Announcement • Jan 02

+ 1 more update

Avangrid, Inc. (NYSE:AGR) cancelled the acquisition of PNM Resources, Inc. (NYSE:PNM).

Avangrid, Inc. (NYSE:AGR) entered into an agreement to acquire PNM Resources, Inc. (NYSE:PNM) for $4 billion on October 20, 2020. Under the terms of the agreement, PNM Resources shareholders will receive $50.30 in cash for each share of PNM Resources common stock. Avangrid's majority shareholder, Iberdrola, has provided the company with a funding commitment letter for the entire equity proceeds for the transaction. PNM Resources will operate as wholly owned subsidiary of Avangrid. In event of termination of transaction by PNM Resources, it will be required to pay a termination fee of $130 million. In event the transaction is terminated by Avangrid, it will be required to pay a termination fee of $184 million. Dennis V. Arriola, Avangrid’s Chief Executive Officer will continue as Chief Executive Officer of the combined company. Pat Vincent-Collawn will step down as Chairman, President and Chief Executive Officer upon closing of the transaction. Don Tarry, current Chief Financial Officer of PNM Resources, will oversee the continuing operations of Public Service Company of New Mexico and Texas-New Mexico Power Company. Two directors from the current PNM Resources Board will serve as independent directors of Avangrid. One director from the current PNM Resources Board will also serve on the Board of the Avangrid Networks business. PNM Resources operations will continue to be overseen locally and the current headquarters of the utilities in New Mexico and Texas will remain. On May 18, 2021, PNM Resources entered into a $1 billion delayed-draw term loan agreement with lenders and will assign to Avangrid all of its rights, duties, obligations and liabilities pursuant to the consummation of the transaction. The transaction is subject to approval by PNM Resources shareholders. In addition, the transaction will require approval from a number of state and federal regulators including the New Mexico Public Regulation Commission, Public Utility Commission of Texas, Federal Energy Regulatory Commission, Hart Scott Rodino Clearance, Committee on Foreign Investment in the United States, Federal Communications Commission and the Nuclear Regulatory Commission. The transaction is also subject to certain customary closing conditions. As on December 24, 2020, the transaction is contingent upon PNM Resources having a plan in place to exit Four Corners Power Plant. The deal is also conditional upon holders of no more than 15% of the outstanding shares of PNM Resources common stock validly exercising their dissenters’ rights. The transaction was unanimously approved by the Board of Directors of both PNM Resources and Avangrid. As of November 24, 2020, PNM Resources has submitted a regulatory filing for merger transaction approval with filings at the New Mexico Public Regulation Commission and the Public Utility Commission of Texas (NMPRC). The proposed business combination transaction between PNM Resources and Avangrid will be submitted to the shareholders of PNM Resources for their consideration. On January 27, 2021, Avangrid confirmed that the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 ("HSR Act") has expired which was cleared on January 20, 2021. As of February 1, 2021, the transaction has received clearance from the Committee on Foreign Investment in the United States (CFIUS). As of February 12, 2021, PNM Resources shareholders approve the transaction. As of March 10, 2021, Avangrid received the approval of the transfer of operating licenses from the Federal Communications Commission (FCC) related to the transaction. As on March 30, 2021, Avangrid, Texas-New Mexico Power Company (PNM Resources Texas utility subsidiary) reached a unanimous settlement with the Staff of the Public Utility Commission of Texas (PUCT) and the intervenors in the proceeding for the approval of the proposed merger. The PUCT is expected to consider the unanimous settlement soon. As of April 20, 2021, Federal Energy Regulatory Commission approved the transaction. On May 13, 2021, PUCT voted to approve the unanimous stipulation and agreement. In addition, the merger requires approval from the Nuclear Regulatory Commission (NCR). On May 25, 2021, M-S-R Power and Los Alamos County requested the Hearing Examiner to allow the parties to join the other 11 signatories supporting the agreement, under the condition that agreed-upon language to support the decommissioning of the San Juan Generating Station is added to the agreement. On May 25, 2021, NCR approved the transaction and the only remaining approval is from NMPRC. PRC hearing examiner Ashley Schannauer has scheduled two weeks of hearings with 24 organizations intervening in the case to run from August 11, 2021 - August 20, 2021 preceded by one day of open public comments set for August 9, 2021. So far, 13 parties have signed onto a settlement agreement that outlines 56 specific commitments Avangrid has accepted in exchange for support of the merger. But three key opponents are now proposing a series of amendments and additions to the settlement agreement that, if accepted by Avangrid, could potentially win their support for the merger. That includes Bernalillo County, the Albuquerque Bernalillo County Water Utility Authority and the New Mexico Affordable Reliable Energy Alliance, or NM AREA, which represents large industrial and institutional electric consumers. Those parties submitted written testimonies to the PRC on July 16, 2021. As of November 1, 2021, The Public Regulation Commission examiner recommended that the PRC commissioners reject the deal. As of November 7, 2021, Public Regulation Commission's five elected members will likely vote in early December in an open public hearing. As of November 12, 2021, PNM Resources and Avangrid say they will accept all conditions recommended by a Public Regulation Commission hearing examiner if the five-member commission decides to approve their proposed merger. As on December 8, 2021, New Mexico Public Regulation Commission rejected the agreement. As on January 3, 2022, the companies have filed a Notice of Appeal with the New Mexico Supreme Court of the December 2021 New Mexico Public Regulation Commission order to reject a stipulated agreement reached with parties in the companies’ application for approval of the merger. On May 15, 2023, the New Mexico Supreme Court issued an order denying a joint motion filed by PNM Resources, Inc., Public Service Company of New Mexico, Avangrid, Inc., Iberdrola, S.A. and the New Mexico Public Regulation Commission (“NMPRC”) to dismiss the appeal of the NMPRC’s denial of a proposed merger and remand the case back to the NMPRC. The Court retains jurisdiction over the case and has set oral argument for September 12, 2023. The transaction is expected to close in fourth quarter of 2021. As on December 4, 2020, the transaction is expected to close in second half of 2021. On January 3, 2022, PNM Resources, Inc. and Avangrid, Inc. have entered into an amendment of their merger agreement extending the end date to April 20, 2023. As of April 12, 2023, the required regulatory approval from the New Mexico Public Regulation Commission has not been obtained and the Parties have reasonably determined that such outstanding approval will not be obtained by April 20, 2023, and accordingly PNMR and Avangrid each agreed to extend the end date to July 20, 2023. Evercore served as exclusive financial advisor and R. Mason Bayler, David Carter, Coburn Beck, David Meyers, Heather Ducat, Jeffrey Banish, Robert Friedman, Jeffrey Gill, Ted Fauls, Amie Colby, Bob Edwards and Brian Harms of Troutman Pepper served as legal advisers to PNM Resources. BNP Paribas served as exclusive financial advisor to Avangrid. Eyal Orgad, David Schwartz, Les Carnegie, David Kurzweil of Latham & Watkins served as legal advisor to Avangrid and Iberdrola, S.A., associate parent. Avangrid, Inc. (NYSE:AGR) cancelled the acquisition of PNM Resources, Inc. (NYSE:PNM) on January 2, 2024. As of January 2, 2024, PNM Resources Board of Directors approved an extension, it was not accepted by Avangrid and Avangrid terminated the merger.

