TXNM Energy Management
Management criteria checks 2/4
TXNM Energy's CEO is Don Tarry, appointed in May 2022, has a tenure of 4.08 years. total yearly compensation is $3.90M, comprised of 21.5% salary and 78.5% bonuses, including company stock and options. directly owns 0.053% of the company’s shares, worth $3.38M. The average tenure of the management team and the board of directors is 2 years and 8.8 years respectively.
Key information
Don Tarry
Chief executive officer
US$3.9m
Total compensation
| CEO salary percentage | 21.50% |
| CEO tenure | 4.1yrs |
| CEO ownership | 0.05% |
| Management average tenure | 2yrs |
| Board average tenure | 8.8yrs |
Recent management updates
Recent updates
TXNM: Dividend Raise And Pending Buyout Will Support A Fairly Valued Hold
Analysts kept their average price target for TXNM Energy effectively unchanged at approximately $60.79. This reflects consistent views on fair value, discount rate, growth, margins, and future P/E assumptions.TXNM: Dividend Increase And Buyout Agreement Will Support A Fairly Valued Hold
Analysts have modestly adjusted their price target on TXNM Energy to reflect updated assumptions around the discount rate and forward P/E. This has led to a refined valuation estimate rather than a material shift in expected value.TXNM: Hold Downgrade And Dividend Commitments Will Shape Fairly Valued Outlook
Narrative Update on TXNM Energy The consensus analyst price target for TXNM Energy has shifted to $61.25 from $58, with analysts citing the recent downgrade to Hold as a key factor behind the updated view. Analyst Commentary Recent research reflects a more balanced stance on TXNM Energy, with the new Hold rating paired with a higher price target of $61.25 compared with $58 previously.TXNM: Pending Blackstone Takeover And Dividend Policy Will Shape Future Returns
Narrative Update on TXNM Energy The analyst price target for TXNM Energy has shifted slightly higher to about $60.79 from $60.63, as analysts align their models more closely with the recently cited $61.25 per share takeout reference and adjust assumptions around revenue growth, margins, and future P/E. Analyst Commentary Recent research on TXNM Energy has centered on the proposed Blackstone Infrastructure takeover at $61.25 per share, with current ratings and price targets largely anchored to that reference point.TXNM: Pending Blackstone Deal And Dividend Policy Will Shape Future Share Performance
Analysts nudged their price target on TXNM Energy higher to $61.25 from $58.00, citing alignment with the assumed Blackstone Infrastructure takeover value and a more balanced risk reward profile that supports Hold or Neutral ratings. Analyst Commentary Analysts describe the new $61.25 price target as a ceiling defined by the assumed Blackstone Infrastructure takeover value, framing the equity story as largely event driven rather than driven by standalone growth or margin expansion.TXNM: Blackstone Acquisition Approval And Integration Will Influence Near-Term Performance
Analysts have modestly raised their price target for TXNM Energy to $61.25 per share, citing recent coverage updates and expectations related to the Blackstone Infrastructure acquisition. Analyst Commentary Recent updates from street research have provided a nuanced outlook on TXNM Energy, reflecting both optimism and caution regarding the company’s prospects amid ongoing strategic developments.TXNM: Pending Blackstone Takeover And Profitability Improvements Will Shape Outlook
Analysts have raised their price target for TXNM Energy from $60.08 to $60.63 per share. This reflects revised margin and valuation assumptions, even as growth outlooks have become more restrained.Blackstone Acquisition Will Shape New Mexico Energy And Data Center Expansion
Analysts have maintained their price target for TXNM Energy at $61.25 per share. They cite stable fair value estimates, while also noting slightly higher expected revenue growth, balanced by a modest decrease in profit margin forecasts.Texas Data Centers And Renewable Energy Will Transform Infrastructure
