Short interest for Pinnacle West Capital gives investors a sense of the degree to which investors are betting on the decline of Pinnacle West Capital's stock. Short interest data is updated every two weeks.

Pinnacle West Capital Stock (NYSE:PNW), Short Interest Report

Pinnacle West Capital

Pinnacle West is a holding company whose principal subsidiary is Arizona Public Service, a vertically integrated electric utility that serves 1.4 million customers across a 35,000-square-mile territory in central Arizona, including Phoenix. APS owns or leases more than 6 gigawatts of power generation capacity, including a 29% ownership stake in the largest nuclear plant in the US, Palo Verde. About half of the electricity that APS supplies to customers comes from clean energy sources, including nuclear.

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FirstEnergy (NYSE: FE) reported first-quarter 2024 operating earnings of 55 cents per share, which surpassed the Zacks Consensus Estimate of 53 cents by 3.8%. However, the bottom line decreased 8.3% from the year-ago quarter&#39;s figure of 60 cents.

FirstEnergy Q1 Earnings Beat Estimates, Revenues Lag

Analyst Color

Upgrades

Price Target

Analyst Ratings

Movers

Pinnacle West Capital Corporation (NYSE: PNW) shares were climbing in early trading on Monday.

Pinnacle West Capital Is Primed For Multiyear EPS Growth, Says Bullish Analyst

Downgrades

Reiteration

11 Utility Stocks Get New Ratings, Forecasts After Recent Volatility: &#39;Higher Quality ... Low Valuation&#39;

Pinnacle West Capital Corporation Common Stock

Pinnacle West Capital Corp

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Citigroup analyst Ryan Levine initiates coverage on Pinnacle West Capital (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNW#NYSE">PNW</a>) with a Neutral rating and announces Price Target of $78.

Initiation

Citigroup Initiates Coverage On Pinnacle West Capital with Neutral Rating, Announces Price Target of $78

FirstEnergy (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/fe#NYSE">FE</a>) reported first-quarter 2024 operating earnings of 55 cents per share, which surpassed the Zacks Consensus Estimate of 53 cents by 3.8%. However, the bottom line decreased 8.3% from the year-ago quarter&#39;s figure of 60 cents.
<h3>Total Revenues</h3>
Operating revenues of $3.29 billion missed the Zacks Consensus Estimate of $3.36 billion by 2.04%. The top line, however, increased 1.8% from $3.23 billion recorded in the year-ago quarter.
<h3>&nbsp;</h3>
<div class="chart_embed">
<h3>FirstEnergy Corporation Price, Consensus and EPS Surprise <a href="https://www.zacks.com/stock/chart/FE/price-consensus-eps-surprise-chart?icid=chart-FE-price-consensus-eps-surprise-chart"> <img alt="FirstEnergy Corporation Price, Consensus and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/94/1714122526.png" style="height:282px; width:615px" title="" /> </a></h3>
FirstEnergy Corporation price-consensus-eps-surprise-chart | FirstEnergy Corporation Quote
</div>
<h3>Segmental Performance</h3>
Distribution: Earnings from this segment totaled $1.77 billion, down 2.8% from the prior-year quarter&#39;s level. The decline can be attributed to higher planned operating expenses during 2024. 
Integrated: Earnings from this segment amounted to $1.09 billion, up 6.5% from the prior-year quarter&#39;s reported actuals. The improvement was primarily due to the approval of recent base rate cases in Maryland, New Jersey and West Virginia, investments in formula rate capital programs, and higher weather-related demand. 
Stand-Alone Transmission: Earnings from this segment totaled $438 million, up 9.5% from the prior-year quarter&#39;s figure. The first-quarter results were driven by the rate base growth in formula rates from its capital investment program. 
Corporate/Other: The loss from this segment amounted to $13 million compared with a loss of $14 million in the year-ago quarter.
<h3>Highlights of the Release</h3>
Total operating expenses were $2.65 billion, up 1.1% from the year-ago quarter&#39;s level of $2.62 billion. 
The company reported an interest expense of $305 million, up 16% from the prior-year quarter&#39;s level of $263 million. 
Total distribution deliveries for the first quarter increased 1.5% from that recorded in the year-ago period. Usage increased 1% among residential customers. While industrial sales increased 3% year over year, sales were essentially flat in the commercial sector.
<h3>Financial Highlights</h3>
As of Apr 22, 2024, FE reported available liquidity of $4.73 billion, including cash and cash equivalents of $110 million. 
Long-term debt and other long-term obligations as of Mar 31, 2024, totaled $21.65 billion compared with $22.89 billion as of Dec 31, 2023. 
Net cash used for operating activities for the first three months of 2024 totaled $40 million compared with $112 million in the year-ago period.
<h3>Guidance</h3>
FirstEnergy expects 2024 earnings per share in the range of $2.61-$2.81, which indicates a 7% increase over the 2023 guidance midpoint, driven by robust regulated growth. The Zacks Consensus Estimate for the same is pegged at $2.67, lower than $2.71, the midpoint of the company&#39;s guided range. 
FirstEnergy reaffirmed its long-term annual operating EPS growth rate of 6-8%. FE continues with its capital investment plan of $26 billion for the 2024-2028 period.
<h3>Zacks Rank</h3>
FirstEnergy currently has a Zacks Rank #3 (Hold).
<h3>Upcoming Releases</h3>
WEC Energy Group (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/wec#NYSE">WEC</a>) is scheduled to report first-quarter results on May 1, before market open. The Zacks Consensus Estimate for first-quarter earnings is pegged at $1.92 per share. 
WEC&#39;s long-term (three to five years) earnings growth rate is 5.9%. It delivered an average earnings surprise of 4.9% in the last four quarters. 
Pinnacle West Capital (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pnw#NYSE">PNW</a>) is scheduled to report first-quarter results on May 2, before market open. The Zacks Consensus Estimate for first-quarter earnings is pegged at 3 cents per share. 
PNW&#39;s long-term earnings growth rate is 7.6%. The Zacks Consensus Estimate for 2024 earnings is pegged at $4.76 per share. 
NRG Energy (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nrg#NYSE">NRG</a>) is scheduled to report first-quarter results on May 7, before market open. The Zacks Consensus Estimate for first-quarter earnings is pegged at 51 cents per share. 
The Zacks Consensus Estimate for 2024 earnings is pinned at $5.36 per share. NRG delivered an average earnings surprise of 6.4% in the last four quarters.
<a href="https://www.zacks.com/stock/news/2263047/firstenergy-fe-q1-earnings-beat-estimates-revenues-lag?cid=CS-BENZ-FT-analyst_blog|earnings_article-2263047">To read this article on Zacks.com click here.</a>