CEO salary percentage	21.50%
CEO tenure	4.2yrs
CEO ownership	0.05%
Management average tenure	2yrs
Board average tenure	8.8yrs

Date	Total Compensation	Salary	Company Earnings
Mar 31 2026	n/a	n/a	US$146m
Dec 31 2025	US$4m	US$839k	US$151m
Sep 30 2025	n/a	n/a	US$177m
Jun 30 2025	n/a	n/a	US$177m
Mar 31 2025	n/a	n/a	US$204m
Dec 31 2024	US$3m	US$577k	US$242m
Sep 30 2024	n/a	n/a	US$176m
Jun 30 2024	n/a	n/a	US$83m
Mar 31 2024	n/a	n/a	US$80m
Dec 31 2023	US$2m	US$532k	US$88m
Sep 30 2023	n/a	n/a	US$154m
Jun 30 2023	n/a	n/a	US$238m
Mar 31 2023	n/a	n/a	US$209m
Dec 31 2022	US$2m	US$481k	US$170m
Sep 30 2022	n/a	n/a	US$165m
Jun 30 2022	n/a	n/a	US$156m
Mar 31 2022	n/a	n/a	US$194m
Dec 31 2021	US$1m	US$409k	US$196m
Sep 30 2021	n/a	n/a	US$193m
Jun 30 2021	n/a	n/a	US$202m
Mar 31 2021	n/a	n/a	US$206m
Dec 31 2020	US$1m	US$390k	US$173m

