Pinnacle West Capital Stock: Analyst Estimates & Ratings

Pinnacle West Capital Corporation (PNW), headquartered in Phoenix, Arizona, provides retail and wholesale electric services. Valued at $12.1 billion by market cap, the company provides retail and wholesale electric service to most of the State of Arizona. PNW is also involved in real estate development activities in the western U.S.

Shares of this utility holding company have underperformed the broader market over the past year. PNW has gained 7.7% over this time frame, while the broader S&P 500 Index ($SPX) has rallied nearly 19.5%. However, in 2026, PNW’s stock rose 12%, surpassing the SPX’s 11.6% rise on a YTD basis. 

Narrowing the focus, PNW’s outperformance is apparent compared to the State Street Utilities Select Sector SPDR ETF (XLU). The exchange-traded fund has gained about 1.6% over the past year. Moreover, PNW’s double-digit returns on a YTD basis outshine the ETF’s 2.5% gains over the same time frame.

PNW has demonstrated a mixed performance marked by solid overall stock appreciation alongside notable quarterly operational fluctuations. While the company benefited from strong long-term fundamentals, including robust customer growth, favorable weather-driven energy usage in early 2026, and consistent dividend payouts, its quarterly financial results proved choppy, weighed down by higher interest charges, increased depreciation, and elevated operational costs. 

On Aug. 4, PNW shares closed up marginally after reporting its Q2 results. Its EPS of $1.43 did not meet Wall Street expectations of $1.49. The company’s revenue was $1.5 billion, beating Wall Street forecasts of $1.4 billion. PNW expects full-year EPS to be $4.55 to $4.75.

For the current fiscal year, ending in December, analysts expect PNW’s EPS to decline 6.7% to $4.71 on a diluted basis. The company’s earnings surprise history is mixed. It beat the consensus estimate in three of the last four quarters while missing the forecast on another occasion. 

Among the 18 analysts covering PNW stock, the consensus is a “Moderate Buy.” That’s based on four “Strong Buy” ratings, and 14 “Holds.”

The configuration has been consistent over the past three months. 

On Aug. 16, Richard Sunderland from Truist Financial Corporation (TFC) maintained a “Hold” rating on PNW, with a price target of $101, implying a potential upside of 1.6% from current levels.

The mean price target of $104.81 represents a 5.5% premium to PNW’s current price levels. The Street-high price target of $129 suggests a notable upside potential of 29.8%.