PNM Resources (NYSE:PNM – Get 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
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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