BUY PNM @ $43.93

Buying PNM @ $43.93

2% position

If you recall, about a year ago Avangrid (AGR) announced that it was buying Pinnacle West (PNM). I liked the deal for Avangrid - it expanded their footprint to build renewable power. PNM serves New Mexico and has nearly unlimited potential to build & own solar farms. However, yesterday the regulators in New Mexico voted 5-0 against the merger. PNM stock is down today and I'll take it as a chance to buy. I'm likely early - but we'll see. 

If a re-worked deal can be done, either with AGR or another buyer, PNM will go up. If a new deal doesn't come up, I like the PNM story of building renewable power and becoming an energy exporter. I'll happily buy more down another 5-10% from here.