PNM Resources, Inc. (NYSE:PNM – Free 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.
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:PNM – Get 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
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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