Pinnacle West Capital (NYSE:PNW) Stock, Quote.Headers.trade-ideas

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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NiSource (NYSE: NI) reported second-quarter 2024 operating earnings per share of 21 cents, which surpassed the Zacks Consensus Estimate of 15 cents by 40%. The bottom line increased 90.9% from the year-ago quarter&#39;s recorded figure of 11 cents.

NiSource Q2 Earnings Surpass Estimates, Revenues Miss

EVRG

Evergy&#39;s (NASDAQ: EVRG) systematic investments to strengthen its infrastructure will assist it in improving service reliability. EVRG continues to benefit from its expansion of operations in the transmission market through collaborations, strategic acquisitions and partnerships.

Reasons to Add Evergy Shares to Your Portfolio Now

American Electric Power Company, Inc. (NASDAQ: AEP) is deploying systematic investments in infrastructural upgrades to enhance the reliability of its operations, which will allow it to serve its utility customers efficiently.

American Electric Rides on Investments, Interest Rate Woes

Pinnacle West Capital Corporation Common Stock

Pinnacle West Capital Corp

Valeura Energy Inc

Jefferies analyst Julien Dumoulin-Smith initiates coverage on Pinnacle West Capital (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNW#NYSE">PNW</a>) with a Buy rating and announces Price Target of $104.

Price Target

Initiation

Jefferies Initiates Coverage On Pinnacle West Capital with Buy Rating, Announces Price Target of $104

Pinnacle West Capital's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNW#NYSE">PNW</a>) short percent of float has risen 7.07% since its last report. The company recently reported that it has 4.95 million shares sold short, which is 5.0% of all regular shares that are available for trading. Based on its trading volume, it would take traders 5.81 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Pinnacle West Capital Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1725894025_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Pinnacle West Capital has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.
<h3>Comparing Pinnacle West Capital's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Pinnacle West Capital's peer group average for short interest as a percentage of float is 1.39%, which means the company has more short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Short Sellers

Short Ideas

Looking Into Pinnacle West Capital's Recent Short Interest

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 $72 to $78.

Morgan Stanley Maintains Equal-Weight on Pinnacle West Capital, Raises Price Target to $78

