Utility stocks like Pinnacle West Capital Corporation (PNW), Atmos Energy Corporation (ATO), California Water Service Group (CWT) and MDU Resources Group, Inc. (MDU) area safe bet during times of market uncertainty.
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Pinnacle West, the primary electric utility in Phoenix, is expected to benefit from the city's booming population and job growth. The company has a strong growth pipeline, with plans to invest in transmission and generation assets, leading to a substantial increase in its rate base. Despite its positive outlook, PNW is currently undervalued compared to its peers, making it an attractive investment opportunity.
Pinnacle West Capital Corporation reported solid Q1 2024 earnings, beating consensus estimates. The company updated its earnings guidance for 2024. We examine the Pinnacle West Capital Corporation setup in light of the macro environment and update our rating.
Investors interested in stocks from the Utility - Electric Power sector have probably already heard of Pinnacle West (PNW) and OGE Energy (OGE). But which of these two companies is the best option for those looking for undervalued stocks?
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Pinnacle West Capital (PNW) makes a strong case for investment, given its growth prospects, debt management, focus on clean power generation and ability to increase its shareholders' value.