Pinnacle West Capital Corporation – Long Term Electric Stock Price
One of the hottest real estate markets in recent years has been Phoenix. The pandemic has only accelerated the growth of Phoenix as people from the relatively more expensive state of California relocate. Working from home and remotely has made it possible for people working in certain industries to move to lower-rent cities from expensive urban centers. Phoenix has been experiencing strong population growth as a result, along with other cities in places like Utah and North Carolina. A healthy growth rate in the population and positive migration benefits the slow-growing utility industry. More people would mean more users of energy. That has been a positive for Pinnacle West Capital Corporation, one of the major utility companies in the Phoenix area. The latest utilities stock price trends will demonstrate that the entire sector has seen an uptick during the recent few weeks.
Pinnacle West Q22021 Earnings
Pinnacle West Capital Corporation reported its second-quarter 2021 earnings on 5th August 2021. It is now scheduled to report its third-quarter 2021 earnings in early November 2021. Its Q2 earnings were positive, with revenues going up from $929 million in Q22020 to $1 billion. Net income went up from $198 million in the second quarter of 2020 to $219 million. Earnings per share on a diluted basis were up from $1.71 in Q22020 to $1.91. Company CEO Jeffrey Guldner said that the heatwave in the summer saw demand for electricity rise to peak levels. He added that wildfires in Arizona were also under control and caused only limited damage to Pinnacle West’s infrastructure. He shared that MSCI had upgraded Pinnacle West Capital Corporation’s ESG rating from A to AA. If you are looking at long-term electric stock price trends, then Pinnacle West Capital Corporation has shown an uptrend since 2009.
The second quarter of 2021 saw residential sales go up by 1.3%. Industrial sales were also up 10.3%. However, the high growth number was attributable to the low base effect as the second quarter of 2020 had lockdowns and pandemic-driven effects. The future outlook seems bullish as the economy regains steam.