LeoPatrizi
PNM Resources, Inc. (NYSE:PNM) is an energy holding company whose two regulated utilities collectively provide electricity to over 800,000 homes and businesses in New Mexico and Texas.
PNM Resources has two regulated utility segments, PNM, a vertically integrated electric utility in New Mexico with distribution, transmission and generation assets, and TNMP, an electric transmission and distribution utility in Texas.
Shares of PNM Resources are considerably lower than their early 2020 pre-pandemic highs.
One key reason for the decline is that Avangrid terminated its merger agreement on December 31, 2023 to buy PNM Resources for $50.30 in cash per share given regulatory hurdles. Other reasons for the poor performance include higher interest rates since 2022 and a disappointing PNM rate decision.
Although its stock has not performed well since 2020, PNM Resources’ ongoing EPS and annual dividend has…
