Pinnacle West Capital Corp. [NYSE: PNW] jumped around 1.43 points on Thursday, while shares priced at $68.33 at the close of the session, up 2.14%. The company report on February 29, 2024 at 7:00 AM that Pinnacle West Announces Pricing of a Public Offering of 9,774,436 Shares of Common Stock.
Pinnacle West Capital Corp. (NYSE: PNW) (“Pinnacle West”) announced today that it has priced its registered public offering of 9,774,436 shares of its common stock for approximate net proceeds of $630.5 million (before offering expenses, assuming the underwriters do not exercise their option to purchase additional shares and upon, and assuming, full physical settlement of the forward sale agreements) in connection with the forward sale agreements described below. The common stock offering was priced at a public offering price of $66.50 per share.
Pinnacle West has granted to the underwriters the option to purchase up to an additional 1,466,165 shares 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. The offering is expected to close on March 4, 2024, subject to the satisfaction of customary conditions.
Compared to the average trading volume of 1.25M shares, PNW reached a trading volume of 6148287 in the most recent trading day, which is why market watchdogs consider the stock to be active.
What do top market gurus say about Pinnacle West Capital Corp. [PNW]?
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for PNW shares is $76.00 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on PNW stock is a recommendation set at 2.64. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Ladenburg Thalmann have made an estimate for Pinnacle West Capital Corp. shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on February 14, 2024. The new note on the price target was released on January 22, 2024, representing the official price target for Pinnacle West Capital Corp. stock.
The Average True Range (ATR) for Pinnacle West Capital Corp. is set at 1.60, with the Price to Sales ratio for PNW stock in the period of the last 12 months amounting to 1.65. The Price to Book ratio for the last quarter was 1.25, with the Price to Cash per share for the same quarter was set at 0.10.
How has PNW stock performed recently?
Pinnacle West Capital Corp. [PNW] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -2.68. With this latest performance, PNW shares dropped by -2.97% in over the last four-week period, additionally sinking by -13.25% over the last 6 months – not to mention a drop of -7.26% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for PNW stock in for the last two-week period is set at 46.73, with the RSI for the last a single of trading hit 47.28, and the three-weeks RSI is set at 46.11 for Pinnacle West Capital Corp. [PNW]. The present Moving Average for the last 50 days of trading for this stock 70.15, while it was recorded at 68.80 for the last single week of trading, and 75.63 for the last 200 days.
Pinnacle West Capital Corp. [PNW]: Deeper insight into the fundamentals
Pinnacle West Capital Corp.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.34 and a Current Ratio set at 0.51.
Earnings analysis for Pinnacle West Capital Corp. [PNW]
With the latest financial reports released by the company, Pinnacle West Capital Corp. posted -0.03/share EPS, while the average EPS was predicted by analysts to be reported at 0.04/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -175.00%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for PNW. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Pinnacle West Capital Corp. go to 5.90%.
Insider trade positions for Pinnacle West Capital Corp. [PNW]
The top three institutional holders of PNW stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in PNW stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in PNW stock with ownership which is approximately 5.8325%.
