lowered PNM Resources from a “buy” rating to a “neutral” rating and set a $41.00 price objective on the stock. in a research report on Wednesday, January 3rd. Finally, Barclays assumed coverage on PNM Resources in a research note on Thursday, February 8th. They issued an “overweight” rating and a $40.00 target price for the company. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $46.20.

View Our Latest Report on PNM Resources

PNM Resources Price Performance

Shares of PNM stock opened at $36.49 on Wednesday. PNM Resources has a 52 week low of $34.63 and a 52 week high of $49.27. The stock has a market capitalization of $3.13 billion, a PE ratio of 35.43, a PEG ratio of 0.38 and a beta of 0.36. The company has a debt-to-equity ratio of 1.71, a quick ratio of 0.27 and a current ratio of 0.33. The stock’s fifty day moving average is $37.85 and its 200-day moving average is $41.49.

PNM Resources (NYSE:PNMGet Free Report) last posted its earnings results on Tuesday, February 6th. The utilities provider reported $0.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.04. The company had revenue of $412.11 million during the quarter, compared to analysts’ expectations of $705.05 million. PNM Resources had a net margin of 4.54% and a return on equity of 10.64%. During the same quarter in the previous year, the company posted $0.15 earnings per share.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. State of Wyoming bought a new position in PNM Resources during the fourth quarter worth about $46,000. International Assets Investment Management LLC raised its position in shares of PNM Resources by 4,061.5% during the fourth quarter. International Assets Investment Management LLC now owns 1,082 shares of the utilities provider’s stock worth $45,000 after purchasing an additional 1,056 shares during the period. Allworth Financial LP lifted its holdings in shares of PNM Resources by 59.5% during the 3rd quarter. Allworth Financial LP now owns 1,088 shares of the utilities provider’s stock valued at $49,000 after purchasing an additional 406 shares in the last quarter. Fifth Third Bancorp grew its position in shares of PNM Resources by 64.7% in the 3rd quarter. Fifth Third Bancorp now owns 1,100 shares of the utilities provider’s stock valued at $49,000 after purchasing an additional 432 shares during the period. Finally, KBC Group NV bought a new stake in PNM Resources during the 4th quarter worth approximately $48,000. Institutional investors own 91.18% of the company’s stock.

PNM Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 16th. Shareholders of record on Friday, February 2nd were issued a dividend of $0.387 per share. The ex-dividend date was Thursday, February 1st. This represents a $1.55 dividend on an annualized basis and a yield of 4.24%. This is a boost from PNM Resources’s previous quarterly dividend of $0.37. PNM Resources’s dividend payout ratio (DPR) is 150.49%.

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.

Further Reading

Earnings History and Estimates for PNM Resources (NYSE:PNM)

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