Pinnacle West Capital Corp Stock Research

Market Summary

USD76.80+0.41

Market Closed

0.54%

PNW Stock Price

PNW RSI Chart

PNW Valuation

Market Cap

9.0B

Price/Earnings (Trailing)

17.93

Price/Sales (Trailing)

2.08

Price/Free Cashflow

7.23

PNW Price/Sales (Trailing)

PNW Profitability

Return on Equity

8.28%

Return on Assets

2.2%

Free Cashflow Yield

13.83%

PNW Fundamentals

PNW Revenue

Revenue (TTM)

4.5B

Revenue Y/Y

20.6%

Revenue Q/Q

-6.38%

PNW Earnings

Earnings (TTM)

500.8M

Earnings Y/Y

-161.73%

Earnings Q/Q

-105.95%

Price Action

52 Week Range

58.2881.63

(Low)(High)

Last 7 days

-0.9%

Last 30 days

-1.7%

Last 90 days

4.7%

Trailing 12 Months

0.5%

PNW Financial Health

Current Ratio

0.99

Debt/Equity

1.09

Debt/Cashflow

0.18

PNW Investor Care

Dividend Yield

4.47%

Dividend/Share (TTM)

3.43

Shares Dilution (1Y)

0.26%

Diluted EPS (TTM)

4.08

Peers (Alternatives to Pinnacle West Capital)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
NEE	149.5B	24.8B	-0.20%	0.05%	22.37	6.03	52.66%	359.07%
AEP	47.9B	19.7B	-10.84%	-17.67%	20.79	2.44	15.40%	-7.33%
ES	24.0B	12.6B	-11.38%	-25.49%	16.41	1.9	20.03%	11.86%
ETR	22.2B	13.9B	-7.85%	-17.74%	20.08	1.61	17.76%	-1.37%
AGR	14.4B	8.3B	-5.97%	-19.19%	21.11	1.74	15.61%	-16.75%
MID-CAP
PNW	9.0B	4.5B	-1.70%	0.48%	17.93	2.08	15.29%	-21.25%
NRG	7.8B	31.4B	2.76%	-26.08%	6.39	0.25	17.07%	-44.17%
OGE	7.0B	3.3B	-5.74%	-12.83%	10.51	2.09	27.99%	-9.71%
IDA	5.6B	1.7B	-6.84%	-2.91%	21.74	3.43	16.35%	8.84%
HE	3.9B	3.9B	-7.48%	-15.38%	17.3	1.02	29.83%	-9.45%
SJW	2.4B	633.7M	-1.31%	26.23%	32.2	3.83	8.66%	32.50%
SMALL-CAP
MSEX	1.4B	164.4M	5.34%	-5.47%	32.76	8.56	11.99%	-13.27%
UTL	855.9M	590.8M	-9.10%	-5.24%	19.45	1.45	12.08%	13.70%
GNE	278.1M	343.0M	0.32%	112.14%	2.8	0.76	3.38%	82.31%

Financials for Pinnacle West Capital

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1
Revenue	3.7%	4,486	4,324	4,114	3,952	3,891
Costs and Expenses	4.6%	3,758	3,592	3,369	3,195	3,079
Interest Expenses	5.7%	270	256	247	242	237
Net Income	-9.3%	501	552	566	617	-
Net Income Margin	-13.7%	0.12*	0.13*	0.13*	0.16*	-
Free Cahsflow	0.8%	1,241	1,231	1,136	999	-

Balance Sheet					(In Millions)
Description	(%) Q/Q	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1
Assets	3.8%	23,580	22,723	22,845	22,501	22,201
Current Assets	-0.1%	1,748	1,751	2,017	1,798	1,595
Cash Equivalents	43.9%	7.00	5.00	7.00	29.00	14.00
Net PPE	0.2%	14,552	14,522	14,477	14,500	14,248
Current Liabilities	-2.1%	1,724	1,762	2,061	2,022	1,597
. Short Term Borrowings	46.0%	498	341	467	541	263
LT Debt, Non Current	2.3%	7,917	7,741	7,344	7,241	7,227
Shareholder's Equity	1.9%	6,164	6,049	6,245	6,022	6,050
Retained Earnings	-0.1%	3,357	3,360	3,580	3,254	3,282
Accumulated Depreciation	1.8%	8,073	7,930	7,799	7,668	7,597
Shares Outstanding	0.0%	113	113	113	-	-
Minority Interest	3.9%	116	111	118	113	120

