Intrinsic value of PNM Resources - PNM

Previous Close

$39.45

  Intrinsic Value

$14.38

stock screener

  Rating & Target

str. sell

-64%

Previous close

$39.45

 
Intrinsic value

$14.38

 
Up/down potential

-64%

 
Rating

str. sell

We calculate the intrinsic value of PNM stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 3.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  1,474
  1,508
  1,547
  1,590
  1,638
  1,691
  1,749
  1,811
  1,878
  1,950
  2,027
  2,110
  2,197
  2,290
  2,389
  2,494
  2,605
  2,722
  2,846
  2,977
  3,115
  3,260
  3,413
  3,575
  3,745
  3,924
  4,113
  4,312
  4,520
  4,740
Variable operating expenses, $m
  866
  885
  907
  932
  960
  990
  1,022
  1,058
  1,096
  1,137
  1,153
  1,200
  1,250
  1,303
  1,359
  1,418
  1,481
  1,548
  1,619
  1,693
  1,771
  1,854
  1,941
  2,033
  2,130
  2,232
  2,339
  2,452
  2,571
  2,696
Fixed operating expenses, $m
  228
  233
  238
  243
  249
  254
  260
  265
  271
  277
  283
  290
  296
  302
  309
  316
  323
  330
  337
  345
  352
  360
  368
  376
  384
  393
  401
  410
  419
  428
Total operating expenses, $m
  1,094
  1,118
  1,145
  1,175
  1,209
  1,244
  1,282
  1,323
  1,367
  1,414
  1,436
  1,490
  1,546
  1,605
  1,668
  1,734
  1,804
  1,878
  1,956
  2,038
  2,123
  2,214
  2,309
  2,409
  2,514
  2,625
  2,740
  2,862
  2,990
  3,124
Operating income, $m
  380
  390
  401
  415
  430
  447
  467
  488
  511
  536
  591
  620
  652
  685
  721
  760
  801
  844
  890
  939
  991
  1,046
  1,104
  1,166
  1,231
  1,300
  1,373
  1,449
  1,530
  1,616
EBITDA, $m
  674
  689
  708
  729
  754
  780
  810
  842
  878
  916
  957
  1,001
  1,048
  1,099
  1,152
  1,210
  1,271
  1,335
  1,404
  1,476
  1,553
  1,634
  1,720
  1,811
  1,907
  2,008
  2,115
  2,227
  2,346
  2,471
Interest expense (income), $m
  115
  148
  154
  160
  167
  176
  184
  194
  205
  217
  229
  242
  257
  272
  288
  305
  324
  343
  364
  385
  408
  433
  458
  485
  514
  544
  575
  608
  643
  680
  719
Earnings before tax, $m
  232
  235
  241
  247
  254
  263
  272
  283
  294
  307
  349
  364
  380
  397
  416
  436
  457
  480
  505
  531
  558
  588
  619
  652
  687
  725
  764
  806
  850
  897
Tax expense, $m
  63
  64
  65
  67
  69
  71
  74
  76
  79
  83
  94
  98
  103
  107
  112
  118
  123
  130
  136
  143
  151
  159
  167
  176
  186
  196
  206
  218
  230
  242
Net income, $m
  169
  172
  176
  180
  186
  192
  199
  206
  215
  224
  255
  265
  277
  290
  304
  318
  334
  351
  368
  387
  408
  429
  452
  476
  502
  529
  558
  588
  621
  655