NiSource (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ni#NYSE">NI</a>) reported second-quarter 2024 operating earnings per share of 21 cents, which surpassed the Zacks Consensus Estimate of 15 cents by 40%. The bottom line increased 90.9% from the year-ago quarter&#39;s recorded figure of 11 cents.
On a GAAP basis, the company reported an EPS of 19 cents compared with 9 cents in the prior-year quarter.
<h3>Total Revenues</h3>
Operating revenues of $1.08 billion missed the Zacks Consensus Estimate of $1.16 billion by 6.8%. The top line also decreased 0.9% from the prior-year quarter&#39;s figure of $1.09 billion.
<div class="chart_embed">
<h3>NiSource, Inc Price, Consensus and EPS Surprise</h3>
<h3><img alt="NiSource, Inc Price, Consensus and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/d7/1723032825.png" style="height:284px; width:613px" title="" /></h3>
NiSource, Inc price-consensus-eps-surprise-chart | NiSource, Inc Quote
</div>
<h3>Highlights of the Release</h3>
Total operating expenses amounted to $847.7 million, down 8% from the year-ago quarter&#39;s level of $921.1 million due to low cost of energy.
Operating income totaled $237 million, up 40.3% from the year-ago figure of $168.9 million.
Net interest expenses amounted to $129.3 million, up 17.1% from the prior-year quarter&#39;s $110.5 million.
Total gas distribution in Sales and Transportation was recorded at 109.6 Million British Thermal Units per day (MMDth), down 5.1% from the prior-year quarter&#39;s 115.5 MMDth.
Total electric sales were recorded at 4,018.6 gigawatt-hours (GWh), up 6.6% from the prior-year quarter&#39;s 3,770.7 GWh.
<h3>Financial Update</h3>
NiSource&#39;s cash and cash equivalents as of Jun 30, 2024, were $0.101 billion compared with $2.25 billion as of Dec 31, 2023.
Long-term debts (excluding those due within a year) as of Jun 30, 2024, were $12.81 billion compared with $11.06 billion as of Dec 31, 2023.
Net cash flows from operating activities in the first six months of 2024 were $0.902 million compared with $1.19 billion in the year-ago period.
<h3>Guidance</h3>
The company continues to expect 2024 non-GAAP earnings in the band of $1.70-1.74 per share. The Zacks Consensus Estimate is pegged at $1.72 per share, in line with the midpoint of the company&#39;s guided range.
NI expects to witness an earnings CAGR of 6-8% through 2028. It also continues to expect capital expenditure of $16.4 billion for the 2024-2028 period.
<h3>Zacks Rank</h3>
NiSource currently carries a Zacks Rank #2 (Buy).
<h3>Recent Releases</h3>
NextEra Energy, Inc.&#39;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nee#NYSE">NEE</a>) reported second-quarter 2024 adjusted earnings of 96 cents per share, which beat the Zacks Consensus Estimate of 93 cents by 3.2%.
The company&#39;s long-term (three to five years) earnings growth rate is 8.12%. The Zacks Consensus Estimate for 2024 earnings is pegged at $3.39 per share, which implies a year-over-year improvement of 6.9%.
AVANGRID, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/agr#NYSE">AGR</a>) reported second-quarter 2024 earnings of 49 cents per share, which surpassed the Zacks Consensus Estimate of 27 cents by 81.5%.
AGR&#39;s long-term earnings growth rate is 6%. The Zacks Consensus Estimate for 2024 earnings is pegged at $2.23 per share, which calls for a year-over-year improvement of 6.7%.
Pinnacle West Capital Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pnw#NYSE">PNW</a>) reported second-quarter 2024 earnings of $1.76 per share, which beat the Zacks Consensus Estimate of $1.31 by 34.4%.
PNW&#39;s long-term earnings growth rate is 8.22%. The Zacks Consensus Estimate for 2024 earnings is pegged at $4.75 per share, which suggests a year-over-year improvement of 7.7%.
<a href="https://www.zacks.com/stock/news/2318209/nisource-ni-q2-earnings-surpass-estimates-revenues-miss?cid=CS-BENZ-FT-analyst_blog|earnings_article-2318209">To read this article on Zacks.com click here.</a>

Wells Fargo analyst Sarah Akers 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 $80 to $87.

Wells Fargo Maintains Equal-Weight on Pinnacle West Capital, Raises Price Target to $87

WIIM

Pinnacle West Capital Sees FY24 EPS $4.60-$4.80 Vs $4.76 Est.

Pinnacle West Capital (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNW#NYSE">PNW</a>) reported quarterly earnings of $1.76 per share which beat the analyst consensus estimate of $1.34 by 31.34 percent. The company reported quarterly sales of $1.309 billion which beat the analyst consensus estimate of $1.208 billion by 8.37 percent. This is a 16.67 percent increase over sales of $1.122 billion the same period last year.

Pinnacle West Capital Q2 2024 GAAP EPS $1.76 Beats $1.34 Estimate, Sales $1.309B Beat $1.208B Estimate

Pinnacle West Capital's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNW#NYSE">PNW</a>) short percent of float has fallen 10.54% since its last report. The company recently reported that it has 4.63 million shares sold short, which is 4.67% of all regular shares that are available for trading. Based on its trading volume, it would take traders 4.89 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Pinnacle West Capital Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1722452423_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Pinnacle West Capital has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing Pinnacle West Capital's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Pinnacle West Capital's peer group average for short interest as a percentage of float is 2.23%, which means the company has more short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

How Is The Market Feeling About Pinnacle West Capital?

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 $81 to $78.

