Electricity Stock to Target Next Week
Electricity stock Pinnacle West Capital Corp (NYSE:PNW) stock has had a volatile start to the year. The shares traded as high as $80 on Dec. 14, but back in October sat as low as $59.03. PNW is currently consolidating around the $74 level, but if history is any indicator, the stock could move higher next week.
Pinnacle West stock is among the best S&P 500 (SPX) stocks to own during President’s Day Week. According to Schaeffer’s Senior Quantitative Analyst Rocky White, PNW averaged a return of 2.2% that week in the last 10 years, finishing positive 100% of the time. This puts PNW at the top of the list, followed by two more electricity names.
Should PNW receive any bull notes, that could provide tailwinds as well. Of the nine analysts in coverage, all nine carry a “hold” or worse rating, while the 12-month consensus price target of $74.55 is roughly in line with current levels.
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