PNM Resources (NYSE:PNM) Announces Quarterly Earnings Results

PNM Resources (NYSE:PNMGet Rating) posted its earnings results on Thursday. The utilities provider reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.02, Briefing.com reports. PNM Resources had a net margin of 10.68% and a return on equity of 10.38%. The business had revenue of $499.70 million for the quarter, compared to analyst estimates of $445.36 million. During the same quarter in the prior year, the firm earned $0.55 EPS. The firm’s quarterly revenue was up 17.2% compared to the same quarter last year. PNM Resources updated its FY23 guidance to $2.50-$2.60 EPS and its FY 2023 guidance to $2.60-$2.75 EPS.

PNM Resources Stock Down 0.2 %

PNM stock traded down $0.10 during mid-day trading on Friday, hitting $48.10. 337,230 shares of the company were exchanged, compared to its average volume of 643,814. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.34 and a current ratio of 0.45. The firm has a market cap of $4.13 billion, a P/E ratio of 21.28, a P/E/G ratio of 3.73 and a beta of 0.42. The firm’s 50 day simple moving average is $47.06 and its 200 day simple moving average is $46.46. PNM Resources has a 1-year low of $43.43 and a 1-year high of $50.11.

Analyst Ratings Changes

Separately, Mizuho raised shares of PNM Resources from a “neutral” rating to a “buy” rating and decreased their price objective for the stock from $53.00 to $52.00 in a report on Wednesday, June 22nd. One analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $49.00.

Hedge Funds Weigh In On PNM Resources

Several hedge funds have recently made changes to their positions in the business. Bank of America Corp DE grew its stake in shares of PNM Resources by 2.0% during the 1st quarter. Bank of America Corp DE now owns 171,480 shares of the utilities provider’s stock worth $8,176,000 after acquiring an additional 3,384 shares in the last quarter. Neuberger Berman Group LLC bought a new position in shares of PNM Resources during the 1st quarter worth approximately $15,929,000. Quantbot Technologies LP bought a new position in shares of PNM Resources during the 1st quarter worth approximately $966,000. First Manhattan Co. grew its stake in shares of PNM Resources by 3.4% during the 1st quarter. First Manhattan Co. now owns 91,840 shares of the utilities provider’s stock worth $4,378,000 after acquiring an additional 3,000 shares in the last quarter. Finally, Guggenheim Capital LLC grew its stake in shares of PNM Resources by 63.8% during the 1st quarter. Guggenheim Capital LLC now owns 24,141 shares of the utilities provider’s stock worth $1,151,000 after acquiring an additional 9,402 shares in the last quarter. 86.59% of the stock is owned by institutional investors.

About PNM Resources

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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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Earnings History for PNM Resources (NYSE:PNM)

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