Norman P. Becker, a director at TXNM Energy Inc. (NASDAQ:TXNM), has sold 2,300 shares of common stock, according to a recent SEC filing. The shares were sold at a price of $48.4201 each, totaling approximately $111,366. Following this transaction, Becker now holds 25,378 shares directly.
In other recent news, TXNM Energy has reported a series of significant developments. The company confirmed its second quarter 2024 earnings per share at $0.60 and maintained its guidance range of $2.65 to $2.75 per share for the year. TXNM Energy also announced a substantial infrastructure investment plan, with a System Resiliency Plan amounting to $600 million in Texas and New Mexico.
In analyst notes, Jefferies initiated coverage on TXNM Energy shares with a Buy rating, citing the company's growth potential despite regulatory challenges. On the other hand, Scotiabank (TSX:BNS) recommended caution, assigning a Sector Perform rating due to the regulatory and headline risks present in the states where TXNM Energy operates.
In terms of corporate news, TXNM Energy declared a regular quarterly dividend of $0.3875 per share, continuing its practice of rewarding shareholders. There were also changes in executive compensation with increases for Joseph D. Tarry and Elisabeth A. Eden. Additionally, TXNM Energy announced the upcoming retirement of its CFO, Elisabeth A. Eden, no sooner than March 15, 2025, and the appointment of Brian G. Iverson as the new General Counsel. These are the recent developments for TXNM Energy.
InvestingPro Insights
As Norman P. Becker reduces his stake in TXNM Energy Inc., investors might be interested in additional context provided by InvestingPro data. The company's stock is currently trading near its 52-week high, with a price of $48.79 as of the previous close, representing 99.41% of its highest point over the past year. This aligns with the recent insider sale price of $48.4201 per share.
TXNM Energy has demonstrated strong performance recently, with a 20.32% price total return over the past three months and an impressive 33.48% return over the last six months. These figures suggest that Becker's sale comes at a time when the stock has been experiencing significant appreciation.
InvestingPro Tips highlight that TXNM has raised its dividend for 13 consecutive years, which may be appealing to income-focused investors. The current dividend yield stands at 3.18%, with a dividend growth rate of 5.44% over the last twelve months. This consistent dividend history could provide some stability to the stock's value proposition, even as insiders like Becker reduce their holdings.
It's worth noting that while the company's recent performance has been strong, it operates with a significant debt burden, according to another InvestingPro Tip. This factor may influence future financial flexibility and could be a consideration for investors analyzing the stock's long-term prospects.
For a more comprehensive analysis, InvestingPro offers 14 additional tips on TXNM Energy, providing deeper insights into the company's financial health and market position.
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