Welcome to our dedicated page for PNM Resources news (Ticker: PNM), a resource for investors and traders seeking the latest updates and insights on PNM Resources stock.
PNM Resources, Inc. (NYSE: PNM), based in Albuquerque, New Mexico, is a prominent energy holding company that serves over 800,000 homes and businesses in New Mexico and Texas through its subsidiaries, PNM and TNMP. With a balanced mix of coal, natural gas, nuclear, and wind generation, the company boasts a robust generation capacity of over 3.1 gigawatts.
Through its subsidiary PNM, PNM Resources provides electric generation, transmission, and distribution services primarily in New Mexico. PNM utilizes a diverse range of fuel sources, including coal and gas-fueled sites, to ensure reliable energy delivery. The Texas-New Mexico Power Company (TNMP), another subsidiary, operates transmission and distribution services in Texas, particularly focusing on small to medium-sized communities.
In recent developments, PNM Resources announced significant changes and projects aimed at enhancing their service and transitioning to cleaner energy sources. On December 8, 2023, the New Mexico Public Regulation Commission's Hearing Examiners issued recommendations for a 2024 change in customer base rates and the addition of 12 megawatts of distribution battery storage. These initiatives are designed to increase grid reliability and integrate more renewable energy into their network. In parallel, the company is exploring avenues for a more balanced and sustainable energy mix.
Further emphasizing their commitment to sustainability, PNM Resources recently sold its 50% share in the New Mexico Renewable Development, LLC (NMRD), a renewable joint venture, to Exus North America Holdings, LLC. This transaction, valued at approximately $234 million, will fund further regulated capital investments, reinforcing the company's dedication to clean energy and innovation. The NMRD portfolio includes numerous solar developments, underscoring PNM Resources' commitment to expanding renewable energy capacity.
Another notable update is the termination of PNM Resources' merger agreement with Avangrid. Despite the setback, the company remains focused on its strategic goals, including maintaining a 5% long-term earnings growth target. PNM Resources continues to invest in infrastructure to meet future energy needs, ensuring reliability and affordability for their customers while transitioning toward a 100% emissions-free energy goal by 2040.
With a strong financial performance, PNM Resources reported 2023 consolidated operating revenues of $1.9 billion. The company’s ongoing earnings guidance for 2024 ranges from $2.65 to $2.75 per diluted share, reflecting their steady growth and commitment to stakeholder value. Recent quarterly results have exceeded expectations, further demonstrating the company's resilience and strategic execution.
For more detailed financial information and updates, visit the PNM Resources official website at www.pnmresources.com.
PNM Resources reported a strong first quarter for 2021, with GAAP earnings of $0.20 per diluted share, up from a loss of $0.19 a year prior. Ongoing earnings increased to $0.32 per diluted share, compared to $0.18 in Q1 2020. The company reaffirmed its ongoing earnings guidance for 2021, expecting $2.27 to $2.37 per share. Key factors included increased transmission margins and operational efficiency. Additionally, the merger with Avangrid is advancing with significant regulatory approvals, expected to close in the second half of 2021.
PNM Resources, through its subsidiary PNM, has filed a stipulation in its merger application with Avangrid before the New Mexico Public Regulation Commission. This agreement, supported by multiple parties, aims to enhance customer and state benefits, with over $250 million in total benefits projected for New Mexico. Key commitments include $63 million in customer rate benefits, $200 million in economic development, and enhanced environmental initiatives. The merger is expected to maintain local management and job stability for at least three years, contributing positively to PNM's future.
PNM Resources (NYSE: PNM) is set to announce its first quarter financial results for 2021 on April 30, 2021, before the market opens. The earnings release will be available at 6:30 a.m. Eastern. In conjunction with its ongoing merger with AVANGRID, the company will not be hosting a conference call. In 2020, PNM reported consolidated operating revenues of $1.5 billion and provides electricity to around 800,000 customers in New Mexico and Texas. The company aims for 100% emissions-free energy by 2040.
The Board of Directors of PNM has declared a quarterly dividend of $1.145 per share on the 4.58% series of cumulative preferred stock. This dividend is set to be paid on April 15, 2021, to shareholders of record by the close of business on April 1, 2021. PNM Resources, based in Albuquerque, N.M., reported consolidated operating revenues of $1.5 billion for 2020 and aims for 100% emissions-free energy by 2040, serving around 800,000 customers in New Mexico and Texas.
PNM Resources (NYSE: PNM) declared a quarterly dividend of $0.3275 per share on March 5, 2021. This dividend is payable on May 14, 2021 to shareholders of record as of April 30, 2021. The company reported consolidated operating revenues of $1.5 billion for 2020 and serves about 800,000 customers in New Mexico and Texas. PNM aims for 100% emissions-free energy by 2040, with a generation capacity of 2.8 gigawatts.
PNM Resources reported 2020 GAAP earnings of $2.15 per diluted share and ongoing earnings of $2.28, surpassing previous expectations. The company affirmed its 2021 guidance range of $2.27 to $2.37 per share. Key factors contributing to performance included higher sales volumes and interest savings from debt refinancing. Additionally, PNM anticipates completion of its merger with Avangrid in the second half of 2021, aimed at benefiting customers and communities.
PNM Resources will announce its 2020 fourth quarter and year-end financial results on February 26, 2021, before market opening at 6:30 a.m. Eastern. The earnings release will provide insights into the company's performance amid its ongoing merger with AVANGRID.
In 2020, PNM Resources reported $1.5 billion in consolidated operating revenues and serves approximately 800,000 customers in New Mexico and Texas, aiming for 100% emissions-free energy by 2040.
PNM Resources shareholders approved the merger with AVANGRID at a special meeting, with approximately 93% voting in favor, equating to around 70% of outstanding shares. Shareholders will receive $50.30 in cash for each share of PNM Resources stock at closing. PNM is now pursuing remaining regulatory approvals from various commissions in New Mexico and Texas, with the merger expected to close in the second half of 2021. This merger aims to facilitate a transition to clean energy and deliver benefits to customers and communities.
PNM Resources (NYSE: PNM) announced its 2021 ongoing earnings guidance, projecting a range of $2.27 to $2.37 per diluted share. The company also affirms its 2020 ongoing earnings guidance set between $2.23 and $2.31 per diluted share. With consolidated operating revenues of $1.5 billion in 2019, PNM serves approximately 790,000 customers across New Mexico and Texas, supported by around 2,811 megawatts of generation capacity. A live conference call will discuss these updates.
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