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 has announced a quarterly dividend of $0.3475 per share on its common stock. This dividend will be payable on May 13, 2022 to shareholders who are on record by the close of business on April 29, 2022. The company, based in Albuquerque, N.M., reported preliminary consolidated operating revenues of $1.8 billion for 2021. PNM Resources aims for 100% emissions-free energy by 2040, serving approximately 800,000 customers in New Mexico and Texas.
PNM Resources (NYSE: PNM) management is scheduled to meet with analysts and investors in Boston to discuss the company's earnings guidance for 2022 and 2023. The projected earnings are between $2.50 and $2.60 per diluted share for 2022, and between $2.60 and $2.75 for 2023. PNM, which serves approximately 800,000 customers in New Mexico and Texas, aims for 100% emissions-free energy by 2040. The company reported consolidated operating revenues of $1.8 billion for 2021. Presentation materials are accessible on their website.
PNM Resources reported preliminary GAAP earnings of $2.27 per diluted share for 2021, an increase from $2.15 in 2020. Ongoing earnings were $2.45 per share, up from $2.28. The company forecasts ongoing earnings of $2.50 - $2.60 for 2022 and $2.60 - $2.75 for 2023, reflecting strong infrastructure investments and a commitment to clean energy. A 6.1% dividend increase to $1.39 per share was also announced. The merger with Avangrid remains a priority, with appeals ongoing to secure necessary regulatory approvals.
AVANGRID, Inc. (NYSE: AGR) announced an extension of the merger agreement with PNM Resources (NYSE: PNM) to April 20, 2023, amidst an appeal of the New Mexico Supreme Court's order that rejected the merger. The partnership aims to enhance New Mexico's clean energy initiatives. The merger, already endorsed by several federal agencies, promises over $300 million in community benefits, while ensuring local control of utility operations. The companies are committed to continue collaboration during the appeal process, with provisions for termination under specific conditions.
PNM Resources (NYSE: PNM) and Avangrid, Inc. have amended their merger agreement, extending the end date to April 20, 2023. The companies have also filed an appeal with the New Mexico Supreme Court against the NM Public Regulation Commission's December 2021 rejection of their merger agreement, which proposed over $300 million in benefits to New Mexico customers. The merger has already received approvals from several federal agencies and the Texas Public Utility Commission. A financial update is scheduled for February 3, 2022, to discuss preliminary results and ongoing guidance.
PNM filed an appeal with the New Mexico Supreme Court against the NMPRC's decision to deny its plan to abandon, sell, and securitize its minority interest in the Four Corners Power Plant. This application aligns with New Mexico’s Energy Transition Act, aimed at promoting clean energy while safeguarding customer interests. PNM's proposal, which includes eliminating coal from its portfolio by 2024 and reducing emissions by up to 25%, could yield customer savings of up to $300 million. A Statement of Issues must be filed within 30 days of the appeal.
On December 15, 2021, the New Mexico Public Regulation Commission (NMPRC) voted unanimously to deny Public Service Company of New Mexico's (PNM) application to abandon and securitize its minority interest in the Four Corners Power Plant. This decision follows PNM's initial filing in January 2021 and subsequent amendments. The rejection could prevent PNM from transitioning away from coal by the end of 2024, potentially costing customers up to $300 million in savings and reducing carbon emissions. PNM's management expressed disappointment, emphasizing compliance with federal standards and shareholder commitments.
Public Service Company of New Mexico (PNM), a subsidiary of PNM Resources, has finalized the acquisition of the Western Spirit transmission line. This $285 million investment aims to enhance the transmission system and support the development of 800 megawatts of new wind energy in eastern New Mexico. The project, approved by the Federal Energy Regulatory Commission, is expected to have no impact on existing customer rates. The acquisition positions PNM to advance renewable energy initiatives and aligns with New Mexico's goals for economic growth through clean energy.
The New Mexico Public Regulation Commission (NMPRC) has unanimously rejected the merger agreement between PNM Resources (NYSE: PNM) and AVANGRID, Inc., following a vote of 5-0. This decision comes after a previous denial of a request for oral arguments on the matter. CEO Pat Vincent-Collawn expressed disappointment but emphasized their focus on customer service and shareholder value. With five federal agencies previously approving the merger, the NMPRC's rejection leaves a critical hurdle for the transaction, initially filed in November 2020.
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