Barclays Maintains Overweight on Pinnacle West Capital, Lowers Price Target to $78

Evergy&#39;s (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/evrg#NASDAQ">EVRG</a>) systematic investments to strengthen its infrastructure will assist it in improving service reliability. EVRG continues to benefit from its expansion of operations in the transmission market through collaborations, strategic acquisitions and partnerships. Given its growth opportunities, EVRG makes for a solid investment option in the utility sector. 
Let&#39;s focus on the factors that make this Zacks Rank #2 (Buy) company a promising investment pick at the moment.
<h3>Growth Projections</h3>
The Zacks Consensus Estimate for EVRG&#39;s 2024 earnings per share has increased 0.3% to $3.84 in the past 90 days. 
The company&#39;s long-term (three to five years) earnings growth rate is 5%.
<h3>Strategic Investments</h3>
The company is targeting nearly $12.5 billion of expected base capital investments through 2028, including a new generation of around $2.9 billion. This is expected to be primarily a renewable generation addition. The planned capital expenditures of Evergy are in sync with its new Integrated Resource Plan, which intends to achieve net-zero emissions by 2045. The usage of more advanced technology to produce electricity from efficient renewable units is also reducing operating costs and boosting margins.
<h3>Dividend History</h3>
The company has been consistently increasing its shareholder value through dividends. EVRG&#39;s quarterly dividend is 64.25 cents per share, this resulted in an annualized dividend of $2.57 per share. It aims for a dividend payout of 60-70% per year. The current dividend yield of the company is 4.88%, better than the industry&#39;s yield of 3.67%.
<h3>Debt Position</h3>
Evergy&#39;s total debt-to-capital ratio is 54.68, better than the industry average of 55.31. 
The time-to-interest earned ratio at the end of the first quarter of 2024 was 2.4. The ratio, being greater than one, reflects the company&#39;s ability to meet future interest obligations without difficulties.
<h3>Price Performance</h3>
In the past six months, shares of the company rallied 3.9% against the industry&#39;s 2.3% decline.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/dc/69478.jpg?v=1252860502" /> 
Image Source: Zacks Investment Research
<h3>Other Stocks to Consider</h3>
Some other top-ranked stocks from the same industry are PG&amp;E Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pcg#NYSE">PCG</a>), Pinnacle West Capital Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pnw#NYSE">PNW</a>) and Consolidated Edison (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ed#NYSE">ED</a>) each carrying a Zacks Rank #2 at present. 
The Zacks Consensus Estimate for PCG&#39;s 2024 and 2025 earnings reflects a year-over-year growth of 9.8% and 8.6%, respectively. The company reported a positive earnings surprise of 5.71% in the last reported quarter. 
PNW&#39;s long-term earnings growth rate is 8.2%. The Zacks Consensus Estimate for Pinnacle West Capital&#39;s 2024 and 2025 EPS implies a year-over-year improvement of 7.9% and 5.3%, respectively. 
ED&#39;s long-term earnings growth rate is 7.4%. The Zacks Consensus Estimate for DTE Energy&#39;s 2024 and 2025 EPS implies a year-over-year increase of 5.1% and 5.2%, respectively.
<a href="https://www.zacks.com/stock/news/2292826/reasons-to-add-evergy-evrg-shares-to-your-portfolio-now?cid=CS-BENZ-FT-analyst_blog|rank_focused-2292826">To read this article on Zacks.com click here.</a>

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 lowers the price target from $76 to $72.

Morgan Stanley Maintains Equal-Weight on Pinnacle West Capital, Lowers Price Target to $72

Management

Pinnacle West Increases Number Of Directors From Nine To 12; Adds Ronald Butler, Carol Eicher And Susan Flanagan As New Members

