Intrinsic value of PNM Resources - PNM

Previous Close

$38.05

  Intrinsic Value

$16.31

stock screener

  Rating & Target

str. sell

-57%

Previous close

$38.05

 
Intrinsic value

$16.31

 
Up/down potential

-57%

 
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 2017), $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 3.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.31
  5.28
  5.25
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
Revenue, $m
  1,532
  1,622
  1,716
  1,815
  1,917
  2,024
  2,136
  2,253
  2,376
  2,504
  2,638
  2,778
  2,925
  3,078
  3,239
  3,408
  3,585
  3,770
  3,964
  4,168
  4,381
  4,605
  4,840
  5,086
  5,344
  5,615
  5,900
  6,198
  6,511
  6,840
Variable operating expenses, $m
  899
  950
  1,004
  1,060
  1,118
  1,179
  1,243
  1,309
  1,379
  1,452
  1,500
  1,580
  1,663
  1,751
  1,842
  1,938
  2,039
  2,144
  2,255
  2,370
  2,492
  2,619
  2,753
  2,893
  3,040
  3,194
  3,356
  3,525
  3,703
  3,890
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
  1,127
  1,183
  1,242
  1,303
  1,367
  1,433
  1,503
  1,574
  1,650
  1,729
  1,783
  1,870
  1,959
  2,053
  2,151
  2,254
  2,362
  2,474
  2,592
  2,715
  2,844
  2,979
  3,121
  3,269
  3,424
  3,587
  3,757
  3,935
  4,122
  4,318
Operating income, $m
  405
  439
  474
  511
  550
  591
  634
  679
  726
  775
  854
  908
  965
  1,025
  1,088
  1,154
  1,223
  1,296
  1,372
  1,453
  1,537
  1,626
  1,719
  1,817
  1,920
  2,029
  2,143
  2,263
  2,389
  2,521
EBITDA, $m
  986
  1,053
  1,123
  1,195
  1,271
  1,351
  1,434
  1,521
  1,612
  1,708
  1,808
  1,913
  2,023
  2,138
  2,259
  2,386
  2,519
  2,659
  2,805
  2,959
  3,121
  3,291
  3,469
  3,656
  3,852
  4,059
  4,276
  4,503
  4,743
  4,994
Interest expense (income), $m
  115
  148
  165
  181
  199
  217
  236
  256
  277
  299
  321
  345
  370
  396
  423
  451
  481
  513
  545
  580
  616
  653
  693
  734
  778
  824
  872
  922
  975
  1,030
  1,088
Earnings before tax, $m
  257
  274
  293
  313
  333
  355
  378
  402
  427
  454
  509
  539
  570
  602
  636
  672
  710
  750
  793
  837
  884
  933
  985
  1,039
  1,097
  1,157
  1,221
  1,288
  1,359
  1,433
Tax expense, $m
  69
  74
  79
  84
  90
  96
  102
  108
  115
  122
  137
  145
  154
  163
  172
  182
  192
  203
  214
  226
  239
  252
  266
  281
  296
  312
  330
  348
  367
  387
Net income, $m
  187
  200
  214
  228
  243
  259
  276
  293
  312
  331
  372
  393
  416
  440
  465
  491
  519
  548
  579
  611
  645
  681
  719
  759
  801
  845
  891
  940
  992
  1,046

