Pinnacle West Capital (NYSE:PNW) Updates FY24 Earnings Guidance

Pinnacle West Capital (NYSE:PNW) updated its FY24 earnings guidance on Thursday. The company provided earnings per share guidance of $4.60-4.80 for the period, compared to the consensus earnings per share estimate of $4.74.

Analysts Set New Price Targets

PNW has been the subject of several research analyst reports. StockNews.com lowered Pinnacle West Capital from a hold rating to a sell rating in a research report on Thursday, March 14th. LADENBURG THALM/SH SH initiated coverage on Pinnacle West Capital in a research report on Wednesday, February 14th. They issued a neutral rating and a $69.00 price objective for the company. Bank of America upgraded Pinnacle West Capital from a neutral rating to a buy rating and boosted their price objective for the company from $71.00 to $80.00 in a research report on Monday, March 18th. Guggenheim upgraded Pinnacle West Capital from a neutral rating to a buy rating and set a $78.00 price objective for the company in a research report on Monday, January 22nd. Finally, Wells Fargo & Company boosted their price objective on Pinnacle West Capital from $74.00 to $77.00 and gave the company an equal weight rating in a research report on Friday. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of Hold and a consensus price target of $73.67.

Pinnacle West Capital Stock Up 1.0 %

Shares of Pinnacle West Capital stock traded up $0.75 on Friday, reaching $75.79. 1,042,561 shares of the company were exchanged, compared to its average volume of 966,016. Pinnacle West Capital has a one year low of $65.20 and a one year high of $86.03. The company has a market capitalization of $8.61 billion, a price-to-earnings ratio of 16.51, a PEG ratio of 2.12 and a beta of 0.48. The company has a current ratio of 0.67, a quick ratio of 0.50 and a debt-to-equity ratio of 1.20. The company has a 50-day moving average of $72.41 and a 200 day moving average of $72.10.

Pinnacle West Capital (NYSE:PNW) last announced its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.17. Pinnacle West Capital had a return on equity of 8.30% and a net margin of 11.09%. The company had revenue of $951.71 million for the quarter, compared to analysts’ expectations of $981.82 million. During the same quarter in the prior year, the business posted ($0.03) EPS. The business’s revenue was up .7% compared to the same quarter last year. On average, equities research analysts forecast that Pinnacle West Capital will post 4.72 earnings per share for the current year.

Pinnacle West Capital Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Wednesday, May 1st will be paid a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a dividend yield of 4.64%. The ex-dividend date of this dividend is Tuesday, April 30th. Pinnacle West Capital’s dividend payout ratio is currently 76.69%.

About Pinnacle West Capital

Pinnacle West Capital Corporation, through its subsidiary, provides retail and wholesale electric services primarily in the state of Arizona. The company engages in the generation, transmission, and distribution of electricity using coal, nuclear, gas, oil, and solar generating facilities. Its transmission facilities include overhead lines and underground lines; and distribution facilities consist of overhead lines and underground primary cables.