American Electric Power Company, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aep#NASDAQ">AEP</a>) is deploying systematic investments in infrastructural upgrades to enhance the reliability of its operations, which will allow it to serve its utility customers efficiently. The company is also making consistent investments to expand its renewable generation portfolio. 
However, this Zacks Rank #3 (Hold) company faces risks like rising interest rates and an unfavorable financial position, which act as a headwind.
<h3>Tailwinds</h3>
American Electric has a capital investment plan of $43 billion for the 2024-2028 period to strengthen its grid and thereby boost customer reliability. AEP expects this systematic investment to support it in achieving long-term earnings growth of 6-7%. 
The company operates the United States&#39; biggest electricity transmission system consisting of roughly 40,000 circuit miles of transmission lines. It has around 225,000 miles of distribution lines. In this respect, American Electric intends to invest roughly $27.3 billion in its transmission and distribution operations between 2024 and 2028 to build a more efficient grid and provide consumers with tailored energy solutions. 
In clean energy space, as of Mar 31, 2024, AEP has regulatory nods from several state regulatory commissions to purchase 2,811 megawatts of owned renewable generation facilities for a total estimated cost of $6.6 billion. It plans to invest $9.4 billion in controlled renewable expansion between 2024 and 2028. This should further boost its renewable generation portfolio in the coming years.
<h3>Headwinds</h3>
Since utility firms like American Electric Power finance their operations through a combination of short and long-term borrowing, the nation&#39;s increased interest rate environment remains a headwind for AEP in the form of higher interest expenses. In the first quarter of 2024, the company&#39;s interest expenditure increased by 4.8% year over year. If American Electric continues to face such escalating interest costs, it might adversely affect its financial situation in the near future. 
As of Mar 31, 2024, American Electric had $38.64 billion in long-term debt, while its cash equivalents totaled $0.50 billion. As of the same date, its current debt was $4.94 billion. As both AEP&#39;s current and long-term debt levels remained far greater than its cash reserve, the company seems to have a weak position with respect to its solvency.
<h3>Stocks to Consider</h3>
Some better-ranked stocks from the same industry are CenterPoint Energy (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cnp#NYSE">CNP</a>), Pinnacle West Capital (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pnw#NYSE">PNW</a>) and Consolidated Edison (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ed#NYSE">ED</a>), each carrying a Zacks Rank #2 (Buy) at present. 
CenterPoint Energy&#39;s long-term (three to five years) earnings growth rate is 7%. The Zacks Consensus Estimate for the company&#39;s 2024 sales indicates an improvement of 1% from the prior-year reported figure. 
Pinnacle West Capital&#39;s long-term earnings growth rate is 8.2%. The Zacks Consensus Estimate for PNW&#39;s 2024 sales suggests an improvement of 4% from the prior-year reported figure. 
Consolidated Edison&#39;s long-term earnings growth rate is 7.4%. The Zacks Consensus Estimate for ED&#39;s 2024 sales calls for an improvement of 3.1% from the prior-year reported figure. 
<a href="https://www.zacks.com/stock/news/2290247/american-electric-aep-rides-on-investments-interest-rate-woes?cid=CS-BENZ-FT-analyst_blog|zer_report_update-2290247">To read this article on Zacks.com click here.</a>