Barclays analyst Nicholas Campanella maintains Pinnacle West Capital (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNW#NYSE">PNW</a>) with a Overweight and raises the price target from $75 to $76.

Barclays Maintains Overweight on Pinnacle West Capital, Raises Price Target to $76

Morgan Stanley analyst Stephen Byrd maintains Pinnacle West Capital (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNW#NYSE">PNW</a>) with a Equal-Weight and raises the price target from $69 to $70.

Morgan Stanley Maintains Equal-Weight on Pinnacle West Capital, Raises Price Target to $70

Pinnacle West Capital Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pnw#NYSE">PNW</a>) shares were <a href="https://www.benzinga.com/quote/PNW">climbing in early trading on Monday</a>.
The improving regulatory environment in Arizona could drive and improve the company&rsquo;s earnings and growth outlook &ldquo;through the end of the decade,&rdquo; according to BofA Securities.
The Pinnacle West Capital Analyst: Julien Dumoulin-Smith upgraded the rating for Pinnacle West Capital from Neutral to Buy, while raising the price target from $71 to $80.
The Pinnacle West Capital Thesis: The Arizona Corporation Commission&rsquo;s (ACC) moves and the proposed change&nbsp;in test year could address the company&rsquo;s &ldquo;long-standing regulatory lag and underearning issues,&rdquo; Dumoulin-Smith said in the upgrade note.
Check out <a href="https://www.benzinga.com/analyst-stock-ratings">other analyst stock ratings</a>.
The ACC&rsquo;s investigations could conclude and a decision passed by yearend, the analyst said. &ldquo;We believe this process will yield a positive result and reflect a +40bp improvement in earned returns for PNW YoY in 2026 (~8.5% vs. ~8.1%),&rdquo; he added.
&ldquo;With this change, the gap between earned and allowed returns (9.85%) should continue to narrow, allowing EPS to grow faster than rate base,&rdquo; Dumoulin-Smith further wrote.
PNW Price Action: Shares of Pinnacle West Capital had risen by 2.21% to $72.56&nbsp;at the time of publication on Monday.
Read Next:&nbsp;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37786219/unlocking-apples-ai-potential-multi-year-upgrade-cycle-potential-bullish-analyst-sa">Unlocking Apple&#39;s AI Potential: &#39;Multi-Year Upgrade Cycle&#39; Potential, Bullish Analyst Says</a>
Photo: Shutterstock

WIIM

Pinnacle West Capital shares are trading higher after B of A Securities upgraded the stock from Neutral to Buy and raised its price target from $71 to $80.