Name	Position	Tenure	Compensation	Ownership
Patricia Vincent-Collawn	Executive Chair	16.3yrs	US$5.22m	0.70% € 39.0m
Joseph Tarry	President	4.2yrs	US$3.90m	0.053% € 2.9m
Henry Monroy	Senior VP & CFO	1.2yrs	US$972.31k	0.0085% € 471.2k
Monique Jacobson	Senior Vice President of Corporate Services	1.3yrs	US$886.59k	0.00033% € 18.4k
Brian Iverson	General Counsel	1.8yrs	US$1.42m	0.0082% € 458.4k
Sheila Mendez	VP & Chief Information Officer	2.3yrs	no data	no data
Lisa Goodman	Vice President of Investor & Community Relations	no data	no data	no data
Rebecca Teague	Vice President of Human Resources	6.5yrs	no data	no data
James Walker	President of TNMP	1.3yrs	no data	no data
Gerald Bischoff	VP & Corporate Controller	2.6yrs	no data	0.0016% € 89.6k
Sabrina Greinel	Vice President of Treasurer & Strategy	2.5yrs	no data	no data

Name	Position	Tenure	Compensation	Ownership
Patricia Vincent-Collawn	Executive Chair	16.3yrs	US$5.22m	0.70% € 39.0m
Joseph Tarry	President	1.6yrs	US$3.90m	0.053% € 2.9m
Maureen Mullarkey	Independent Director	12.2yrs	US$299.50k	0.016% € 895.2k
Sidney Gutierrez	Independent Director	11.2yrs	US$267.50k	0.027% € 1.5m
James Hughes	Independent Director	7.5yrs	US$294.50k	0.013% € 732.7k
E. Conley	Independent Director	12.2yrs	US$282.50k	0.021% € 1.1m
Vicky Bailey	Independent Director	7.5yrs	US$282.50k	0.016% € 890.7k
Norman Becker	Lead Independent Director	10.2yrs	US$309.50k	0.025% € 1.4m
Lillian Montoya-Rael	Independent Director	2.1yrs	US$267.50k	no data
Steven Maestas	Independent Director	2.1yrs	US$267.50k	0.0057% € 316.6k

Data	Last Updated (UTC time)
Company Analysis	2026/07/31 15:08
End of Day Share Price	2026/07/31 00:00
Earnings	2026/06/30
Annual Earnings	2025/12/31

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

Analyst	Institution
Gary Hovis	Argus Research Company
David Parker	Baird
Daniel Ford	Barclays

TXNM Energy Management

Management criteria checks 2/4

Key information

Recent management updates

TXNM Energy, Inc., Annual General Meeting, Jun 10, 2026

TXNM Energy, Inc. Elects Patricia K. Collawn as Executive Chairman, Effective July 1, 2025

TXNM Energy, Inc., Annual General Meeting, May 13, 2025

TXNM Energy, Inc. Appoints Joseph D. Tarry as President and Chief Operating Officer

TXNM Energy, Inc. Announces Retirement of Elisabeth A. Eden as Chief Financial Officer

Insufficient new directors

Recent updates

First quarter dividend of US$0.42 announced

TXNM Energy, Inc. announces Quarterly dividend, payable on August 14, 2026

TXNM Energy, Inc., Annual General Meeting, Jun 10, 2026

TXNM Energy, Inc. has filed a Follow-on Equity Offering in the amount of $125 million.

TXNM Energy, Inc. Declares Regular Quarterly Dividend, Payable on May 15, 2026

TXNM Energy, Inc. Declares Quarterly Dividend, Payable on February 13, 2026; Announces Annual Dividend Payment on Common Stock

TXNM Energy, Inc. announced that it expects to receive $70 million in funding

TXNM Energy, Inc. Declares Quarterly Common Stock Dividend, Payable on November 14, 2025

TXNM Energy Inc Files Regulatory Applications

TXNM Energy, Inc. has filed a Follow-on Equity Offering in the amount of $200 million.

TXNM Energy, Inc. Declares Quarterly Common Stock Dividend, Payable on August 22, 2025

New Mexico Public Regulation Commission Approves Unopposed Stipulation in TXNM Energy's Subsidiary PNM 2028 Resource Application

Blackstone Infrastructure Partners, L.P., managed by Blackstone Inc. (NYSE:BX) entered into definitive agreement to acquire TXNM Energy, Inc. (NYSE:TXNM) for $5.7 billion.

