TXNM Energy (TXNM)
Owns New Mexico generation utility PNM and Texas wires utility TNMP.
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Owns PNM, which generates, transmits, and distributes electricity in New Mexico, and TNMP, which delivers power over regulated ERCOT networks for Texas retail electric providers. Revenue and investment recovery depend on state rate regulation, while a proposed Blackstone Infrastructure acquisition awaits New Mexico and federal nuclear approvals.
Owns PNM and TNMP, two regulated electric utilities serving homes and businesses across New Mexico and Texas. PNM generates, transmits, and distributes electricity to retail customers across much of New Mexico and provides wholesale transmission service. TNMP operates transmission and distribution networks within ERCOT, delivering power for retail electric providers rather than generating or selling electricity to end users.
Focuses investment on system reliability, grid modernization, new customer connections, and PNM’s shift toward lower-carbon generation. Revenue is largely earned through regulated electric service, with capital recovery and allowed returns set through New Mexico and Texas rate proceedings. PNM also faces federal oversight tied to wholesale transmission, environmental compliance, and its nuclear interests. The pending Blackstone Infrastructure acquisition still requires New Mexico and federal nuclear approvals.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Oct 27, 2025 | Jefferies | Downgrade | Target: — | Target: $61.25 |
| Mar 11, 2025 | Mizuho | Upgrade | ||
| Feb 11, 2025 | Evercore ISI Group | Upgrade |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $14.6M · Total debt $752.7M · Total assets $12.51B · Shareholders' equity $3.55B
- Revenue
- $548.6M
- Operating income
- $123.3M
- Net income
- $71.4M
HistoryDividendAnnual yield
| Insiders | 0.76% | 1.08M shares | |
|---|---|---|---|
| 15 holders · as of Jun 11, 2026 | |||
| Strategic holders | 8.82% | 12.55M shares | |
| 1 holder · as of Apr 24, 2026 | |||
| Other | 90.42% | 128.55M shares | |
| remainder | |||
142.17M company shares as of Sep 23, 2026 · holders as of their latest filing
Two share counts disagree (142.17M in the company's Sep 23, 2026 report, 110.71M elsewhere); stakes use the report.
This company has 3 share classes; every stake here is a share of the whole company.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Strategic | 8.82% | 12.55M | filed Apr 24, 2026 |
Balyasny Asset Management L.P.Institution | 5.02% | 7.13M | filed May 15, 2026 |
Vanguard Portfolio ManagementInstitution | 4.63% | 6.59M | filed Apr 29, 2026 |
Pentwater Capital Management LPInstitution | 4.56% | 6.49M | filed Aug 14, 2026 |
Vanguard Capital ManagementInstitution | 3.87% | 5.50M | filed Apr 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Nov 14, 2025 | Vicky A. Bailey | director | −1,800 | $57.74 |
- Xcel Energy
SPS overlaps in New Mexico and Texas electric service
- American Electric Power
Texas TDU and broad utility peer across grid investment
- Sempra
Oncor exposure creates the largest Texas TDU overlap
- CenterPoint Energy
ERCOT delivery peer focused on Houston-area wires
- Entergy
Texas integrated-utility peer with generation and grid overlap
- Pinnacle West Capital
Southwestern vertical-utility peer for PNM
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| TXNM Energy | $58.70 | +0.11% | $6.49B | 32.5 | 20.5 | 2.9 | +9.2% |
| Xcel Energy | $70.93 | −1.57% | $45.01B | 19.6 | 16.7 | 3.1 | −5.1% |
| American Electric Power | $118.37 | −1.58% | $65.47B | 20.8 | 17.8 | 2.9 | +7.0% |
| Sempra | $79.40 | −1.96% | $52.94B | 23.5 | 15.3 | 3.9 | −0.1% |
| CenterPoint Energy | $37.22 | −1.66% | $24.93B | 22.3 | 18.6 | 2.6 | +10.7% |
| Entergy | $99.24 | −1.90% | $47.20B | 25.9 | 21.2 | 3.5 | +5.9% |
| Pinnacle West Capital | $91.64 | −1.63% | $11.29B | 17.9 | 18.6 | 2.0 | +7.1% |
| Median | 21.5 | 18.2 | 3.0 | +6.4% |