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Why Pinnacle West (PNW) is a Top Momentum Stock for the Long-Term

Zacks Equity Research
·2 min read

Taking full advantage of the stock market and investing with confidence are common goals for new and old investors alike.

While you may have an investing style you rely on, finding great stocks is made easier with the Zacks Style Scores. These are complementary indicators that rate stocks based on value, growth, and/or momentum characteristics.

Is This 1 Momentum Stock a Screaming Buy Right Now?

Momentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.

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Pinnacle West (PNW)

Phoenix, AZ-based Pinnacle West Capital Corporation was incorporated in 1985. The company provides electricity services (wholesale or retail) in the state of Arizona through its subsidiaries. The company is involved in the generation, transmission and distribution of electricity from coal, nuclear, gas, oil and solar.

PNW boasts a Momentum Style Score of B and VGM Score of A, and holds a Zacks Rank #2 (Buy) rating. Shares of Pinnacle West has seen some interesting price action recently; the stock is up 1.9% over the past one week and up 6.9% over the past four weeks. And in the last one-year period, PNW has lost 4.4%. As for the stock's trading volume, 916,635.63 shares on average were traded over the last 20 days.

Momentum investors also pay close attention to a company's earnings. For PNW, two analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.02 to $4.76 per share for 2024. PNW boasts an average earnings surprise of 233.5%.

PNW should be on investors' short list because of its impressive earnings fundamentals, a good Zacks Rank, and strong Momentum and VGM Style Scores.

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Pinnacle West Capital Corporation (PNW) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research