PNM Resources (NYSE:PNM) Issues Quarterly Earnings Results

PNM Resources (NYSE:PNMGet Rating) issued its quarterly earnings results on Thursday. The utilities provider reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.55 by $0.02, Briefing.com reports. PNM Resources had a return on equity of 10.38% and a net margin of 10.68%. The firm had revenue of $499.70 million for the quarter, compared to analyst estimates of $445.36 million. During the same period in the previous year, the firm earned $0.55 earnings per share. The company’s 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 %

NYSE PNM traded down $0.10 on Friday, reaching $48.10. The company had a trading volume of 337,230 shares, compared to its average volume of 643,814. The stock has a market capitalization 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 company’s fifty day moving average is $47.06 and its 200 day moving average is $46.46. PNM Resources has a 52-week low of $43.43 and a 52-week high of $50.11. The company has a quick ratio of 0.34, a current ratio of 0.45 and a debt-to-equity ratio of 1.67.

Institutional Investors Weigh In On PNM Resources

A number of institutional investors and hedge funds have recently bought and sold shares of PNM. Ontario Teachers Pension Plan Board grew its stake in PNM Resources by 145.1% in the 1st quarter. Ontario Teachers Pension Plan Board now owns 70,017 shares of the utilities provider’s stock valued at $3,338,000 after purchasing an additional 41,448 shares during the period. Lazard Asset Management LLC grew its stake in PNM Resources by 8,715.7% in the 1st quarter. Lazard Asset Management LLC now owns 62,856 shares of the utilities provider’s stock valued at $2,996,000 after purchasing an additional 62,143 shares during the period. Mackenzie Financial Corp grew its stake in PNM Resources by 36.7% in the 1st quarter. Mackenzie Financial Corp now owns 52,467 shares of the utilities provider’s stock valued at $2,501,000 after purchasing an additional 14,084 shares during the period. Hsbc Holdings PLC grew its stake in PNM Resources by 607.1% in the 1st quarter. Hsbc Holdings PLC now owns 47,543 shares of the utilities provider’s stock valued at $2,285,000 after purchasing an additional 40,819 shares during the period. Finally, Engineers Gate Manager LP grew its stake in PNM Resources by 45.1% in the 1st quarter. Engineers Gate Manager LP now owns 47,560 shares of the utilities provider’s stock valued at $2,267,000 after purchasing an additional 14,787 shares during the period. 86.59% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

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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