PNM Resources price target lowered to $40 from $48 at Wells Fargo » 08:4204/0204/02/20
Wells Fargo analyst Todd…
Wells Fargo analyst Todd Stender lowered the firm's price target on PNM Resources to $40 from $48 and keeps an Equal Weight rating on the shares. The analyst notes that the shares have underperformed small cap electric peers year-to-date. While he is intrigued by the discount and believes it is a bit too steep, the 14% total return implied by shares re-rating to a more modest discount over the next 12-18 months is just not quite attractive enough for him "to move to an Overweight rating in today's volatile market."
|Over a month ago|
PNM Resources backs FY20 EPS view of $2.16-$2.26, consensus $2.22 06:3902/2802/28/20
PNM Resources reports Q4 EPS 36c, consensus 33c » 06:3802/2802/28/20
"Financial results for 2019 met our expectations, despite extremely mild temperatures in the second quarter, demonstrating our ability to respond and adapt business operations to changing conditions," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "As we look forward, we continue to prioritize investments in our grid for safe, reliable infrastructure that supports growth in Texas and paves the way for integrating more renewable resources and transitioning to emissions-free generation in New Mexico."
PNM Resources trading resumes 14:3101/2901/29/20
PNM Resources says New Mexico Supreme Court granted joint petition » 14:2501/2901/29/20
The New Mexico Supreme…
The New Mexico Supreme Court ruled on a joint Emergency Verified Petition from New Mexico Governor Lujan Grisham, Navajo Nation President Jonathan Nez, Speaker of the New Mexico House of Representatives Brian Egolf and other New Mexico lawmakers to provide clarification about the applicability of the Energy Transition Act, or ETA, to PNM's application for San Juan Generating Station abandonment, securitization and replacement power, PNM Resources announced. "The Court granted the joint petition, confirming the applicability of the ETA and requiring the New Mexico Public Regulation Commission (NMPRC) to apply the ETA to all of PNM's application. The Court further noted that any previous NMPRC orders inconsistent with today's order should be vacated. The request for a stay of the case was denied. The ETA, described by New Mexico Governor Lujan Grisham's office as landmark legislation that sets bold statewide renewable energy standards and establishes a pathway for a low-carbon energy transition away from coal while providing workforce training and transition assistance to affected communities, became effective in June 2019 after being passed in the legislative session and signed into law by the Governor. The NMPRC is expected to provide a final order on the abandonment and securitization portion of PNM's filing by April 1, 2020," the company stated. "We applaud the New Mexico Supreme Court's decision in applying the Energy Transition Act. This ruling positively impacts the people of New Mexico. We also recognize the passion and commitment that all sides share in this journey to a clean and just energy future. This decision affects us all and by working together we can achieve our state's goal of 100% emissions-free," added Pat Vincent-Collawn, PNM Resources' chairman, president and CEO.
PNM Resources trading halted, news pending 13:5401/2901/29/20
PNM Resources CFO Chuck Eldred switches role, Don Tarry to succeed » 06:3601/2201/22/20
PNM Resources announced…
PNM Resources announced that Chuck Eldred, currently executive VP and CFO, has been named executive VP, corporate development and finance. His role is focused on achieving the company's strategic objectives including the transformation to a carbon-free generation portfolio at PNM, increased investment in TNMP infrastructure and overseeing the transition of leaders within the finance organization. Don Tarry, currently VP, controller and treasurer, has been named senior VP and CFO of PNM Resources. Don joined PNM Resources in 1996 and currently oversees the corporate financial planning, budgeting, tax, treasury and accounting functions. Prior to his current position, Don held the role of VP, customer service and chief information officer, or CIO. Additionally, Lisa Eden, currently VP of human resources and previously VP and treasurer, has been named VP, CIO.
PNM Resources affirms FY20 EPS view $2.16-$2.26, consensus $2.20 13:1901/1001/10/20
PNM Resources affirms FY19 EPS view $2.13-$2.16, consensus $2.12 13:1901/1001/10/20
PNM Resources 5.375M share Spot Secondary priced at $48.50 » 08:4701/0801/08/20
The deal size was…
The deal size was increased to $260.7M from approximately $240M in common stock and within the $48.20-$48.95 range. Citi, BofA, Wells Fargo and Evercore ISI acted as joint book running managers for the offering.