Pinnacle West Capital CorporatiNYSE: PNW
Utilities · Multi-Utilities
$102.39
+0.01%
Vol: 672K
Research Digest
Friday, June 19, 2026
Pinnacle West reaffirms 2026 EPS guidance of $4.55-$4.75 after Q1 profit turnaround; rate case decision pending in Q4
Pinnacle West Capital reported Q1 2026 net income of $32.9 million ($0.27 per diluted share), reversing a net loss of $4.6 million in Q1 2025, driven by higher transmission revenues, lower O&M expenses, and customer growth. Revenue of $1.15 billion was up 11% year-over-year and beat consensus by 6%. The company reaffirmed full-year 2026 EPS guidance of $4.55 to $4.75 on a weather-normalized basis, and declared a quarterly dividend of $0.91 per share payable June 1, 2026. A regulatory rate case decision is expected in Q4 2026, which will be key to the long-term investment thesis. Analyst price targets were nudged upward, with both Barclays and Morgan Stanley maintaining Equal Weight ratings.
Previous Market Intelligence
13 daysJun 18No significant overnight updatesNeutral▶
No material news in the last 48 hours.
Jun 17No significant overnight updatesNeutral▶
No material news in the last 48 hours.
Jun 16No significant overnight updatesNeutral▶
No material news in the last 48 hours.
Jun 15No significant overnight updatesNeutral▶
No material news in the last 48 hours.
Jun 14No significant overnight updatesNeutral▶
No material news in the last 48 hours.
May 21Pinnacle West held its May 14 annual shareholder meeting, reelected all ten directors, and reaffirmed strategic guidance including a $10.35B APS capital program and 5-7% long-term EPS growth.Neutral▶
At its May 14, 2026 Annual Meeting, Pinnacle West shareholders reelected all ten director nominees, approved executive compensation (98.76M for vs 2.75M against), and ratified Deloitte as auditor. In May investor meetings, management reaffirmed weather-normalized retail sales growth of 4-6% for 2026 and 5-7% through 2030, supported by a $10.35B APS capital program from 2025-2028 targeting 5-7% long-term EPS growth. A quarterly dividend of $0.91/share was declared, payable June 1. Analyst consensus remains Hold per 12 analysts as of May 18, with a $103 price target. An Arizona Public Service rate case decision is expected in Q4 2026.
May 20Pinnacle West shareholders elect directors and reaffirm 2026 EPS guidance at annual meetingNeutral▶
Pinnacle West held its Annual Meeting on May 14, 2026, where shareholders elected all ten nominated directors and ratified Deloitte as auditor. Management reaffirmed 2026 earnings guidance of $4.55-$4.75 per diluted share and continues to target long-term EPS growth of 5%-7%. The company highlighted weather-normalized retail sales growth guidance of 4%-6% and a $10.35B APS capital program from 2025-2028 spanning generation, transmission and distribution. A rate case decision is expected in Q4 2026. Analyst consensus stands at Hold across 12 analysts as of May 18.
May 19Pinnacle West details 5-7% long-term EPS growth target and $10.35B APS capital plan through 2028, keeps 2026 EPS guidance at $4.55-$4.75; Barclays raises PT to $102Positive▶
Pinnacle West Capital filed an 8-K announcing May 2026 investor meetings detailing a strategic outlook with weather-normalized retail sales growth of 4-6% in 2026 and 5-7% long-term through 2030. The company targets long-term EPS growth of 5-7% off the 2024 midpoint, supported by a planned $10.35B APS capital program from 2025-2028 across generation, transmission, and distribution. The company maintains its 2026 EPS guidance of $4.55-$4.75 following Q1 EPS of $0.27 (vs consensus -$0.01) on revenue of $1.15B. Customer growth hit 2.2% and weather-normalized sales rose 9.4%. Barclays analyst Nicholas Campanella raised the PT to $102 from $101 with Equal Weight. The board declared a quarterly dividend of $0.91 payable June 1. A rate case decision is expected in Q4 2026.
May 18Pinnacle West Capital reaffirmed 2026 guidance and outlined a $10.35B APS capital program through 2028, with 4-6% sales growth and 5-7% long-term EPS growth targets.Positive▶
Pinnacle West provided a detailed strategic and financial outlook at May 2026 investor meetings, reaffirming 2026 weather-normalized retail sales growth guidance of 4-6% and long-term 5-7% growth through 2030. The company targets 5-7% long-term EPS growth off the 2024 midpoint, supported by a $10.35 billion APS capital program from 2025-2028. Q1 2026 earnings (reported May 4) came in at $0.27/share vs. a $0.04 loss prior year, driven by higher transmission revenue, favorable weather, and higher sales. Pinnacle West declared a $0.91 quarterly dividend payable June 1. A rate case decision is expected in Q4 2026. Analyst consensus is neutral with a median target of $103.
