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Pinnacle West Hits 52-Week High on Planned Investments
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Share price of Pinnacle West Capital Corporation (PNW - Free Report) , an electric and power company, hit a new 52-week high of $87.80 on May 26, eventually closing a tad lower at $87.40. The stock has delivered a one-year return of about 23.3% compared with the Zacks categorized Utility - Electric Power industry’s gain of 6.6%.
In the past 52 weeks, Pinnacle West’s share price has ranged from a low of $70.86 to a high of $87.80. Average volume of shares traded in the last three months is approximately 751.18 thousand.
Factors behind the Performance
Pinnacle West’s shares have been on the rise following strong first-quarter 2017 results on May 2. The company posted earnings per share of 21 cents, beating the Zacks Consensus Estimate of 15 cents by 40%. Reported earnings were up by 425% year over year.
The company has been erratic but a strong performer, having delivered an average surprise of 7.04% in the last four quarters. The long-term earnings growth of the company is presently pegged at 5.10%.
Pinnacle West’s subsidiary, Arizona Public Service (APS), is gaining from a gradual economic recovery driven by the rapidly developing Phoenix Metropolitan Area. The Metro Phoenix region continues to have job growth above the national average resulting in demand growth for utility services from commercial and residential sector.
By the end of Mar 2017, approximately 58,000 residential grid-tied solar photovoltaic (PV) systems have been installed in APS’s service territory, totaling more than 445 megawatts of installed capacity. APS expects annual customer growth in the range of 2–3% over the 2017–2019 period.
Pinnacle West continues to focus on modernizing the distribution grid, investing in flexible generation and advancing customer experience, which positions them as a leader in grid automation and technology integration. The company also plans to invest nearly $1.8 billion to strengthen its grid in the next few years.
Pinnacle West projects capital expenditure of $1,337 million, $1,139 million and $1,009 million in 2017, 2018 and 2019, respectively. The company anticipates investing heavily in infrastructure upgrades to serve its expanding customer base.
Additionally, the company anticipates that its continued savings throughout 2017 will reduce cost for customers and improve the competitiveness of its retail rates.
Algonquin Power & Utilities delivered a positive earnings surprise of 11.76% in first-quarter 2017. Its current quarter 2017 estimates have risen by 25% to 10 cents per share in the last 60 days.
Avangrid pulled off a positive earnings surprise of 7.35% in first-quarter 2017. Its 2017 estimates have risen by 0.5% to $2.21 per share in the last 60 days.
Unitil Corporation delivered a positive earnings surprise of 2.33% in first-quarter 2017. Its 2017 estimates have risen by 1% to $2.09 per share in the last 60 days.
More Stock News: 8 Companies Verge on Apple-Like Run
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Pinnacle West Hits 52-Week High on Planned Investments
Share price of Pinnacle West Capital Corporation (PNW - Free Report) , an electric and power company, hit a new 52-week high of $87.80 on May 26, eventually closing a tad lower at $87.40. The stock has delivered a one-year return of about 23.3% compared with the Zacks categorized Utility - Electric Power industry’s gain of 6.6%.
In the past 52 weeks, Pinnacle West’s share price has ranged from a low of $70.86 to a high of $87.80. Average volume of shares traded in the last three months is approximately 751.18 thousand.
Factors behind the Performance
Pinnacle West’s shares have been on the rise following strong first-quarter 2017 results on May 2. The company posted earnings per share of 21 cents, beating the Zacks Consensus Estimate of 15 cents by 40%. Reported earnings were up by 425% year over year.
The company has been erratic but a strong performer, having delivered an average surprise of 7.04% in the last four quarters. The long-term earnings growth of the company is presently pegged at 5.10%.
Pinnacle West’s subsidiary, Arizona Public Service (APS), is gaining from a gradual economic recovery driven by the rapidly developing Phoenix Metropolitan Area. The Metro Phoenix region continues to have job growth above the national average resulting in demand growth for utility services from commercial and residential sector.
By the end of Mar 2017, approximately 58,000 residential grid-tied solar photovoltaic (PV) systems have been installed in APS’s service territory, totaling more than 445 megawatts of installed capacity. APS expects annual customer growth in the range of 2–3% over the 2017–2019 period.
Pinnacle West continues to focus on modernizing the distribution grid, investing in flexible generation and advancing customer experience, which positions them as a leader in grid automation and technology integration. The company also plans to invest nearly $1.8 billion to strengthen its grid in the next few years.
Pinnacle West projects capital expenditure of $1,337 million, $1,139 million and $1,009 million in 2017, 2018 and 2019, respectively. The company anticipates investing heavily in infrastructure upgrades to serve its expanding customer base.
Additionally, the company anticipates that its continued savings throughout 2017 will reduce cost for customers and improve the competitiveness of its retail rates.
Stocks to Consider
Pinnacle West currently carries a Zacks Rank #3 (Hold). Investors can consider better-ranked stocks from the same industry like Algonquin Power & Utilities Corp. (AQN - Free Report) , Avangrid, Inc. (AGR - Free Report) and Unitil Corporation (UTL - Free Report) . All the three stocks carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Algonquin Power & Utilities delivered a positive earnings surprise of 11.76% in first-quarter 2017. Its current quarter 2017 estimates have risen by 25% to 10 cents per share in the last 60 days.
Avangrid pulled off a positive earnings surprise of 7.35% in first-quarter 2017. Its 2017 estimates have risen by 0.5% to $2.21 per share in the last 60 days.
Unitil Corporation delivered a positive earnings surprise of 2.33% in first-quarter 2017. Its 2017 estimates have risen by 1% to $2.09 per share in the last 60 days.
More Stock News: 8 Companies Verge on Apple-Like Run
Did you miss Apple's 9X stock explosion after they launched their iPhone in 2007? Now 2017 looks to be a pivotal year to get in on another emerging technology expected to rock the market. Demand could soar from almost nothing to $42 billion by 2025. Reports suggest it could save 10 million lives per decade which could in turn save $200 billion in U.S. healthcare costs.
A bonus Zacks Special Report names this breakthrough and the 8 best stocks to exploit it. Like Apple in 2007, these companies are already strong and coiling for potential mega-gains. Click to see them right now >>