Public Service Company of New Mexico Declares Preferred Dividend

Rhea-AI Summary

Public Service Company of New Mexico, a subsidiary of PNM Resources (NYSE: PNM), has announced a regular quarterly dividend of $1.145 per share on its 4.58% series of cumulative preferred stock. The dividend is set to be paid on July 15, 2024, to shareholders on record as of June 28, 2024.

PNM Resources, an energy holding company based in Albuquerque, NM, reported consolidated operating revenues of $1.9 billion for 2023. The company provides electricity to over 800,000 homes and businesses in New Mexico and Texas through its regulated utilities, PNM and TNMP. PNM's energy generation capacity stands at 3.3 gigawatts, with an ambitious goal of achieving 100% emissions-free generation by 2040.

Positive

• Declaration of a regular quarterly dividend of $1.145 per share on the 4.58% series of cumulative preferred stock.
• PNM Resources reported consolidated operating revenues of $1.9 billion for 2023.
• The company provides electricity to over 800,000 homes and businesses in New Mexico and Texas.
• PNM Resources aims to achieve 100% emissions-free generation by 2040, reflecting a strong commitment to sustainability.

Negative

• No specific mention of net income or profit margins, making it difficult to assess overall financial health.
• The announcement focuses on dividends for preferred stockholders, potentially overshadowing common stockholder interests.
• No new business development or major growth initiatives announced, which may concern investors looking for expansion.

ALBUQUERQUE, N.M., June 4, 2024 /PRNewswire/ -- The Board of Directors of Public Service Company of New Mexico, a subsidiary of PNM Resources (NYSE: PNM), declared the regular quarterly dividend of $1.145 per share on the 4.58 percent series of cumulative preferred stock. The preferred stock dividend is payable July 15, 2024, to shareholders of record at the close of business June 28, 2024.

Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2023 consolidated operating revenues of $1.9 billion. Through its regulated utilities, PNM and TNMP, PNM Resources provides electricity to more than 800,000 homes and businesses in New Mexico and Texas. PNM serves its customers with a diverse mix of generation and purchased power resources totaling 3.3 gigawatts of capacity, with a goal to achieve 100% emissions-free generation by 2040. For more information, visit the company's website at www.PNMResources.com. 

CONTACTS:
	Analysts	Media
	Lisa Goodman	Corporate Communications
	(505) 241-2160	(505) 241-2783

 

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SOURCE PNM Resources, Inc.

FAQ

When is PNM's next dividend payment date?

The next dividend payment date for PNM's preferred stock is July 15, 2024.

What is the dividend amount declared by PNM on June 4, 2024?

PNM declared a quarterly dividend of $1.145 per share on its 4.58% series of cumulative preferred stock.

What is the record date for PNM's declared dividend?

The record date for PNM's declared dividend is June 28, 2024.

What were PNM Resources' operating revenues for 2023?

PNM Resources reported consolidated operating revenues of $1.9 billion for 2023.

How many homes and businesses does PNM serve?

PNM provides electricity to more than 800,000 homes and businesses in New Mexico and Texas.

What is PNM's goal for emissions-free generation?

PNM aims to achieve 100% emissions-free generation by 2040.