May 15Pinnacle West Q1 EPS of $0.27 crushes -$0.01 consensus; Barclays raises PT to $102 (May 5); $10.35B capex plan and 5-7% LT EPS growth targetPositive▶
Pinnacle West Capital reported Q1 2026 results on May 4 with EPS of $0.27 versus -$0.01 consensus (vs a $0.04 prior-year loss) on revenue of $1.15B (vs $1.08B). The strong start was driven by higher transmission revenue, favorable weather, and higher sales. Barclays raised its PT to $102 from $101 on May 5. PNW filed an 8-K announcing May 2026 investor meetings with key takeaways: weather-normalized retail sales growth guidance of 4-6% for 2026 and a 5-7% range through 2030; long-term EPS growth target of 5-7% off the original 2024 midpoint; a planned $10.35B APS capital program from 2025-2028 across generation/transmission/distribution. The 2025 APS rate case requests a $694M revenue requirement increase and 14.75% customer net revenue impact day one. The board declared a $0.91 quarterly dividend payable June 1. Risk: rate case outcome remains a regulatory overhang.
May 14Pinnacle West hits 52-week high as Arizona data-center demand drives raised 2030 sales growth outlook and expanded credit facilityPositive▶
Pinnacle West Capital recently hit a new 52-week high after expanding its unsecured revolving credit facility to $300 million to fund infrastructure growth tied to surging Phoenix-area electricity demand. The company lifted and extended its long-term weather-normalized retail sales growth outlook to 5%-7% through 2030 and reaffirmed 2026 growth guidance of 4%-6%, citing nine consecutive quarters of growth at or above guidance driven by data centers and manufacturers, with nearly 20 GW of uncommitted customer interconnection requests in the backlog. Q1 2026 EPS came in at $0.27, ahead of expectations, on revenue of $1.1 billion. Barclays raised its price target to $102. Shares trade at ~$102.41 with consensus rating of Hold from 13 analysts. Risks include regulatory/rate-case outcomes and capex execution on the demand backlog.
May 13Pinnacle West crushed Q1 estimates with $0.27 EPS vs. $0.01 consensus and Barclays raised its price target to $102; investor meetings highlighted a $10.35B capital plan.Positive▶
Pinnacle West reported Q1 2026 EPS of $0.27 on May 4, dramatically above the $0.01 consensus, with revenue of $1.15 billion beating the $1.08 billion estimate on higher transmission revenue, customer growth and favorable weather. On May 5, Barclays' Nicholas Campanella raised the PT to $102 from $101 (Equal Weight). The company filed an 8-K for May investor meetings detailing a $10.35 billion APS capital program from 2025-2028 and reaffirmed 2026 EPS guidance of $4.55-$4.75 and long-term EPS growth of 5-7%. A $0.91 quarterly dividend was declared payable June 1. Risk: an Arizona rate case decision is still pending in Q4 2026, which is the biggest open variable to the growth plan.
May 12Wall Street Zen upgraded Pinnacle West Capital to Hold from Sell on May 10, 2026, following the Q1 EPS beat and Barclays target hike.Positive▶
Wall Street Zen upgraded PNW from Sell to Hold on May 10, the latest sentiment shift after the May 4 Q1 print showed EPS of $0.27 vs. consensus of -$0.01 on revenue of $1.15B. Management reaffirmed 2026 EPS guidance of $4.55-$4.75 and highlighted 4%-6% weather-normalized retail sales growth in fast-growing Arizona. On May 5, Barclays raised its PT to $102 from $101 (Equal Weight). Bear case: the pending 2025 rate case seeking a $694M revenue increase faces regulatory risk, and higher interest charges and D&A weighed on Q1 — a recurring pressure for the $10.35B APS capital plan through 2028.
Sector Peers
| Company | Price | Day | 1M | Fwd P/E | Beta | Mkt Cap |
|---|---|---|---|---|---|---|
| PNWPINNACLE | $102.39 | +0.01% | +1.2% | 19.6x | 0.42 | $13.3B |
| NEENEXTERA | $86.62 | +1.04% | -0.3% | 20.1x | 0.67 | $184.2B |
| DDOMINION | $68.51 | +0.72% | +0.5% | 18.3x | 0.64 | $61.3B |
| SRESEMPRA | $90.62 | +0.41% | -1.3% | 16.8x | 0.57 | $60.8B |
| XELXCEL | $77.44 | -0.03% | -0.3% | 18.1x | 0.41 | $51.2B |
| EDCONSOLIDATED | $106.44 | -0.56% | +1.7% | 17.6x | 0.26 | $42.0B |
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Price between 50d and 200d. Testing 50d support.