B of A Securities analyst Julien Dumoulin-Smith upgrades Pinnacle West Capital (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNW#NYSE">PNW</a>) from Neutral to Buy and raises the price target from $71 to $80.

B of A Securities Upgrades Pinnacle West Capital to Buy, Raises Price Target to $80

UBS analyst Daniel Ford upgrades Pinnacle West Capital (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNW#NYSE">PNW</a>) from Sell to Neutral and raises the price target from $68 to $71.

UBS Upgrades Pinnacle West Capital to Neutral, Raises Price Target to $71

Mizuho analyst Anthony Crowdell reiterates Pinnacle West Capital (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNW#NYSE">PNW</a>) with a Buy and lowers the price target from $77 to $75.

Mizuho Reiterates Buy on Pinnacle West Capital, Lowers Price Target to $75

Mizuho analyst Anthony Crowdell maintains Pinnacle West Capital (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNW#NYSE">PNW</a>) with a Buy and lowers the price target from $77 to $75.

Mizuho Maintains Buy on Pinnacle West Capital, Lowers Price Target to $75

Barclays analyst Nicholas Campanella maintains Pinnacle West Capital (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNW#NYSE">PNW</a>) with a Overweight and lowers the price target from $79 to $75.

Barclays Maintains Overweight on Pinnacle West Capital, Lowers Price Target to $75

Evercore ISI Group analyst Durgesh Chopra maintains Pinnacle West Capital (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNW#NYSE">PNW</a>) with a In-Line and lowers the price target from $76 to $69.

Evercore ISI Group Maintains In-Line on Pinnacle West Capital, Lowers Price Target to $69

RBC Capital analyst Shelby Tucker maintains Pinnacle West Capital (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNW#NYSE">PNW</a>) with a Sector Perform and lowers the price target from $83 to $80.

RBC Capital Maintains Sector Perform on Pinnacle West Capital, Lowers Price Target to $80

Offerings

Pinnacle West Capital Announced The Pricing Of Its Registered Public Offering Of 9,774,436 Shares Of Its Common Stock For Approximate Net Proceeds Of $630.5M

Pinnacle West Capital Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNW#NYSE">PNW</a>) ("Pinnacle West") announced today that it is commencing a registered public offering of $650 million of its common stock in connection with the forward sale agreements described below, subject to market and other conditions.
Pinnacle West intends to grant the underwriters the option to purchase up to an additional $97.5 million of its common stock. If such option is exercised, Pinnacle West may, in its sole discretion, enter into additional forward sale agreements with the forward purchasers in respect of, in the aggregate, the number of additional shares of Pinnacle West's common stock that are subject to the exercise of such option, and Pinnacle West currently anticipates that, if such option is exercised, it will do so.
Barclays, Citigroup, Mizuho and Wells Fargo Securities are acting as joint book-running managers for this offering. The underwriters may offer shares of Pinnacle West's common stock in transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices.

Pinnacle West Announces Proposed Public Offering Of $650M Of Common Stock In Connection With The Forward Sale Agreements

Financial Outlook
Following the recent conclusion of APS's rate case, the company estimates its consolidated 2024 earnings guidance will be in the range of $4.60 to $4.80 per diluted share on a weather-normalized basis. Key factors and assumptions underlying the 2024 outlook can be found in the year-end/fourth-quarter 2023 earnings presentation slides at <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.pinnaclewest.com%2Finvestors%2Fdefault.aspx&amp;esheet=53900911&amp;newsitemid=20240227572305&amp;lan=en-US&amp;anchor=pinnaclewest.com%2Finvestors&amp;index=4&amp;md5=1aefd44626cc071e30100f71e49e6918">pinnaclewest.com/investors</a>.

Guidance

Pinnacle West Capital Sees FY24 EPS $4.60-$4.80 Vs $4.80 Est.

Pinnacle West Capital (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNW#NYSE">PNW</a>) reported quarterly sales of $991.57 million which missed the analyst consensus estimate of $1.12 billion by 11.47 percent. This is a 1.76 percent decrease over sales of $1.01 billion the same period last year.

