Welcome to our dedicated page for Pinnacl West Cap news (Ticker: PNW), a resource for investors and traders seeking the latest updates and insights on Pinnacl West Cap stock.
Pinnacle West Capital Corporation (symbol: PNW) is a prominent energy holding company based in Phoenix, Arizona. With a history spanning over 120 years, Pinnacle West and its affiliates are dedicated to providing energy and energy-related products and services to a wide customer base throughout Arizona. The company boasts consolidated assets of approximately $11 billion.
Arizona Public Service (APS), Pinnacle West's largest affiliate, plays a significant role in the energy landscape of the Southwest. APS generates, sells, and delivers electricity to more than 1.4 million customers spread across 11 of Arizona’s 15 counties. It operates and co-owns the Palo Verde Nuclear Generating Station®, the largest nuclear power plant in the United States, which is a major source of electricity for the region. APS owns or leases over 6 gigawatts of power generation capacity, with about 50% of the electricity it supplies coming from clean energy sources, including nuclear power.
Beyond APS, Pinnacle West's other affiliates include the Suncor Development Company, which focuses on developing residential, commercial, and industrial real estate projects, APS Energy Services, a retail energy service provider, and the El Dorado Investment Company, a venture capital and investment firm. The diverse portfolio of businesses under Pinnacle West underscores its commitment to fostering growth and innovation within the energy sector.
In recent years, Pinnacle West has made significant strides in advancing clean energy initiatives and modernizing its infrastructure to meet the evolving energy needs of its customers. The company remains financially robust, continually exploring new partnerships and projects to enhance its service offerings and operational efficiency.
For those looking to stay informed about Pinnacle West's performance, latest developments, and company news, this page offers updated information on their activities and achievements.
Pinnacle West Capital Corp. (NYSE: PNW) reported a consolidated net income of $618.7 million, or $5.47 per diluted share for 2021, up from $550.6 million in 2020. This growth is attributed to increased customer usage (2.2% growth) and higher transmission revenues. Despite this, 2022 is projected to be a financial reset year due to an unfavorable rate case decision. The company aims for 100% clean, carbon-free electricity by 2050 and has made strides in customer satisfaction, with significant digital engagement increases.
Pinnacle West Capital Corp. (NYSE: PNW) will release its 2021 fourth-quarter and full-year financial results before U.S. markets open on February 25, 2022. A live webcast and conference call is scheduled for 11 a.m. ET to discuss these results and recent developments. The company, based in Phoenix, Arizona, manages assets totaling approximately $22 billion and provides retail electricity to over 1.3 million customers. For more details, visit pinnaclewest.com.
Orion Group Holdings, Inc. announces the appointment of Quentin P. Smith, Jr. to its Board of Directors, effective January 21, 2022. Mr. Smith brings extensive experience in strategic planning and governance. This change follows the retirement of Richard L. Daerr, Jr., who has served on the Board since 2007. Daerr's retirement is effective May 20, 2022. The Board will expand temporarily to eight Directors, with Mr. Smith expected to stand for re-election at the 2022 annual stockholder meeting. These changes aim to enhance the Company's strategic direction in the specialty construction sector.
Pinnacle West Capital Corporation (NYSE: PNW) has declared a quarterly dividend of $0.85 per share, payable on March 1, 2022, to shareholders of record by the close of business on February 1, 2022. The company, based in Phoenix, operates with consolidated assets of approximately $22 billion and has a generating capacity of about 6,300 megawatts. Pinnacle West, through its subsidiary Arizona Public Service, serves over 1.3 million customers across Arizona.
Arizona Public Service Company (APS) has launched its Cool Rewards program, which incentivizes over 52,000 customers to conserve energy using smart thermostats. The program is one of the largest of its kind in the United States, with participants saving nearly 80 megawatts of electricity during summer 2021 alone. Collaborating with EnergyHub and Google, APS aims to enhance customer experience while promoting clean energy initiatives. The program has received the ENERGY STAR Partner of the Year Award for excellence in energy efficiency.
Pinnacle West Capital Corp. (NYSE: PNW) reported Q3 2021 net income of $339.8 million ($3.00 per share), down from $346.4 million ($3.07 per share) in Q3 2020. Revenue decline was influenced by milder weather compared to last year's heatwave. Despite challenges, customer growth increased by 2.3%, aiding operational performance. The Arizona Corporation Commission's unfavorable rate case decision led to a cut in return on equity from 10% to 8.7%, prompting the company to consider legal challenges. The financial outlook for 2021 expects earnings of $5.25 to $5.35 per diluted share.
Pinnacle West Capital Corporation (NYSE: PNW) announced a 2.4% increase in its annual dividend, raising it by $0.08 per share to $3.40 annually or $0.85 quarterly. The new dividend will be paid on December 1, 2021, to shareholders of record as of November 16, 2021. This marks the 10th consecutive year of dividend growth, reflecting the company’s commitment to provide attractive yields and long-term growth, despite ongoing regulatory uncertainties.
Pinnacle West Capital Corp. (NYSE: PNW) plans to release its third-quarter financial results for 2021 on November 5, 2021, prior to the U.S. market opening. A live webcast and conference call will occur that same day at noon ET to discuss these results and recent developments. The company, based in Phoenix, holds approximately $21 billion in consolidated assets and has about 6,300 megawatts of generating capacity, serving over 1.3 million customers in Arizona through its subsidiary, Arizona Public Service.
Pinnacle West Capital Corp. (NYSE: PNW) reported a consolidated net income of $215.7 million, or $1.91 per diluted share, for Q2 2021, compared to $193.6 million or $1.71 per share in Q2 2020. The 7.6% revenue increase, totaling $70.7 million, was driven by a 2.3% customer growth and increased retail sales. Record temperatures contributed to higher energy consumption. Residential sales rose 1.3% while commercial and industrial sales surged 10.3%. The company maintains a seasonal hold on residential disconnections until October 15, 2021.
Pinnacle West Capital Corp. (NYSE: PNW) will release its Q2 2021 financial results on Aug. 5, 2021, prior to market opening. A live webcast and conference call will be held the same day at noon ET to discuss results and developments. Pinnacle West, based in Phoenix, manages approximately $20 billion in assets and 6,300 megawatts of generating capacity, serving over 1.3 million customers through Arizona Public Service. More details and access links for the call are available on their official website.
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