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1
Cashflow From Operations	-10.4%	1,112	1,241	1,231	1,136	999
Share Based Compensation	-10.7%	14.00	16.00	15.00	13.00	12.00
Cashflow From Investing	-4.9%	-1,696	-1,618	-1,646	-1,531	-1,413
Cashflow From Financing	55.5%	577	371	396	411	411
Dividend Payments	0.5%	381	379	377	375	372

Risks for PNW

What is the probability of a big loss on PNW?

60.8%

Probability that Pinnacle West Capital stock will be more than 20% underwater in next one year

19.2%

Probability that Pinnacle West Capital stock will be more than 30% underwater in next one year.

Probability that Pinnacle West Capital stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does PNW drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Pinnacle West Capital was unfortunately bought at previous high price.

Drawdowns

Returns for PNW

Cumulative Returns on PNW

6.7%

10-Year Cumulative Returns

4.3%

7-Year Cumulative Returns

3.2%

5-Year Cumulative Returns

4.9%

3-Year Cumulative Returns

What are the long-term rolling returns for PNW?

FIve years rolling returns for Pinnacle West Capital.

Annualized Returns

Which funds bought or sold PNW recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-05-24	Verity Asset Management, Inc.	reduced	-9.91	-15,305	234,867	0.14%
2023-05-22	AMERIPRISE FINANCIAL INC	added	12.3	7,529,890	51,611,900	0.02%
2023-05-22	BIRMINGHAM CAPITAL MANAGEMENT CO INC/AL	reduced	-9.88	-28,104	433,839	0.17%
2023-05-22	American Trust	sold off	-100	-392,518	-	-%
2023-05-18	JPMORGAN CHASE & CO	reduced	-6.12	-1,366,000	61,638,000	0.01%
2023-05-18	SkyView Investment Advisors, LLC	new	-	-	-	-%
2023-05-18	NEW YORK STATE COMMON RETIREMENT FUND	reduced	-3.67	32,000	8,307,000	0.01%
2023-05-17	Thrivent Financial for Lutherans	added	18.26	1,934,000	10,257,000	0.03%
2023-05-17	VIRGINIA RETIREMENT SYSTEMS ET AL	added	184	699,378	996,124	0.01%
2023-05-17	Advisory Services Network, LLC	added	21.79	69,409	327,236	0.01%

Latest Funds Activity

Are funds buying PNW calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own PNW

No. of Funds

Pinnacle West Capital News

Schedule 13G FIlings of Pinnacle West Capital

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Mar 08, 2023	lazard asset management llc	6.24%	7,065,285	SC 13G/A
Feb 09, 2023	vanguard group inc	12.57%	14,225,294	SC 13G/A
Feb 07, 2023	blackrock inc.	8.9%	10,033,796	SC 13G/A
Feb 11, 2022	state street corp	5.18%	5,840,218	SC 13G/A
Feb 10, 2022	lazard asset management llc	9.54%	10,767,862	SC 13G
Feb 09, 2022	vanguard group inc	11.61%	13,097,183	SC 13G/A
Feb 01, 2022	blackrock inc.	8.6%	9,700,369	SC 13G/A
Feb 10, 2021	vanguard group inc	11.36%	12,790,135	SC 13G/A
Feb 09, 2021	state street corp	5.46%	6,146,134	SC 13G
Jan 29, 2021	blackrock inc.	9.2%	10,387,249	SC 13G/A