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  6,792
  6,948
  7,127
  7,327
  7,550
  7,793
  8,059
  8,346
  8,656
  8,988
  9,343
  9,722
  10,126
  10,555
  11,010
  11,493
  12,004
  12,544
  13,115
  13,717
  14,353
  15,024
  15,730
  16,475
  17,259
  18,085
  18,954
  19,869
  20,831
  21,843
Adjusted assets (=assets-cash), $m
  6,792
  6,948
  7,127
  7,327
  7,550
  7,793
  8,059
  8,346
  8,656
  8,988
  9,343
  9,722
  10,126
  10,555
  11,010
  11,493
  12,004
  12,544
  13,115
  13,717
  14,353
  15,024
  15,730
  16,475
  17,259
  18,085
  18,954
  19,869
  20,831
  21,843
Revenue / Adjusted assets
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
Average production assets, $m
  5,187
  5,306
  5,442
  5,595
  5,765
  5,951
  6,154
  6,373
  6,610
  6,863
  7,135
  7,424
  7,733
  8,060
  8,408
  8,776
  9,166
  9,579
  10,015
  10,475
  10,960
  11,472
  12,012
  12,581
  13,180
  13,810
  14,474
  15,172
  15,907
  16,680
Working capital, $m
  13
  14
  14
  14
  15
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  22
  23
  24
  26
  27
  28
  29
  31
  32
  34
  35
  37
  39
  41
  43
Total debt, $m
  2,852
  2,969
  3,102
  3,251
  3,417
  3,598
  3,796
  4,010
  4,241
  4,488
  4,753
  5,035
  5,336
  5,656
  5,995
  6,354
  6,735
  7,137
  7,563
  8,011
  8,485
  8,985
  9,511
  10,066
  10,650
  11,266
  11,913
  12,595
  13,311
  14,066
Total liabilities, $m
  5,060
  5,177
  5,310
  5,459
  5,624
  5,806
  6,004
  6,218
  6,448
  6,696
  6,961
  7,243
  7,544
  7,864
  8,203
  8,562
  8,943
  9,345
  9,770
  10,219
  10,693
  11,193
  11,719
  12,274
  12,858
  13,473
  14,121
  14,802
  15,519
  16,273
Total equity, $m
  1,732
  1,772
  1,817
  1,869
  1,925
  1,987
  2,055
  2,128
  2,207
  2,292
  2,382
  2,479
  2,582
  2,692
  2,808
  2,931
  3,061
  3,199
  3,344
  3,498
  3,660
  3,831
  4,011
  4,201
  4,401
  4,612
  4,833
  5,067
  5,312
  5,570
Total liabilities and equity, $m
  6,792
  6,949
  7,127
  7,328
  7,549
  7,793
  8,059
  8,346
  8,655
  8,988
  9,343
  9,722
  10,126
  10,556
  11,011
  11,493
  12,004
  12,544
  13,114
  13,717
  14,353
  15,024
  15,730
  16,475
  17,259
  18,085
  18,954
  19,869
  20,831
  21,843
Debt-to-equity ratio
  1.650
  1.680
  1.710
  1.740
  1.770
  1.810
  1.850
  1.880
  1.920
  1.960
  1.990
  2.030
  2.070
  2.100
  2.140
  2.170
  2.200
  2.230
  2.260
  2.290
  2.320
  2.350
  2.370
  2.400
  2.420
  2.440
  2.460
  2.490
  2.510
  2.530
Adjusted equity ratio
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  169
  172
  176
  180
  186
  192
  199
  206
  215
  224
  255
  265
  277
  290
  304
  318
  334
  351
  368
  387
  408
  429
  452
  476
  502
  529
  558
  588
  621
  655
Depreciation, amort., depletion, $m
  294
  300
  307
  315
  323
  333
  343
  355
  367
  380
  366
  381
  397
  413
  431
  450
  470
  491
  514
  537
  562
  588
  616
  645
  676
  708
  742
  778
  816
  855
Funds from operations, $m
  463
  472
  483
  495
  509
  525
  542
  561
  582
  604
  620
  646
  674
  703
  735
  768
  804
  842
  882
  925
  970
  1,017
  1,068
  1,121
  1,178
  1,237
  1,300
  1,366
  1,436
  1,510
Change in working capital, $m
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
Cash from operations, $m
  463
  472
  482
  495
  509
  524
  542
  561
  581
  603
  620
  645
  673
  702
  734
  767
  803
  841
  881
  923
  968
  1,016
  1,067
  1,120
  1,176
  1,236
  1,298
  1,365
  1,435
  1,508
Maintenance CAPEX, $m
  -261
  -266
  -272
  -279
  -287
  -296
  -305
  -316
  -327
  -339
  -352
  -366
  -381
  -397
  -413
  -431
  -450
  -470
  -491
  -514
  -537
  -562
  -588
  -616
  -645
  -676
  -708
  -742
  -778
  -816
New CAPEX, $m
  -102
  -119
  -136
  -153
  -170
  -186
  -203
  -219
  -236
  -254
  -271
  -290
  -308
  -328
  -348
  -368
  -390
  -412
  -436
  -460
  -486
  -512
  -540
  -569
  -599
  -631
  -664
  -698
  -735
  -773
Cash from investing activities, $m
  -363
  -385
  -408
  -432
  -457
  -482
  -508
  -535
  -563
  -593
  -623
  -656
  -689
  -725
  -761
  -799
  -840
  -882
  -927
  -974
  -1,023
  -1,074
  -1,128
  -1,185
  -1,244
  -1,307
  -1,372
  -1,440
  -1,513
  -1,589
Free cash flow, $m
  100
  86
  74
  63
  52
  43
  34
  26
  18
  11
  -4
  -10
  -16
  -22
  -27
  -32
  -37
  -42
  -46
  -50
  -54
  -58
  -62
  -65
  -68
  -71
  -74
  -76
  -78
  -80
Issuance/(repayment) of debt, $m
  109
  116
  133
  149
  165
  182
  198
  214
  231
  247
  265
  283
  301
  320
  339
  359
  381
  402
  425
  449
  474
  500
  527
  555
  584
  615
  648
  681
  717
  754
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  109
  116
  133
  149
  165
  182
  198
  214
  231
  247
  265
  283
  301
  320
  339
  359
  381
  402
  425
  449
  474
  500
  527
  555
  584
  615
  648
  681
  717
  754
Total cash flow (excl. dividends), $m
  210
  203
  207
  212
  218
  224
  232
  240
  248
  258
  261
  273
  285
  298
  312
  327
  343
  361
  379
  399
  419
  442
  465
  490
  516
  544
  574
  605
  639
  674
Retained Cash Flow (-), $m
  -37
  -40
  -46
  -51
  -57
  -62
  -68
  -73
  -79
  -85
  -91
  -97
  -103
  -109
  -116
  -123
  -130
  -138
  -146
  -154
  -162
  -171
  -180
  -190
  -200
  -211
  -222
  -233
  -245
  -258
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  173
  163
  161
  161
  161
  162
  164
  166
  170
  173
  171
  176
  182
  189
  196
  204
  213
  223
  234
  245
  257
  271
  285
  300
  316
  334
  352
  372
  393
  416
Discount rate, %
  8.80
  9.24
  9.70
  10.19
  10.70
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.21
  20.17
  21.18
  22.24
  23.35
  24.52
  25.74
  27.03
  28.38
  29.80
  31.29
  32.85
  34.50
  36.22
PV of cash for distribution, $m
  159
  136
  122
  109
  97
  86
  75
  65
  56
  48
  39
  33
  27
  22
  18
  14
  11
  8
  6
  4
  3
  2
  1
  1
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

