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.
AVANGRID, Inc. (NYSE: AGR) has extended its merger agreement with PNM Resources (NYSE: PNM) until July 20, 2023, allowing more time for regulatory review in New Mexico. AVANGRID’s CEO, Pedro Azagra, stated that the merger is expected to generate over $300 million in benefits for New Mexico and $16 million in rate relief for Texas customers. The merger has gained approval from five federal agencies and the Public Utility Commission of Texas. The companies recently filed a motion in the New Mexico Supreme Court to dismiss an appeal regarding a previous regulatory decision. AVANGRID aims to enhance clean energy prospects and economic development in the regions served.
PNM Resources has affirmed its commitment to a merger with Avangrid, Inc. and exercised a three-month extension of their merger agreement until July 20, 2023.
This decision aligns with PNM's goal to pursue a clean energy future, as stated by CEO Pat Vincent-Collawn. The ongoing regulatory approval process in New Mexico is central to the merger's progress, with a joint motion filed to dismiss an appeal regarding a prior NMPRC denial.
Additionally, PNM recently entered into forward sale agreements for approximately $50 million in equity and hedges totaling $150 million on variable-rate debt. The company will announce its first-quarter 2023 financial results on May 5, 2023.
The Board of Directors of Public Service Company of New Mexico, a subsidiary of PNM Resources (NYSE: PNM), has declared a regular quarterly dividend of $1.145 per share on its 4.58% series of cumulative preferred stock. This dividend is payable on April 15, 2023, to shareholders of record at the close of business on March 31, 2023. PNM Resources reported consolidated operating revenues of $2.2 billion for 2022, serving over 800,000 customers in New Mexico and Texas with a capacity of 2.7 gigawatts. The company aims for 100% emissions-free energy by 2040.
On March 8, 2023, PNM Resources (NYSE: PNM) and Avangrid filed a joint motion with the New Mexico Public Regulation Commission to dismiss their appeal pending at the New Mexico Supreme Court. This motion aims for the NMPRC to rehear and reconsider the case by April 12, 2023. The merger agreement between PNM and Avangrid has been extended to April 20, 2023, with an option for a 90-day extension. PNM Resources reported consolidated operating revenues of $2.2 billion in 2022, serving over 800,000 customers across New Mexico and Texas. The company aims for 100% emissions-free energy by 2040.
On February 28, 2023, PNM Resources (NYSE: PNM) announced a quarterly dividend of $0.3675 per share, payable on May 12, 2023. Shareholders of record as of April 28, 2023 will receive this dividend. The company reported preliminary consolidated operating revenues of $2.2 billion in 2022, serving over 800,000 customers in New Mexico and Texas. PNM Resources aims for 100% emissions-free energy by 2040. This announcement reflects the company's commitment to returning value to shareholders while pursuing sustainable energy goals.
PNM Resources (NYSE: PNM) management is set to meet analysts and investors in Boston this week to reaffirm the company's 2023 consolidated earnings guidance, projecting earnings between $2.65 and $2.75 per diluted share. The company reported consolidated operating revenues of $2.2 billion in 2022 and serves over 800,000 customers in New Mexico and Texas. The management aims for 100% emissions-free generation by 2040. Presentation materials will be available on their website.
PNM Resources announced its 2022 year-end results, reporting GAAP net earnings of $169.5 million or $1.97 per diluted share, a decline from 2021's $195.8 million or $2.27 per share. Ongoing earnings improved to $231.5 million, with ongoing diluted EPS at $2.69, up from $2.45 in 2021. The company narrowed its ongoing earnings guidance for 2023 to a range of $2.65 to $2.75 per diluted share. Key developments included a 55% carbon-free generation portfolio and $2 billion in investments for grid modernization in New Mexico. The ongoing merger appeal with AVANGRID remains pending.
On January 27, 2023, PNM Resources (NYSE: PNM) announced it will release its 2022 year-end financial results before the market opens on February 24, 2023. A live conference call will be held at 11 a.m. Eastern Time to discuss these results and provide updates. The company, based in Albuquerque, N.M., reported consolidated operating revenues of $1.8 billion in 2021, serving approximately 800,000 customers in New Mexico and Texas. PNM aims for 100% emissions-free generation by 2040. More details will be available on their website.
Public Service Company of New Mexico (PNM) has filed a request for a rate change with the New Mexico Public Regulation Commission, projecting a net average residential customer bill increase of 0.9% in 2024. This filing seeks recovery on a total rate base of $2.7 billion, an increase of $336 million from its last filing in December 2016. The requested increase in retail non-fuel revenues amounts to $63.8 million, reflecting a 10.25% return on equity. If approved, new rates will take effect by January 1, 2024.
PNM Resources has announced a 5.8% increase in its annual dividend, now totaling $1.47 per share. The quarterly dividend is set at $0.3675 and payable on February 17, 2023, to shareholders on record by February 3, 2023. This marks the third dividend increase during the company's pending merger. The increase aligns with the firm’s ongoing earnings guidance of $2.60 to $2.75 per diluted share, reflecting a payout target of 55% of annual earnings.
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