Analysts have raised their price target for TXNM Energy from $58.89 to $60.08 per share, supported by recent street research that suggests expectations the Blackstone Infrastructure takeover will close at a premium valuation. Analyst Commentary Street research has provided new insights into TXNM Energy's current valuation and future prospects as the Blackstone Infrastructure takeover continues to unfold.TXNM Energy: The Need For Capital Versus Regulatory Skepticism
Summary The TXNM-Blackstone merger offers a potential 9% annualized return, but regulatory approval is uncertain and downside risk is significant if the deal fails. TXNM’s high debt, volatile earnings, and regulatory challenges in New Mexico undermine the low-risk appeal typical of merger arbitrage opportunities. Blackstone’s interest is driven by TXNM’s Texas operations, but New Mexico’s regulatory hurdles and opposition from advocacy groups remain key obstacles. Given the 30-40% chance of deal failure and limited upside, I recommend a Hold, as the risk-reward profile is not compelling for new buyers. Read the full article on Seeking Alpha
Texas Utility's Bold Strategy Fuels Growth Amid Weather Challenges And Regulatory Dynamics
Strategic capital investments aimed at improving weather response and grid modernization will drive revenue growth and enhance operational efficiency.PNM Resources: Medium Term Growth Potential But Less Financial Flexibility
Summary PNM Resources has medium term EPS growth potential given its expected growth in its regulated rate base. Given PNM Resources has fairly high leverage, the company doesn't have as much financial flexibility while maintaining investment grade credit rating if it needs to spend more. I rate PNM Resources a 'Buy' and I would own it in a diversified portfolio. Read the full article on Seeking AlphaCEO Compensation Analysis
| 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$173m |
Compensation vs Market: Don's total compensation ($USD3.90M) is below average for companies of similar size in the US market ($USD8.38M).
Compensation vs Earnings: Don's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.
CEO
Don Tarry (56 yo)
Mr. Joseph D. Tarry, also known as Don, C.P.A., serves as CEO at TXNM Energy, Inc. since July 01, 2025. He serves as President of TXNM Energy, Inc. (formerly known as PNM Resources, Inc.) since May 21 2022...
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Executive Chair | 16.3yrs | US$5.22m | 0.70% $ 45.1m | |
| President | 4.1yrs | US$3.90m | 0.053% $ 3.4m | |
| Senior VP & CFO | 1.1yrs | US$972.31k | 0.0085% $ 544.7k | |
| Senior Vice President of Corporate Services | 1.2yrs | US$886.59k | 0.00033% $ 21.2k | |
| General Counsel | 1.8yrs | US$1.42m | 0.0082% $ 529.9k | |
| VP & Chief Information Officer | 2.2yrs | no data | no data | |
| Vice President of Investor & Community Relations | no data | no data | no data | |
| Vice President of Human Resources | 6.4yrs | no data | no data | |
| President of TNMP | 1.3yrs | no data | no data | |
| VP & Corporate Controller | 2.5yrs | no data | 0.0016% $ 103.5k | |
| Vice President of Treasurer & Strategy | 2.4yrs | no data | no data |
Experienced Management: TXNM's management team is not considered experienced ( 2 years average tenure), which suggests a new team.
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Executive Chair | 16.3yrs | US$5.22m | 0.70% $ 45.1m | |
| President | 1.5yrs | US$3.90m | 0.053% $ 3.4m | |
| Independent Director | 12.1yrs | US$299.50k | 0.016% $ 1.0m | |
| Independent Director | 11.1yrs | US$267.50k | 0.024% $ 1.6m | |
| Independent Director | 7.4yrs | US$294.50k | 0.013% $ 847.0k | |
| Independent Director | 12.1yrs | US$282.50k | 0.021% $ 1.3m | |
| Independent Director | 7.4yrs | US$282.50k | 0.014% $ 870.8k | |
| Lead Independent Director | 10.1yrs | US$309.50k | 0.023% $ 1.5m | |
| Independent Director | 2yrs | US$267.50k | no data | |
| Independent Director | 2yrs | US$267.50k | 0.0032% $ 207.1k |
Experienced Board: TXNM's board of directors are considered experienced (8.8 years average tenure).
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/06/09 04:25 |
| End of Day Share Price | 2026/06/09 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
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Analyst Sources
TXNM Energy, Inc. is covered by 17 analysts. 3 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Gary Hovis | Argus Research Company |
| David Parker | Baird |
| Daniel Ford | Barclays |