PNM Resources, Inc. Stock Price, News & Analysis

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.