What factors drive TXNM's EPS fluctuations?

TXNM Energy's EPS fluctuations can be attributed to several key factors:

1. **Strategic Investments and Growth Targets**: TXNM Energy has increased its five-year capital investment plan by 26% to $7.8 billion, focusing on enhancing grid infrastructure and reliability. These strategic investments are expected to drive future growth, which in turn can positively impact EPS.
2. **Financial Performance**: The company's GAAP diluted EPS for Q3 2024 was $1.45, surpassing estimates, and the ongoing diluted EPS was $1.43, indicating a strong financial performance. The GAAP net earnings for 2024 were $242.2 million, with an ongoing net earnings of $247.8 million, both exceeding analyst estimates.

3. **Regulatory Execution and Market Conditions**: The company's strategic regulatory execution and favorable market conditions in Texas have been instrumental in its financial performance and future growth expectations.
4. **Speculation of Sale and Analyst Upgrade**: The speculation of a potential sale and an analyst upgrade from Mizuho have contributed to a rise in TXNM Energy's stock, reflecting positive market sentiment and potential premium valuation due to its strong expected compound annual growth rate in earnings per share.

In summary, TXNM Energy's EPS fluctuations are primarily driven by strategic investments, financial performance, regulatory execution, and market conditions, with additional influences from speculation of sale and analyst upgrade.