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
  7,059
  7,475
  7,909
  8,362
  8,835
  9,329
  9,845
  10,385
  10,949
  11,539
  12,156
  12,802
  13,478
  14,186
  14,928
  15,705
  16,519
  17,373
  18,267
  19,205
  20,189
  21,221
  22,303
  23,437
  24,628
  25,877
  27,188
  28,563
  30,006
  31,520
Adjusted assets (=assets-cash), $m
  7,059
  7,475
  7,909
  8,362
  8,835
  9,329
  9,845
  10,385
  10,949
  11,539
  12,156
  12,802
  13,478
  14,186
  14,928
  15,705
  16,519
  17,373
  18,267
  19,205
  20,189
  21,221
  22,303
  23,437
  24,628
  25,877
  27,188
  28,563
  30,006
  31,520
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
  5,537
  5,864
  6,204
  6,560
  6,931
  7,318
  7,723
  8,146
  8,589
  9,051
  9,536
  10,042
  10,573
  11,128
  11,710
  12,320
  12,959
  13,628
  14,330
  15,066
  15,837
  16,647
  17,495
  18,386
  19,320
  20,299
  21,328
  22,406
  23,538
  24,726
Working capital, $m
  -58
  -62
  -65
  -69
  -73
  -77
  -81
  -86
  -90
  -95
  -100
  -106
  -111
  -117
  -123
  -130
  -136
  -143
  -151
  -158
  -166
  -175
  -184
  -193
  -203
  -213
  -224
  -236
  -247
  -260
Total debt, $m
  3,051
  3,361
  3,684
  4,022
  4,374
  4,742
  5,127
  5,529
  5,949
  6,388
  6,848
  7,329
  7,833
  8,361
  8,913
  9,492
  10,099
  10,735
  11,401
  12,100
  12,833
  13,601
  14,407
  15,253
  16,140
  17,070
  18,047
  19,071
  20,146
  21,275
Total liabilities, $m
  5,259
  5,569
  5,892
  6,230
  6,582
  6,950
  7,335
  7,737
  8,157
  8,596
  9,056
  9,537
  10,041
  10,569
  11,121
  11,700
  12,307
  12,943
  13,609
  14,308
  15,041
  15,809
  16,615
  17,461
  18,348
  19,278
  20,255
  21,279
  22,354
  23,483
Total equity, $m
  1,800
  1,906
  2,017
  2,132
  2,253
  2,379
  2,511
  2,648
  2,792
  2,942
  3,100
  3,264
  3,437
  3,617
  3,807
  4,005
  4,212
  4,430
  4,658
  4,897
  5,148
  5,411
  5,687
  5,977
  6,280
  6,599
  6,933
  7,284
  7,652
  8,038
Total liabilities and equity, $m
  7,059
  7,475
  7,909
  8,362
  8,835
  9,329
  9,846
  10,385
  10,949
  11,538
  12,156
  12,801
  13,478
  14,186
  14,928
  15,705
  16,519
  17,373
  18,267
  19,205
  20,189
  21,220
  22,302
  23,438
  24,628
  25,877
  27,188
  28,563
  30,006
  31,521
Debt-to-equity ratio
  1.690
  1.760
  1.830
  1.890
  1.940
  1.990
  2.040
  2.090
  2.130
  2.170
  2.210
  2.250
  2.280
  2.310
  2.340
  2.370
  2.400
  2.420
  2.450
  2.470
  2.490
  2.510
  2.530
  2.550
  2.570
  2.590
  2.600
  2.620
  2.630
  2.650
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
  187
  200
  214
  228
  243
  259
  276
  293
  312
  331
  372
  393
  416
  440
  465
  491
  519
  548
  579
  611
  645
  681
  719
  759
  801
  845
  891
  940
  992
  1,046
Depreciation, amort., depletion, $m
  582
  614
  648
  684
  721
  760
  800
  842
  887
  933
  954
  1,004
  1,057
  1,113
  1,171
  1,232
  1,296
  1,363
  1,433
  1,507
  1,584
  1,665
  1,750
  1,839
  1,932
  2,030
  2,133
  2,241
  2,354
  2,473
Funds from operations, $m
  769
  814
  862
  912
  964
  1,019
  1,076
  1,136
  1,198
  1,264
  1,325
  1,397
  1,473
  1,552
  1,636
  1,723
  1,814
  1,911
  2,012
  2,118
  2,229
  2,346
  2,468
  2,597
  2,733
  2,875
  3,024
  3,181
  3,346
  3,519
Change in working capital, $m
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
Cash from operations, $m
  772
  818
  866
  916
  968
  1,023
  1,080
  1,140
  1,203
  1,269
  1,330
  1,403
  1,479
  1,558
  1,642
  1,729
  1,821
  1,918
  2,019
  2,125
  2,237
  2,354
  2,477
  2,607
  2,742
  2,885
  3,035
  3,192
  3,358
  3,531
Maintenance CAPEX, $m
  -522
  -554
  -586
  -620
  -656
  -693
  -732
  -772
  -815
  -859
  -905
  -954
  -1,004
  -1,057
  -1,113
  -1,171
  -1,232
  -1,296
  -1,363
  -1,433
  -1,507
  -1,584
  -1,665
  -1,750
  -1,839
  -1,932
  -2,030
  -2,133
  -2,241
  -2,354
New CAPEX, $m
  -313
  -327
  -341
  -355
  -371
  -387
  -405
  -423
  -442
  -463
  -484
  -507
  -530
  -556
  -582
  -610
  -639
  -670
  -702
  -736
  -772
  -809
  -849
  -890
  -934
  -980
  -1,028
  -1,079
  -1,132
  -1,188
Cash from investing activities, $m
  -835
  -881
  -927
  -975
  -1,027
  -1,080
  -1,137
  -1,195
  -1,257
  -1,322
  -1,389
  -1,461
  -1,534
  -1,613
  -1,695
  -1,781
  -1,871
  -1,966
  -2,065
  -2,169
  -2,279
  -2,393
  -2,514
  -2,640
  -2,773
  -2,912
  -3,058
  -3,212
  -3,373
  -3,542
Free cash flow, $m
  -63
  -63
  -61
  -60
  -59
  -58
  -57
  -55
  -54
  -53
  -59
  -58
  -56
  -55
  -53
  -51
  -50
  -48
  -46
  -44
  -41
  -39
  -36
  -33
  -30
  -27
  -23
  -19
  -15
  -10
Issuance/(repayment) of debt, $m
  307
  310
  324
  338
  352
  368
  384
  402
  420
  439
  460
  481
  504
  528
  553
  579
  607
  636
  667
  699
  733
  769
  806
  845
  887
  931
  976
  1,025
  1,075
  1,128
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  
  307
  310
  324
  338
  352
  368
  384
  402
  420
  439
  460
  481
  504
  528
  553
  579
  607
  636
  667
  699
  733
  769
  806
  845
  887
  931
  976
  1,025
  1,075
  1,128
Total cash flow (excl. dividends), $m
  244
  248
  262
  277
  293
  310
  328
  347
  366
  387
  401
  424
  448
  473
  500
  528
  557
  588
  621
  655
  692
  730
  770
  812
  857
  904
  953
  1,005
  1,060
  1,118
Retained Cash Flow (-), $m
  -105
  -106
  -111
  -116
  -121
  -126
  -132
  -138
  -144
  -150
  -157
  -165
  -172
  -181
  -189
  -198
  -208
  -218
  -228
  -239
  -251
  -263
  -276
  -289
  -304
  -319
  -334
  -351
  -368
  -386
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
  6
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  17
  18
  18
  19
  20
  21
  22
  24
  25
  26
Cash available for distribution, $m
  139
  141
  151
  162
  173
  184
  196
  209
  222
  236
  244
  259
  275
  292
  310
  329
  349
  371
  393
  416
  441
  467
  494
  523
  553
  585
  619
  655
  692
  732
Discount rate, %
  8.60
  9.03
  9.48
  9.96
  10.45
  10.98
  11.52
  12.10
  12.71
  13.34
  14.01
  14.71
  15.44
  16.22
  17.03
  17.88
  18.77
  19.71
  20.70
  21.73
  22.82
  23.96
  25.16
  26.42
  27.74
  29.12
  30.58
  32.11
  33.71
  35.40
PV of cash for distribution, $m
  128
  119
  115
  111
  105
  99
  91
  84
  76
  68
  58
  50
  43
  36
  29
  24
  19
  15
  11
  8
  6
  4
  3
  2
  1
  1
  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 25.9
Price to Sales 2.2
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 7.3
Price to Free Cash Flow -16.4
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 million for the last fiscal year's total revenue generated by PNM Resources. The default revenue input number comes from 2017 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 6% 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 8.6%, 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 0.4%.

