TXNM Energy Q2 profit more than doubles on higher retail load
TXNM•Blackstone deal and outlook
The company said the acquisition agreement with Blackstone has been extended.
TXNM Energy said it does not plan to issue earnings guidance during the pending Blackstone transaction.
TNMP's rate increase was approved.
Analyst coverage and valuation
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell".
The average consensus recommendation for the electric utilities peer group is "buy."
Wall Street's median 12-month price target for TXNM Energy Inc is $61.00, about 5.2% above its July 30 closing price of $57.97.
The stock recently traded at 19 times the next 12-month earnings vs. a P/E of 19 three months ago.
Q2 profit more than doubles on higher retail load
TXNM Energy said its second-quarter GAAP and ongoing earnings per share more than doubled year over year, driven by higher retail load and rate relief.
The US regulated utility said higher retail load at both PNM and TNMP contributed to earnings growth. PNM benefited from rate relief and TNMP from rate recovery mechanisms and interim rates.
Higher depreciation, property tax and interest expenses from new capital investments partially offset the earnings gains.
