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 (NYSE: PNM) management will present virtually at the Edison Electric Institute Financial Conference starting November 9, 2020. They aim to confirm their 2020 consolidated earnings guidance of $2.23 to $2.31 per diluted share. In 2019, the company reported $1.5 billion in consolidated operating revenues and provides electricity to approximately 790,000 homes and businesses in New Mexico and Texas.
PNM Resources has announced an agreement to exit the Four Corners Power Plant by 2024, seven years ahead of schedule. This move involves transferring its 200-megawatt capacity ownership and coal supply rights to the Navajo Transitional Energy Corporation, for a payment of $75 million. The early exit is projected to bring significant cost savings and economic support for the Navajo Nation, aligning with PNM's goal of achieving emissions-free energy by 2040. The company aims to file for abandonment and securitization of unrecovered investments with New Mexico regulators in early 2021.
PNM Resources reported strong Q3 2020 earnings with GAAP net earnings of $121.8 million, up from $102.8 million in Q3 2019. Ongoing earnings also rose, totaling $111.9 million. The company increased its 2020 earnings guidance to $2.23-$2.31 per diluted share, bolstered by higher retail sales due to record temperatures and COVID-19 impacts. PNM is committed to ESG principles and has announced a merger with AVANGRID, aiming for clean energy transition. Increased financial assistance programs during the pandemic reflect PNM's dedication to supporting its customers.
PNM Resources and AVANGRID announced a merger agreement whereby AVANGRID will acquire PNM Resources for $50.30 per share, signaling a total equity value of approximately $4.3 billion. This transaction, expected to close between October and December 2021, aims to establish a robust regulated utility and renewable energy platform, serving over 4 million customers and encompassing a $14 billion rate base. The merger is seen as strategically beneficial for both companies, enhancing operational synergies and supporting a transition to clean energy.
Public Service Company of New Mexico (PNM) has celebrated the groundbreaking of a 50-megawatt solar facility on Jicarilla Apache Nation land, marking it as the first utility-scale solar project on tribal land and the third largest in the U.S. This initiative is part of PNM's Solar Direct program, enabling local governments and large customers to achieve clean energy goals without upfront costs. PNM aims for 100% emissions-free energy by 2040, currently serving with 658 megawatts of renewable capacity, aiming to grow to 2,015 megawatts by 2022.
Public Service Company of New Mexico (PNM) is launching COVID Customer Relief Programs to aid income-qualified residential and small business customers affected by the pandemic, funded by a $2.0 million contribution. PNM has raised its 2020 ongoing earnings guidance to a range of $2.23 - $2.31, with a midpoint of $2.27, reflecting higher residential loads and debt refinancing savings. The third quarter earnings call on October 30, 2020 will provide further details, including investment plans and earnings updates.
PNM Resources has declared a quarterly dividend of $0.3075 per share on its common stock during its Board of Directors meeting on September 22, 2020. The dividend is scheduled for payment on November 13, 2020, to shareholders on record as of November 2, 2020. This dividend declaration reflects the company's stability and commitment to returning value to its investors.
In 2019, PNM Resources reported consolidated operating revenues of $1.5 billion and serves approximately 790,000 customers across New Mexico and Texas.
PNM has partnered with Sandia National Laboratories to advance projects focused on energy resiliency, clean energy, and national security. This collaboration supports PNM's commitment to achieving emissions-free energy and enhancing the reliability of New Mexico's power grid. The partnership will leverage combined expertise to explore energy storage technologies and develop efficient carbon-free generation systems. PNM's partnership builds on previous successes, including the first fully integrated solar-plus-storage facility in the U.S., furthering innovation in energy solutions.
PNM Resources, a New Mexico-based energy company, announced a quarterly dividend of $1.145 per share on its 4.58% cumulative preferred stock. This dividend is set to be paid on October 15, 2020, to shareholders recorded at the close of business on October 1, 2020. PNM Resources reported consolidated operating revenues of $1.5 billion in 2019 and currently serves approximately 790,000 customers in New Mexico and Texas. The company operates with an electricity generation capacity of about 2,811 megawatts.
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