PNM Resources, Inc. (PNMR) is an investor-owned holding company with approximately two regulated utilities providing electricity and electric services in New Mexico and Texas. PNMR's electric utilities are Public Service Company of New Mexico (PNM) and Texas-New Mexico Power Company (TNMP). It operates in three segments: PNM, TNMP, and Corporate and Other. The Company, through its Website provides information, including news releases, notices of Webcasts, and filings. PNM is an electric utility that provides electric generation, transmission and distribution service to its rate-regulated customers. TNMP is a regulated utility operating in Texas. TNMP provides transmission and distribution services in Texas under the provisions of Texas Electric Choice Act (TECA) and the Texas Public Utility Regulatory Act. The Corporate and Other segment includes PNMR holding company activities, related to corporate level debt and PNMR Services Company.

FINANCIAL RATIOS  of  PNM Resources (PNM)

Valuation Ratios
P/E Ratio 26.9
Price to Sales 2.3
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 7.6
Price to Free Cash Flow -17
Growth Rates
Sales Growth Rate -5.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 7.3%
Cap. Spend. - 3 Yr. Gr. Rate 11.5%
Financial Strength
Quick Ratio 0
Current Ratio 0.2
LT Debt to Equity 125.7%
Total Debt to Equity 158.9%
Interest Coverage 3
Management Effectiveness
Return On Assets 3.1%
Ret/ On Assets - 3 Yr. Avg. 2.6%
Return On Total Capital 2.8%
Ret/ On T. Cap. - 3 Yr. Avg. 2.1%
Return On Equity 7%
Return On Equity - 3 Yr. Avg. 4.9%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 40.5%
EBITDA Margin - 3 Yr. Avg. 34.2%
Operating Margin 20.4%
Oper. Margin - 3 Yr. Avg. 16.6%
Pre-Tax Margin 14.3%
Pre-Tax Margin - 3 Yr. Avg. 10.5%
Net Profit Margin 8.6%
Net Profit Margin - 3 Yr. Avg. 5.9%
Effective Tax Rate 32.3%
Eff/ Tax Rate - 3 Yr. Avg. 33.2%
Payout Ratio 60.7%

PNM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PNM stock intrinsic value calculation we used $1445.003 million for the last fiscal year's total revenue generated by PNM Resources. The default revenue input number comes from 0001 income statement of PNM Resources. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our PNM stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 8.8%, whose default value for PNM is calculated based on our internal credit rating of PNM Resources, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of PNM Resources.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of PNM stock the variable cost ratio is equal to 58.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $223 million in the base year in the intrinsic value calculation for PNM stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for PNM Resources.

