Jim Cramer on Pinnacle West: “Buy Some Here and Then Buy Some a Little Bit Lower”

Pinnacle West Capital Corporation (NYSE:PNW) was among the stocks Jim Cramer covered on Mad Money as he discussed the wave of IPOs being the market’s possible biggest threat. Inquiring about the stock, a caller mentioned they are looking into utilities that they think could “benefit from the data build-out.” In response, Cramer said:

Pinnacle hasn’t really been a beneficiary of the data build-out, but it happens to be a really good company. So I’m not going to tell you to run from Pinnacle. Now, it has just had a gigantic move up from where it was just at the beginning of the year. But that said, you know what, it’s a good company. Buy some here and then buy some a little bit lower.

Photo by Adam Nowakowski on Unsplash

Pinnacle West Capital Corporation (NYSE:PNW) provides retail and wholesale electric services through the generation, transmission, and distribution of power. The company uses various energy sources, including nuclear, solar, and gas, and maintains a network of overhead lines, underground cables, and storage facilities.

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