PNW Fair Value

Recent SEC filings of Pinnacle West Capital

View All Filings

Date Filed	Form Type	Document
May 19, 2023	4	Insider Trading
May 19, 2023	4	Insider Trading
May 19, 2023	4	Insider Trading
May 19, 2023	4	Insider Trading
May 19, 2023	4	Insider Trading
May 19, 2023	4	Insider Trading
May 19, 2023	4	Insider Trading
May 19, 2023	4	Insider Trading
May 19, 2023	4	Insider Trading
May 19, 2023	8-K	Current Report

Latest Insider Trading transactions for PNW

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-05-17	Svinicki Kristine L	acquired	149,816	78.52	1,908	-
2023-05-17	NORDSTROM BRUCE J	acquired	149,816	78.52	1,908	-
2023-03-10	NORDSTROM BRUCE J	gifted	-	-	-33,178	-
2023-03-10	NORDSTROM BRUCE J	gifted	-	-	33,178	-
2023-03-01	Svinicki Kristine L	acquired	45,879	73.29	626	-
2023-02-17	Cooper Andrew D	acquired	-	-	31.00	svp & cfo
2023-02-17	Esparza Jose Luis Jr	acquired	-	-	430	-
2023-02-17	Tetlow Jacob	back to issuer	-9,087	75.1	-121	-
2023-02-17	Esparza Jose Luis Jr	sold (taxes)	-14,419	75.1	-192	-
2023-02-17	Heflin Adam C	back to issuer	-11,715	75.1	-156	-

About Pinnacle West Capital

Jeffrey B. Guldner

www.pinnaclewest.com

Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, provides retail and wholesale electric services primarily in the state of Arizona. The company engages in the generation, transmission, and distribution of electricity using coal, nuclear, gas, oil, and solar generating facilities. Its transmission facilities include approximately 5,814 pole miles of overhead lines and approximately 74 miles of underground lines; and distribution facilities comprise approximately 11,258 miles of overhead lines and approximately 22,821 miles of underground primary cable, as well as owns and maintains 475 transmission and distribution substations. The company also owns or leases approximately 6,323 megawatts of regulated generation capacity. It serves approximately 1.3 million customers. Pinnacle West Capital Corporation was incorporated in 1985 and is headquartered in Phoenix, Arizona.

PNW Income Statement

2023-03-31

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
OPERATING REVENUES	$ 944,955	$ 783,531
OPERATING EXPENSES
Fuel and purchased power	394,504	265,269
Operations and maintenance	250,080	218,342
Depreciation and amortization	191,906	186,605
Taxes other than income taxes	57,138	57,998
Other expenses	610	825
Total	894,238	729,039
OPERATING INCOME	50,717	54,492
OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction	15,061	9,747
Pension and other postretirement non-service credits - net (Note 5)	9,865	23,809
Other income (Note 9)	6,077	1,704
Other expense (Note 9)	(4,131)	(3,422)
Total	26,872	31,838
INTEREST EXPENSE
Interest charges	88,119	65,389
Allowance for borrowed funds used during construction	(12,722)	(4,482)
Total	75,397	60,907
INCOME BEFORE INCOME TAXES	2,192	25,423
INCOME TAXES	1,183	4,161
NET INCOME	1,009	21,262
Less: Comprehensive income attributable to noncontrolling interests	4,306	4,306
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ (3,297)	$ 16,956
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING — BASIC (in shares)	113,358	113,102
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING — DILUTED (in shares)	113,358	113,295
EARNINGS PER WEIGHTED-AVERAGE COMMON SHARE OUTSTANDING
Net income (loss) attributable to common shareholders - basic (in dollars per share)	$ (0.03)	$ 0.15
Net income (loss) attributable to common shareholders — diluted (in dollars per share)	$ (0.03)	$ 0.15

