PNM Resources (NYSE:PNM) Updates FY23 Earnings Guidance

PNM Resources (NYSE:PNM – Get Rating) updated its FY23 earnings guidance on Thursday. The company provided earnings per share guidance of $2.50-$2.60 for the period, compared to the consensus earnings per share estimate of $2.67. PNM Resources also updated its FY 2023 guidance to $2.60-$2.75 EPS.

Analysts Set New Price Targets

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 research note on Wednesday, June 22nd. One equities 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus target price of $49.00.

PNM Resources Price Performance

Shares of PNM traded down $0.29 during mid-day trading on Thursday, hitting $48.20. 557,234 shares of the company traded hands, compared to its average volume of 645,886. PNM Resources has a one year low of $43.43 and a one year high of $50.11. The company has a current ratio of 0.45, a quick ratio of 0.34 and a debt-to-equity ratio of 1.67. The business has a 50-day moving average of $47.04 and a 200 day moving average of $46.45. The stock has a market capitalization of $4.14 billion, a price-to-earnings ratio of 21.37, a PEG ratio of 3.70 and a beta of 0.42.

Institutional Trading of PNM Resources

Hedge funds have recently modified their holdings of the stock. Ontario Teachers Pension Plan Board grew its stake in shares of PNM Resources by 145.1% during the first 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 last quarter. Lazard Asset Management LLC grew its stake in shares of PNM Resources by 8,715.7% during the first 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 last quarter. Mackenzie Financial Corp grew its stake in shares of PNM Resources by 36.7% during the first 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 last quarter. Hsbc Holdings PLC boosted its stake in PNM Resources by 607.1% in the first quarter. Hsbc Holdings PLC now owns 47,543 shares of the utilities provider’s stock valued at $2,285,000 after acquiring an additional 40,819 shares during the last quarter. Finally, Engineers Gate Manager LP boosted its stake in PNM Resources by 45.1% in the first quarter. Engineers Gate Manager LP now owns 47,560 shares of the utilities provider’s stock valued at $2,267,000 after acquiring an additional 14,787 shares during 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.