Expectations of multiple interest rate cuts in 2024 had faded long back and now the Federal Reserve has almost assured that it isn&#39;t going to happen anymore.
On Jun 12, Federal Reserve Chairman Jerome Powell said in the post-FOMC meeting statement that the central bank sees the possibility of only a single rate cut this year, sharply down from three rate cuts hinted earlier this year.
This came as the Federal Reserve kept interest rates unchanged in its June FOMC meeting in its current range of 5.25-5.5%.
Although inflation slowed somewhat in April and maintained its declining pace in May, the Federal Reserve maintains a hawkish stance as it is still sharply higher than the Fed&#39;s 2% target. Powell acknowledged that inflation has declined sharply over the past year but remains elevated.
Powell&#39;s comments didn&#39;t impact investors much as it was expected that the Federal Reserve would keep interest rates unchanged. Also, markets started pricing in a single 25 basis point rate cut this year over the past few weeks. In fact, several economists predicted no rate cuts this year.
Also, the latest &quot;dot plot&quot; from the FOMC meeting suggested a potential total rate cut of 1% by 2025. Consequently, the terminal rate of the Fed funds rate is currently projected to reach 4.1% by the end of 2025.
However, the Federal Reserve&#39;s forecast for the long-term interest rate, which serves as a benchmark that neither stimulates nor constrains growth, has been revised up to 2.8% from an earlier projection of 2.6%. This indicates that Fed officials are leaning toward a perspective of maintaining higher interest rates for a longer period.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<h3>Our Picks</h3>
Given this situation, it would be wise to invest in defensive stocks like utilities and consumer staples. Five such stocks are Atmos Energy Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ato#NYSE">ATO</a>), Pinnacle West Capital Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pnw#NYSE">PNW</a>), California Water Service Group (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cwt#NYSE">CWT</a>) Utz Brands, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/utz#NYSE">UTZ</a>) and PepsiCo, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/pep#NASDAQ">PEP</a>).
Also, these stocks belong to the category of low-beta stocks (beta greater than 0 but less than 1). Hence, the recommended approach is to invest in low-beta stocks with a high-dividend yield and a favorable Zacks Rank. Each of the stocks has a Zacks Rank #1 (Strong Buy) or 2 (Buy).
Atmos Energy Corporation, along with its subsidiaries, is engaged in the regulated natural gas distribution and storage business. ATO serves nearly 3.4 million customers in more than 1,400 communities in eight states, from the Blue Ridge Mountains in the East to the Rocky Mountains in the West. Atmos Energyoperates more than 72,000 miles of transmission and distribution lines as well as 5,700 miles of interstate pipelines.
Atmos Energy has an expected earnings growth rate of 9.2% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 0.9% over the last 60 days. ATO presently has a Zacks Rank #2. Atmos Energy has a beta of 0.67 and a current dividend yield of 2.77%.
Pinnacle West Capital Corporation provides electricity services (wholesale or retail) in the state of Arizona through its subsidiaries. PNW is involved in the generation, transmission and distribution of electricity from coal, nuclear, gas, oil and solar.
Pinnacle West Capital Corporation&#39;s has an expected earnings growth rate of 8.2% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 0.2% over the last 60 days. PNW currently carries a Zacks Rank #2. Pinnacle West Capital Corporation has a beta of 0.50 and a current dividend yield of 4.59%.
California Water Service Group is one of the largest investor-owned water utilities in the United States. CWT has six subsidiaries &mdash; California Water Service, Washington Water Service Company, New Mexico Water Service Company, Hawaii Water Service Company, CWS Utility Services and HWS Utility Services.
California Water Service Group has an expected earnings growth rate of 246.2% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 40% over the last 60 days. CWT currently carries a Zacks Rank #1. California Water Service Group has a beta of 0.48 and a current dividend yield of 2.34%.
Utz Brands, Inc. manufactures a diverse portfolio of salty snacks under popular brands including Utz, Zapp&#39;s, Golden Flake, Good Health, Boulder Canyon, Hawaiian Brand) and TORTIYAHS!. UTZ, formerly known as Collier Creek, is based in New York, United States
Utz Brands has an expected earnings growth rate of 26.3% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 5.9% over the last 60 days. UTZ currently carries a Zacks Rank #2. Utz Brands has a beta of 0.99 and a current dividend yield of 1.29%.
PepsiCo, Inc. is one of the leading global food and beverage companies. PEP&#39;s complementary brands/businesses include Frito-Lay snacks, Pepsi-Cola beverages, Gatorade sports drinks, Tropicana juices and Quaker foods. PepsiCo serves customers in more than 200 countries and territories.
PepsiCo has an expected earnings growth rate of 7.1% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 0.1% over the last 60 days. PEP currently has a Zacks Rank #2. PepsiCo has a beta of 0.52 and a current dividend yield of 3.31%.
<a href="https://www.zacks.com/stock/news/2288323/5-low-beta-stocks-to-buy-as-fed-indicates-one-rate-cut-in-2024?cid=CS-BENZ-FT-analyst_blog|investment_ideas-2288323">To read this article on Zacks.com click here.</a>

Small Cap

Federal Reserve

5 Low-Beta Stocks to Buy as Fed Indicates One Rate Cut in 2024

Ladenburg Thalmann analyst Paul Fremont upgrades Pinnacle West Capital (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNW#NYSE">PNW</a>) from Neutral to Buy and announces $83.5 price target.

