CMS Energy (NYSE:CMS) Issues FY24 Earnings Guidance

CMS Energy (NYSE:CMS) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $3.29-$3.35 for the period, compared to the consensus estimate of $3.33. CMS Energy also updated its FY 2024 guidance to 3.290-3.350 EPS.

CMS Energy Stock Up 1.2 %

Shares of NYSE:CMS traded up $0.74 during midday trading on Thursday, reaching $63.21. The company’s stock had a trading volume of 2,801,299 shares, compared to its average volume of 2,377,868. The firm has a 50 day moving average of $60.67 and a 200-day moving average of $59.42. The firm has a market capitalization of $18.88 billion, a P/E ratio of 19.27, a PEG ratio of 2.44 and a beta of 0.38. The company has a quick ratio of 1.05, a current ratio of 1.35 and a debt-to-equity ratio of 1.82. CMS Energy has a 12-month low of $49.87 and a 12-month high of $64.28.

CMS Energy (NYSE:CMS) last announced its quarterly earnings data on Thursday, April 25th. The utilities provider reported $0.97 EPS for the quarter, beating the consensus estimate of $0.92 by $0.05. CMS Energy had a net margin of 13.19% and a return on equity of 12.83%. The company had revenue of $2.18 billion for the quarter, compared to the consensus estimate of $2.32 billion. During the same period in the prior year, the firm posted $0.70 EPS. CMS Energy’s revenue for the quarter was down 4.7% on a year-over-year basis. On average, research analysts anticipate that CMS Energy will post 3.33 earnings per share for the current year.

CMS Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Friday, August 2nd will be given a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a yield of 3.23%. The ex-dividend date is Friday, August 2nd. CMS Energy’s dividend payout ratio (DPR) is 62.80%.

Analysts Set New Price Targets

Several analysts recently commented on CMS shares. UBS Group downgraded shares of CMS Energy from a buy rating to a neutral rating and set a $65.00 price objective on the stock. in a research report on Thursday, April 4th. Scotiabank dropped their price target on shares of CMS Energy from $67.00 to $66.00 and set a sector outperform rating on the stock in a report on Monday, April 22nd. KeyCorp raised their price target on shares of CMS Energy from $66.00 to $68.00 and gave the company an overweight rating in a report on Monday, May 20th. Barclays raised their price target on shares of CMS Energy from $57.00 to $59.00 and gave the company an equal weight rating in a report on Tuesday, April 30th. Finally, Morgan Stanley dropped their price target on shares of CMS Energy from $61.00 to $58.00 and set an equal weight rating on the stock in a report on Monday, June 24th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, CMS Energy presently has an average rating of Moderate Buy and an average price target of $64.20.

Insider Transactions at CMS Energy

In other news, Director Jon E. Barfield sold 2,360 shares of the stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $60.79, for a total value of $143,464.40. Following the transaction, the director now owns 14,556 shares in the company, valued at approximately $884,859.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Jon E. Barfield sold 2,360 shares of the stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $60.79, for a total value of $143,464.40. Following the transaction, the director now owns 14,556 shares in the company, valued at approximately $884,859.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Brandon J. Hofmeister sold 1,667 shares of the stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $59.98, for a total transaction of $99,986.66. Following the completion of the transaction, the senior vice president now owns 68,330 shares in the company, valued at approximately $4,098,433.40. The disclosure for this sale can be found here. Insiders have sold 6,027 shares of company stock worth $365,651 in the last quarter. Company insiders own 0.40% of the company’s stock.

About CMS Energy

CMS Energy Corporation operates as an energy company primarily in Michigan. The company operates through three segments: Electric Utility; Gas Utility; and Enterprises. The Electric Utility segment is involved in the generation, purchase, transmission, distribution, and sale of electricity. This segment generates electricity through coal, wind, gas, renewable energy, oil, and nuclear sources.