Corporate tax rate of 27% is the nominal tax rate for PNM Resources. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the PNM stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for PNM are equal to 351.9%.

Life of production assets of 19.5 years is the average useful life of capital assets used in PNM Resources operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for PNM is equal to 0.9%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1695.253 million for PNM Resources - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 79.654 million for PNM Resources is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of PNM Resources at the current share price and the inputted number of shares is $3.1 billion.

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NWE NorthWestern 59.11 22.13  str.sell
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PCG PG&E 46.92 11.81  str.sell

COMPANY NEWS

▶ PNM Declares Preferred Dividend   [Sep-11-18 04:45PM  PR Newswire]
▶ PRC approves fast-tracking solar for Facebook data center   [Sep-06-18 03:52PM  American City Business Journals]
▶ Why New Mexico needs another womens leadership event   [Sep-05-18 12:00PM  American City Business Journals]
▶ PNM Resources: 2Q Earnings Snapshot   [08:43AM  Associated Press]
▶ Is There Now An Opportunity In PNM Resources Inc (NYSE:PNM)?   [Jun-21-18 01:15PM  Simply Wall St.]
▶ PNM Declares Preferred Dividend   [Jun-19-18 05:24PM  PR Newswire]
▶ Buy Bonds, Kill Coal   [Jun-12-18 05:01AM  Bloomberg]
▶ PNM Resources Management to Meet with Investors   [Jun-05-18 06:30AM  PR Newswire]
▶ PNM gives a peek at its future   [May-22-18 04:45PM  American City Business Journals]
▶ PNM see drop in quarterly report earnings   [Apr-27-18 04:29PM  American City Business Journals]
▶ PNM Resources: 1Q Earnings Snapshot   [06:39AM  Associated Press]
▶ Is It The Right Time To Buy PNM Resources Inc (NYSE:PNM)?   [Apr-12-18 10:23AM  Simply Wall St.]
▶ PNM Resources Management to Meet with Investors   [Mar-19-18 06:01PM  PR Newswire]
▶ PNM Declares Preferred Dividend   [Mar-16-18 04:45PM  PR Newswire]
▶ PNM Resources Management to Meet with Investors   [Mar-13-18 06:30AM  PR Newswire]
▶ PNM Resources Management to Meet with Investors   [Feb-28-18 06:30AM  PR Newswire]
▶ PNM Resources, Inc. to Host Earnings Call   [Feb-27-18 09:15AM  ACCESSWIRE]
▶ PNM Resources Revises 2018 and 2019 Earnings Guidance   [Feb-20-18 04:30PM  PR Newswire]
▶ PNM Resources Management to Meet with Investors   [Jan-11-18 02:15PM  PR Newswire]
▶ PNM Resources Management to Meet with Investors   [Dec-11-17 06:30AM  PR Newswire]
▶ /C O R R E C T I O N -- PNM Resources, Inc./   [Dec-08-17 05:13PM  PR Newswire]
▶ PNM Declares Preferred Dividend   [Dec-07-17 04:30PM  PR Newswire]
▶ Closing Bell Ringer, December 7, 2017   [03:59PM  CNBC Videos]
▶ PNM Resources Clears Key Benchmark, Hitting 80-Plus RS Rating   [03:00AM  Investor's Business Daily]
▶ PNM Resources Management to Meet with Investors   [Nov-03-17 07:50PM  PR Newswire]
▶ PNM Resources, Inc. to Host Earnings Call   [Oct-27-17 08:10AM  ACCESSWIRE]
▶ PNM Resources beats 3Q profit forecasts   [06:49AM  Associated Press]
▶ IBD Rating Upgrades: PNM Resources Shows Improved Technical Strength   [Oct-05-17 03:00AM  Investor's Business Daily]
▶ PNM Resources Sees RS Rating Rise To 73   [Oct-03-17 03:00AM  Investor's Business Daily]
▶ PNM Resources Management to Meet with Investors   [Oct-02-17 06:30AM  PR Newswire]
▶ PNM Declares Preferred Dividend   [Sep-11-17 05:52PM  PR Newswire]
▶ PNM Resources Management to Meet with Investors   [Aug-21-17 06:30AM  PR Newswire]
▶ PNM Resources Management to Meet with Investors   [Aug-16-17 06:30AM  PR Newswire]

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