TXNM Energy, Inc. (Formerly PNM Resources) (TXNM)

TXNM Energy, Inc. (TXNM), formerly PNM Resources, is an energy holding company based in Albuquerque, New Mexico. Led by CEO Pat Vincent-Collawn, TXNM’s mission is to "Deliver clean, reliable energy" through its regulated utilities, PNM and TNMP. The company holds a strategic industry position as a primary facilitator of the "Clean Energy Transition" in the American Southwest. By late 2025, TXNM stock has become a definitive play on "Grid Modernization," with a massive $7.8 billion five-year capital plan aimed at connecting New Mexico’s wind and solar resources to the interstate grid. Its vision is to reach 100% carbon-free energy by 2040, well ahead of many peer utilities.

The business operations of TXNM Energy are concentrated in regulated transmission and distribution across New Mexico and Texas. The core growth driver in 2025 has been the "Rate Base Expansion," as the company reported a 12% projected rate base growth through 2029. In late 2025, TXNM targeted an earnings growth rate of 7%–9%, supported by the midpoint of its $2.79 EPS guidance. The 2026 strategic roadmap focuses on "The Electrification of Transportation," aiming for 25% of its own light-duty fleet to be electric while building out state-wide EV charging infrastructure. By utilizing its "Regulatory Lag Mitigation"—using future test years and formula rates—TXNM maintains high earnings predictability. This "Revenue Stability" is a primary driver for the TXNM stock price. The company’s move to exit all coal-fired generation has also made it a top choice for ESG-mandated utility investors, providing a green moat for TXNM stock holders.