PNM Resources, Inc. Stock Price, News & Analysis

PNM Resources (NYSE: PNM) and AVANGRID (NYSE: AGR) received approval from the Nuclear Regulatory Commission for their merger, leaving only the New Mexico Public Regulation Commission’s approval pending. This marks the sixth regulatory entity to approve the merger. The merger promises significant benefits for PNM customers, including $50 million in rate credits and $6 million in COVID arrearages relief. Additionally, it includes over $250 million in economic development commitments for New Mexico, aimed at job creation and community support.

PNM Resources' subsidiary, Public Service Company of New Mexico (PNM), and AVANGRID reported that two additional parties, M-S-R Power and Los Alamos County, have filed to join their merger stipulation with the New Mexico Public Regulation Commission (NMPRC). This brings the total supporting parties to 13, contingent upon the addition of specific language related to the San Juan Generating Station decommissioning. If approved, the merger could yield over $270 million in benefits for New Mexico. Governor Michelle Lujan Grisham supports the agreement, which also emphasizes investments in clean energy and grid reliability.

PNM Resources, Inc. (NYSE: PNM) has filed a revised stipulation in its merger application with AVANGRID to the New Mexico Public Regulation Commission. This stipulation includes support from various parties, demonstrating a consensus on the merger's benefits for New Mexico customers. If approved, the merger could provide over $270 million in advantages to the state. A procedural conference is scheduled for May 11.

PNM Resources reported $1.5 billion in 2020 operating revenues and serves around 800,000 customers.

The Public Utility Commission of Texas has approved the merger of PNM Resources (NYSE: PNM) with AVANGRID (NYSE: AGR). This unanimous decision, reached on May 6, 2021, followed earlier approvals from federal agencies and PNM shareholders. The merger is projected to provide over $272 million in benefits to PNM customers and enhance environmental commitments. The next regulatory milestone is a revised stipulation filing with the New Mexico Public Regulation Commission on May 7. PNM aims for 100% emissions-free energy by 2040.

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.