Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of energy holding company PNM Resources (NYSE: PNM) powered to 10.5% gains today on very heavy trading volume.

So what: PNM's fourth quarter fell slightly below analyst targets, but guidance for the coming year impressed with an earnings range of $0.80-$0.92 per share versus the Street's $0.77-per-share consensus.

Now what: Chief among PNM's catalysts is the recent approval of electric rate hikes for Texan subsidiary TNMP. A similar rate increase seems to be on track for PNM's namesake utility in New Mexico, which would push results to the top end of that guidance range. Industry peers Xcel Energy (NYSE: XEL) and American Electric Power (NYSE: AEP) both offer more generous dividends than PNM's and should be able to ride the same regulatory tailwinds -- but their stocks look downright expensive by comparison.

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