TXNM Energy Stock Price, News & Analysis

TXNM Energy has announced an agreement to be acquired by Blackstone Infrastructure for $61.25 per share in cash, representing a total enterprise value of $11.5 billion. The deal offers a 23% premium to TXNM's 30-day VWAP as of March 5, 2025. Blackstone will fund the purchase entirely with equity, maintaining TXNM's current leverage levels.

As part of the agreement, Blackstone is investing $400 million through a private placement of 8 million newly issued shares at $50 per share, expected in June 2025. TXNM Energy plans to issue an additional $400 million of equity before closing. The transaction, expected to close in H2 2026, requires various regulatory approvals and shareholder approval.

Post-acquisition, TXNM Energy, PNM, and TNMP will maintain local management and operations, with headquarters remaining in New Mexico and Texas. Current CEO Don Tarry will continue leading operations, while Pat Collawn will step down as Executive Chair upon closing.

TXNM Energy (NYSE: TXNM) announced regulatory approvals for rate increases at both of its utility subsidiaries. PNM received approval from NMPRC for a $105.0 million revenue increase, based on a 9.45% return on equity and 51% equity capitalization on $3.0 billion rate base. The increase will be phased in with 50% effective July 1, 2025, and the remainder on April 1, 2026. TNMP secured PUCT approval for a $25.0 million annual rate increase through its Distribution Cost Recovery Factor application, covering $176.6 million of incremental distribution rate base at 9.65% ROE with a 45% equity structure. These rate approvals strengthen TXNM's regulated utilities serving over 800,000 customers across Texas and New Mexico.

TXNM Energy (NYSE: TXNM) announced a significant leadership transition effective July 1, 2025. Pat Collawn, current CEO, will become Executive Chair, while Don Tarry will assume the role of President and CEO. Under Collawn's leadership since 2010, TXNM Energy achieved notable milestones, including becoming the first investor-owned utility to target 100% carbon-free generation by 2040. The company has already reached 72% carbon-free generation capacity in 2024. Tarry, who joined TXNM in 1996, brings extensive experience from various leadership roles, including CFO and COO. TXNM Energy serves over 800,000 homes and businesses across Texas and New Mexico through its regulated utilities, TNMP and PNM.

TXNM Energy reported Q1 2025 results with GAAP earnings of $0.10 per diluted share, down from $0.52 in Q1 2024, and ongoing earnings of $0.19 per diluted share compared to $0.41 in Q1 2024. The company affirmed its 2025 ongoing earnings guidance of $2.74-$2.84 per share and maintained a long-term growth target of 7-9%. TNMP showed strong growth with EPS of $0.24, while PNM's earnings declined due to lower transmission margins and increased costs. The company's performance was impacted by higher operating expenses, including increased insurance premiums, plant outages, and depreciation costs. Additional shares issued in December 2024 also diluted earnings per share.

TXNM Energy (NYSE: TXNM) has scheduled its first quarter 2025 financial results announcement for May 9, 2025, before market opening. The energy holding company will host a conference call at 11 a.m. Eastern Time to discuss the results and company updates.

The company, headquartered in Albuquerque, New Mexico, serves over 800,000 homes and businesses across Texas and New Mexico through its regulated utilities, TNMP and PNM. Investors can access presentation materials on the company website and participate in the conference call through pre-registration or by dialing (877) 276-8648 or (412) 317-5474.

PNM, a subsidiary of TXNM Energy (NYSE: TXNM), received a positive recommendation from New Mexico Public Regulation Commission (NMPRC) Hearing Examiners to approve an unopposed stipulation for its 2025 Rate Request. The stipulation includes a $105.0 million increase to PNM's revenue requirements, based on a 9.45% return on equity and 51% equity capitalization structure on $3.0 billion of rate base.

The rate increase will be implemented in two phases: 50% effective July 1, 2025, and the remaining portion on April 1, 2026. The agreement received broad support from multiple stakeholders, including the NMPRC Utility Division Staff, New Mexico Department of Justice, and various local authorities and organizations. This represents an improvement from PNM's current authorized rates, which are based on a 9.26% return on equity and 50% equity capitalization structure.

TXNM Energy (NYSE: TXNM) subsidiary TNMP has received approval from the Public Utility Commission of Texas (PUCT) for its Transmission Cost of Service (TCOS) application on March 25, 2025. The approval grants an annual rate increase of $11.5 million to recover $83.5 million of incremental transmission rate base.

TNMP, which operates as a regulated utility in Texas, is part of TXNM Energy's portfolio that serves over 800,000 homes and businesses across Texas and New Mexico. The new rates became effective immediately upon approval.

TNMP, a subsidiary of TXNM Energy (NYSE: TXNM), received approval from the Public Utility Commission of Texas for its 2025-2027 System Resiliency Plan. The plan involves a $545.8 million investment over three years to enhance the safety and reliability of TNMP's distribution system.

The comprehensive plan includes eight key Resiliency Measures:

• Distribution System Resiliency
• Distribution System Protection Modernization
• Vegetation Management
• Wildfire Mitigation
• Flood Mitigation
• Enhanced Operations System Technology
• Cybersecurity
• Physical Security Resiliency

The investments and program costs will be incorporated into future Distribution Cost Recovery Factor filings. TXNM Energy serves over 800,000 customers across Texas and New Mexico through its regulated utilities, TNMP and PNM.

TXNM Energy (NYSE: TXNM) subsidiary PNM has filed an unopposed comprehensive stipulation with the New Mexico Public Regulation Commission for its 2028 Resource Application. The proposal includes adding 450 megawatts of new solar and battery storage capacity to meet zero-carbon requirements under New Mexico's Energy Transition Act.

The resource portfolio includes:

• Extension of Valencia PPA for 167 MW through 2039
• 300 MW capacity through two 150 MW battery storage facilities
• 150 MW solar and battery storage facility (100 MW solar, 50 MW battery storage) with option for 20 MW additional storage

The project represents a $252 million capital investment from PNM between 2026-2028. Multiple parties support the stipulation, including NMPRC Staff and various energy advocacy groups. Hearings are scheduled for April 2, 2025.