Pinnacle West Capital Q4 EPS $0.00 Vs $(0.13) Est.; Sales $991.57M Miss $1.12B Estimate

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Earnings Scheduled For February 27, 2024

Pinnacle West Capital (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNW#NYSE">PNW</a>) is set to give its latest quarterly earnings report on Tuesday, 2024-02-27. Here's what investors need to know before the announcement.
Analysts estimate that Pinnacle West Capital will report an earnings per share (EPS) of $-0.13. 
Pinnacle West Capital bulls will hope to hear the company announce they've not only beaten that estimate, but also to provide positive guidance, or forecasted growth, for the next quarter.
New investors should note that it is sometimes not an earnings beat or miss that most affects the price of a stock, but the guidance (or forecast).
<h3>Past Earnings Performance</h3>
Last quarter the company beat EPS by $0.18, which was followed by a 1.66% drop in the share price the next day.
Here's a look at Pinnacle West Capital's past performance and the resulting price change:

<table>
<thead>
<tr>
<th>Quarter</th>
<th>Q3 2023</th>
<th>Q2 2023</th>
<th>Q1 2023</th>
<th>Q4 2022</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS Estimate</td>
<td>3.32</td>
<td>1.19</td>
<td>0.04</td>
<td>-0.18</td>
</tr>
<tr>
<td>EPS Actual</td>
<td>3.50</td>
<td>0.94</td>
<td>-0.03</td>
<td>-0.21</td>
</tr>
<tr>
<td>Price Change %</td>
<td>-2.0%</td>
<td>-1.0%</td>
<td>1.0%</td>
<td>-1.0%</td>
</tr>
</tbody>
</table>

<img src="https://www.benzinga.com/files/images/story/2024/1708974119_0.png" alt="eps graph" />
<h3>Stock Performance</h3>
Shares of Pinnacle West Capital were trading at $70.5 as of February 23. Over the last 52-week period, shares are down 6.49%. Given that these returns are generally negative, long-term shareholders are likely a little upset going into this earnings release. 
<a href="https://www.benzinga.com/quote/PNW/earnings">To track all earnings releases for Pinnacle West Capital visit their earnings calendar on our site.</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Pinnacle West Capital's Earnings: A Preview

Ladenburg Thalmann analyst Paul Fremont initiates coverage on Pinnacle West Capital (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNW#NYSE">PNW</a>) with a Neutral rating and announces Price Target of $69.

Ladenburg Thalmann Initiates Coverage On Pinnacle West Capital with Neutral Rating, Announces Price Target of $69

Pinnacle West Capital Corp (PNW) has provided an announcement. Pinnacle West Capital Corporation is set to engage with securities analysts and inve...

Pinnacle West Capital Corp's April 2024 Investor Engagement Series

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Wells Fargo analyst Neil Kalton maintained a Hold rating on Pinnacle West Capital (PNW – Research Report) yesterday and set a price target of $74.0...

Wells Fargo Sticks to Their Hold Rating for Pinnacle West Capital (PNW)

In a report released on April 12, Nicholas Campanella from Barclays maintained a Buy rating on Pinnacle West Capital (PNW – Research Report), with ...

Barclays Keeps Their Buy Rating on Pinnacle West Capital (PNW)

Pinnacle West Capital declares $0.88 dividend

FUTY: Utilities Dashboard For April

RBC Capital analyst Shelby Tucker maintained a Hold rating on Pinnacle West Capital (PNW – Research Report) on April 19 and set a price target of $...

RBC Capital Keeps Their Hold Rating on Pinnacle West Capital (PNW)

Dividend Champion, Contender, And Challenger Highlights: Week Of April 28

Ryan Levine, an analyst from Citi, has initiated a new Hold rating on Pinnacle West Capital (PNW). Ryan Levine has given his Hold rating due to a c...

Hold Rating on Pinnacle West Capital Amid Regulatory and Financial Headwinds

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Press Releases

TransCanyon, LLC Selected by U.S. Department of Energy under Transmission Facilitation Program to Increase Transmission Capabilities in the West

Looking Ahead: New APS Plan Addresses Growing Customer Energy Needs

Pinnacle West Reports 2023 Third-Quarter Results

Pinnacle West Declares Quarterly Dividend

Pinnacle West Sets Date for 2023 Fourth-Quarter and Full-Year Financial Results, Webcast/Conference Call

Pinnacle West Reports 2023 Full-Year and Fourth-Quarter Results, Shares 2024 Financial Outlook

Pinnacle West Announces Proposed Public Offering of $650 Million of Common Stock

Pinnacle West Announces Pricing of a Public Offering of 9,774,436 Shares of Common Stock

Pinnacle West Sets Date for 2024 First-Quarter Financial Results, Webcast/Conference Call

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Pinnacle West Capital Stock (NYSE:PNW), Short Interest Report

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