PNM Resources, Inc.’s PNM consistent investments in strengthening infrastructure, phased exit from coal-based generation assets, and efforts to provide reliable and affordable clean power will enhance its performance.We recently issued an updated research report on this Zacks Rank #2 (Buy) company. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.The company has a trailing four-quarter positive earnings surprise of 1.19%, on average. However, its long-term (three-five years) earnings growth rate is pegged at 6.19%.What’s Driving the Stock?PNM Resources continues to invest substantially in its utility assets for providing reliable services to its customers. It plans to spend $3.3 billion from 2020 to 2023. These investments will lead to 8.9% rate base growth. The company also expects a 5-6% earnings growth rate in the same time frame.Remarkably, in New Mexico, it received approvals from both Federal Energy Regulatory Commission and the New Mexico Public Regulation Commission to acquire the Western Spirit Transmission Line in 2021, which will bring 800-megawatt (MW) capacity of new wind power to the existing grid in this US desert southwest state. The same is expected to reflect a return of 8-9% on Western Spirit investment to be recovered through incremental rates from 2021 to 2023.Under the current economic crisis, the company requires adequate liquidity to meet its near-term obligations. Through its multi-year revolving credit facilities, cash balances as well as forward equity, PNM Resources ensured $1.2 billion worth liquidity strength, which is enough to service its short-term debts and fund capital investments.WoesHowever, the risk of operating in nuclear plants apart from stringent environmental policies and regulations related to climate change remain headwinds to the company.Price PerformanceIn the past month, shares of the company have lost 4.6% compared with the industry’s decline of 6.2%. Other Stocks to ConsiderA few other top-ranked stocks from the same space are Fortis Inc. FTS, DTE Energy Company DTE and CMS Energy Corporation CMS, each carrying the same Zacks Rank as PNM Resources.The Zacks Consensus Estimate for Fortis’ 2020 earnings has moved 1.04% north over the past 60 days. It has a trailing four-quarter positive earnings surprise of 6.28%, on average.The long-term earnings growth rate for DTE Energy is pegged at 5.53%. The Zacks Consensus Estimate for 2020 earnings has moved 0.31% up over the past 60 days.CMS Energy’s long-term earnings growth rate stands at 6.93%. It has a trailing four-quarter positive earnings surprise of 0.75%, on average.Zacks Top 10 Stocks for 2020In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-hold tickers for the entirety of 2020?Last year's 2019 Zacks Top 10 Stocks portfolio returned gains as high as +102.7%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.Access Zacks Top 10 Stocks for 2020 today >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report CMS Energy Corporation (CMS): Free Stock Analysis Report DTE Energy Company (DTE): Free Stock Analysis Report PNM Resources, Inc. Holding Co. (PNM): Free Stock Analysis Report Fortis Inc. (FTS): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research