PNW Balance Sheet

2023-03-31

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
CURRENT ASSETS
Cash and cash equivalents	$ 6,951	$ 4,832
Customer and other receivables	449,096	453,209
Accrued unbilled revenues	143,276	164,764
Allowance for doubtful accounts (Note 2)	(22,112)	(23,778)
Materials and supplies (at average cost)	425,457	410,481
Income tax receivable	11,699	14,086
Fossil fuel (at average cost)	39,571	40,155
Assets from risk management activities (Note 7)	16,095	87,835
Deferred fuel and purchased power regulatory asset (Note 4)	469,962	460,561
Other regulatory assets (Note 4)	130,840	78,318
Other current assets	77,551	60,091
Total current assets	1,748,386	1,750,554
INVESTMENTS AND OTHER ASSETS
Nuclear decommissioning trusts (Notes 11 and 12)	1,125,617	1,073,410
Other special use funds (Notes 11 and 12)	352,877	347,231
Assets from risk management activities (Note 7)	17,082	44,394
Other assets	147,430	125,672
Total investments and other assets	1,643,006	1,590,707
PROPERTY, PLANT AND EQUIPMENT
Plant in service and held for future use	22,624,104	22,452,146
Accumulated depreciation and amortization	(8,072,595)	(7,929,878)
Net	14,551,509	14,522,268
Construction work in progress	2,101,830	1,882,791
Palo Verde sale leaseback, net of accumulated depreciation (Note 6)	89,329	90,296
Intangible assets, net of accumulated amortization	260,454	258,880
Nuclear fuel, net of accumulated amortization	112,735	100,119
Total property, plant and equipment	17,115,857	16,854,354
DEFERRED DEBITS
Regulatory assets (Note 4)	1,258,663	1,283,221
Operating lease right-of-use assets	1,361,847	801,688
Assets for pension and other postretirement benefits (Note 5)	405,409	396,599
Other	47,205	46,282
Total deferred debits	3,073,124	2,527,790
TOTAL ASSETS	23,580,373	22,723,405
CURRENT LIABILITIES
Accounts payable	361,410	430,425
Accrued taxes	214,484	164,440
Accrued interest	72,146	61,217
Common dividends payable	0	97,895
Short-term borrowings (Note 3)	497,550	340,720
Current maturities of long-term debt (Note 3)	60,821	50,685
Customer deposits	41,186	41,769
Liabilities from risk management activities (Note 7)	83,874	37,697
Liabilities for asset retirements	20,321	12,232
Operating lease liabilities	65,130	105,210
Less: current regulatory liabilities	202,266	271,575
Other current liabilities	105,141	148,276
Total current liabilities	1,724,329	1,762,141
LONG-TERM DEBT LESS CURRENT MATURITIES (Note 3)	7,916,554	7,741,286
DEFERRED CREDITS AND OTHER
Deferred income taxes	2,379,720	2,384,421
Total non-current regulatory liabilities	2,060,273	2,061,776
Liabilities for asset retirements	787,220	785,530
Liabilities for pension benefits (Note 5)	114,290	116,286
Customer advances	532,596	422,103
Coal mine reclamation	180,446	179,255
Deferred investment tax credit	184,427	180,677
Unrecognized tax benefits	38,863	38,658
Operating lease liabilities	1,240,584	639,247
Other	256,620	252,149
Total deferred credits and other	7,775,039	7,060,102
COMMITMENTS AND CONTINGENCIES (Note 8)
EQUITY
Common stock, no par value; authorized 150,000,000 shares, 113,359,467 and 113,247,189 issued at respective dates	2,730,851	2,724,740
Treasury stock at cost; 106,141 and 73,613 shares at respective dates	(7,451)	(5,005)
Total common stock	2,723,400	2,719,735
Retained earnings	3,357,052	3,360,347
Accumulated other comprehensive loss (Note 13)	(31,536)	(31,435)
Total shareholders’ equity	6,048,916	6,048,647
Noncontrolling interests (Note 6)	115,535	111,229
Total equity	6,164,451	6,159,876
TOTAL LIABILITIES AND EQUITY	$ 23,580,373	$ 22,723,405