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 361.5%.

Life of production assets of 10 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 -3.8%. 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 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 80 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 $3.0 billion.

RELATED COMPANIES Price Int.Val. Rating
PNW Pinnacle West 79.94 24.34  str.sell
XEL Xcel Energy 45.63 10.76  str.sell
EE El Paso Electr 60.95 7.14  str.sell
EIX Edison Interna 65.06 21.49  str.sell
NWE NorthWestern 58.60 8.85  str.sell
IDA IDACORP 93.28 15.20  str.sell
NEE NextEra Energy 169.97 46.97  str.sell
PCG PG&E 41.44 9.39  str.sell

COMPANY NEWS

▶ 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]
▶ PNM Resources beats 2Q profit forecasts   [Jul-28-17 09:45PM  Associated Press]
▶ The Best Stock in New Mexico: PNM Resources   [Jul-20-17 08:50AM  Kiplinger]
▶ Behind the scenes of PNM's latest commercial   [09:45AM  American City Business Journals]
▶ PNM Resources Management to Meet with Investors   [Jun-21-17 06:30AM  PR Newswire]
▶ PNM Resources Management to Meet with Investors   [Jun-15-17 06:30AM  PR Newswire]
Follow us on:   twitter   twitter   twitter   twitter

ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2018. All rigths reserved.