Upgrades

Ladenburg Thalmann Upgrades Pinnacle West Capital to Buy, Announces $83.5 Price Target

Wells Fargo analyst Sarah Akers 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 $77 to $80.

Wells Fargo Maintains Equal-Weight on Pinnacle West Capital, Raises Price Target to $80

Pinnacle West Capital shares are trading lower after the company announced a proposed offering of $450 million of convertible senior notes due 2027 for debt repayment.

Pinnacle West Capital Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNW#NYSE">PNW</a>) (&quot;Pinnacle West&quot;) announced today that it intends to offer, subject to market and other conditions,&nbsp;$450 million&nbsp;aggregate principal amount of its convertible senior notes due 2027 (the &quot;convertible notes&quot;) in a private placement under the Securities Act of 1933, as amended (the &quot;Securities Act&quot;). Pinnacle West also intends to grant the initial purchasers of the convertible notes an option to purchase, within a 13-day period from, and including, the date on which the convertible notes are first issued, up to an additional&nbsp;$67.5 million&nbsp;aggregate principal amount of the convertible notes.
Pinnacle West intends to use the net proceeds from the offering of the convertible notes for general corporate purposes, which may include repayment or refinancing of debt, working capital and investments in its operating subsidiary, Arizona Public Service Company.

Offerings

Pinnacle West Announces Proposed Offering of $450M of Convertible Senior Notes Due 2027 for Debt Repayment

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 $70 to $76.

Morgan Stanley Maintains Equal-Weight on Pinnacle West Capital, Raises Price Target to $76

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 $76 to $81.

Barclays Maintains Overweight on Pinnacle West Capital, Raises Price Target to $81

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5 Recession-Resistant Stocks That Won't Weigh You Down In A Soft Landing

Morgan Stanley analyst David Arcaro maintained a Hold rating on Pinnacle West Capital (PNW – Research Report) today and set a price target of $78.0...

Morgan Stanley Remains a Hold on Pinnacle West Capital (PNW)

In a report released today, Paul Cole from Bank of America Securities maintained a Buy rating on Pinnacle West Capital (PNW – Research Report). The...

Bank of America Securities Sticks to Its Buy Rating for Pinnacle West Capital (PNW)

Dividend Champion, Contender, And Challenger Highlights: Week Of September 1

The latest announcement is out from Pinnacle West Capital (PNW). Pinnacle West Capital Corporation is set to engage with securities analysts and in...

Pinnacle West Capital's Upcoming Investor Engagement in September 2024

NRG was most shorted S&P 500 utilities stock in August for second consecutive month

JXI: Utilities Dashboard For September

Wide gap between 'haves' and 'have nots' in utilities makes for tough calls - Jefferies

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Press Releases

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

Pinnacle West Declares Quarterly Dividend

Pinnacle West Reports 2024 First-quarter Financial Results

Pinnacle West Announces Proposed Offering of $450 Million of Convertible Senior Notes Due 2027

Pinnacle West Upsizes and Prices Offering of $475 Million of 4.75% Convertible Senior Notes Due 2027

Pinnacle West Appoints Three New Members to its Board of Directors

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

Pinnacle West Reports Improved 2024 Second-Quarter Financial Results

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Avangrid

Constellation Energy Corporation - Common Stock

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Comp En De Mn Cemig ADS American Depositary Shares

Cia Energetica DE Minas

Comp En De Mn Cemig ADS American Depositary Receipts

Duke Energy Corporation (Holding Company) Common Stock

Duke Energy

Centrais Electricas Brasileiras S A American Depositary Shares (Each representing one Common Share)

Centrais Eletricas

Centrais Electricas Brasileiras S.A.- Eletrobr?!s American Depositary Shares (Each representing one Preferred Share)

Edison Intl

Companhia Paranaense de Energia (COPEL) American Depositary Shares (each representing one Unit consisting one Common Share and four non-voting Class B Preferred Shares)

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Pinnacle West Capital (PNW) Forecast

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