TXNM Energy, Inc. Elects Patricia K. Collawn as Executive Chairman, Effective July 1, 2025

Blackstone Reportedly in Talks to Acquire TXNM

TXNM Energy, Inc. Reaffirms Earnings Guidance for the Full Year 2025

TXNM Energy, Inc. to Report Q1, 2025 Results on May 09, 2025

TXNM Energy, Inc., Annual General Meeting, May 13, 2025

KKR Reportedly Exploring Deal to Buy TXNM Energy

TXNM Energy Reportedly Weighs Sale After Receiving Takeover Interest

TXNM Energy, Inc. Declares Regular Quarterly Dividend, Payable on May 16, 2025

TXNM Energy, Inc. Provides Consolidated Earnings Guidance for the Year 2025

TXNM Energy, Inc. to Report Fiscal Year 2024 Results on Feb 21, 2025

TXNM Energy, Inc. Appoints Joseph D. Tarry as President and Chief Operating Officer

Third quarter 2024 earnings released: EPS: US$1.45 (vs US$0.44 in 3Q 2023)

TXNM Energy, Inc. Updates Earnings Guidance for the Year 2024

Upcoming dividend of US$0.39 per share

TXNM Energy, Inc. to Report Q3, 2024 Results on Nov 01, 2024

Second quarter dividend of US$0.39 announced

TXNM Energy, Inc. Announces Retirement of Elisabeth A. Eden as Chief Financial Officer

Now 20% undervalued

Second quarter 2024 earnings released: EPS: US$0.53 (vs US$0.53 in 2Q 2023)

PNM Resources Board Declares Quarterly Common Stock Dividend, Payable on August 9, 2024

PNM Resources, Inc. to Report Q2, 2024 Results on Jul 31, 2024

PNM Resources, Inc.(NYSE:PNM) dropped from Russell Small Cap Comp Growth Index

Now 20% undervalued after recent price drop

Now 21% undervalued

PNM Resources, Inc. Affirms Consolidated Earnings Guidance for the Year 2024

First quarter 2024 earnings released: EPS: US$0.52 (vs US$0.64 in 1Q 2023)

Upcoming dividend of US$0.39 per share

Now 20% undervalued

PNM Resources, Inc. to Report Q1, 2024 Results on Apr 30, 2024

Insufficient new directors

PNM Resources, Inc., Annual General Meeting, Jun 04, 2024

PNM Resources, Inc. Provides Consolidated Earnings Guidance for the Year 2024

Avangrid, Inc. (NYSE:AGR) cancelled the acquisition of PNM Resources, Inc. (NYSE:PNM).

PNM Resources, Inc. Announces Executive Changes

Pnm Resources, Inc. Announces Quarterly Dividend on Common Stock, Payable on February 16, 2024

Pnm Resources, Inc. Provides Earnings Guidance for 2023

Third quarter 2023 earnings released: EPS: US$0.44 (vs US$1.42 in 3Q 2022)

Upcoming dividend of US$0.37 per share at 3.3% yield

PNM Resources, Inc. to Report Q3, 2023 Results on Oct 27, 2023

PNM Resources, Inc. Declares Regular Quarterly Dividend, Payable on November 10, 2023

Second quarter 2023 earnings released: EPS: US$0.53 (vs US$0.18 in 2Q 2022)

PNM Resources, Inc. Provides Guidance for the Second Quarter of 2023

PNM Resources, Inc. Declares Quarterly Common Stock Dividend, Payable on August 25, 2023

PNM Resources, Inc. to Report Q2, 2023 Results on Aug 04, 2023

Pnm Resources, Inc. Announces Retirement of Ronald N. Darnell, Senior Vice President, Public Policy

First quarter 2023 earnings released: EPS: US$0.64 (vs US$0.19 in 1Q 2022)

PNM Resources, Inc. Affirms Earnings Guidance for the Year 2023

Upcoming dividend of US$0.37 per share at 3.0% yield

Full year 2022 earnings released: EPS: US$1.97 (vs US$2.28 in FY 2021)

PNM Resources, Inc. to Report Fiscal Year 2022 Results on Feb 24, 2023

Upcoming dividend of US$0.37 per share at 3.0% yield

Insufficient new directors

PNM Resources, Inc. Declares the Quarterly Stock Dividend, Payable February 17, 2023

PNM Resources, Inc. Revises Earnings Guidance for the Full-Year 2022

PNM Resources, Inc. to Report Q3, 2022 Results on Nov 04, 2022

PNM Resources, Inc. Declares Regular Quarterly Dividend, Payable on November 10, 2022