Pinnacle West Capital (NYSE:PNW) Issues FY 2024 Earnings Guidance

Pinnacle West Capital (NYSE:PNW) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided EPS guidance of 4.600-4.800 for the period, compared to the consensus EPS estimate of 4.690. The company issued revenue guidance of -.

Analysts Set New Price Targets

PNW has been the topic of several research reports. Royal Bank of Canada lowered their target price on Pinnacle West Capital from $83.00 to $80.00 and set a sector perform rating on the stock in a research note on Friday, March 1st. Guggenheim raised shares of Pinnacle West Capital from a neutral rating to a buy rating and set a $78.00 price target for the company in a report on Monday, January 22nd. UBS Group upgraded Pinnacle West Capital from a sell rating to a neutral rating and lifted their price target for the company from $68.00 to $71.00 in a research report on Monday, March 11th. Wells Fargo & Company reduced their price objective on Pinnacle West Capital from $78.00 to $74.00 and set an equal weight rating on the stock in a research report on Friday, January 26th. Finally, Evercore ISI reduced their target price on shares of Pinnacle West Capital from $76.00 to $69.00 and set an in-line rating on the stock in a report on Monday, March 4th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of Hold and a consensus price target of $73.00.

Pinnacle West Capital Trading Up 1.2 %

Shares of NYSE:PNW traded up $0.84 on Wednesday, hitting $72.05. The company had a trading volume of 578,333 shares, compared to its average volume of 1,380,927. Pinnacle West Capital has a 1 year low of $65.20 and a 1 year high of $86.03. The firm has a market capitalization of $8.18 billion, a price-to-earnings ratio of 16.15, a P/E/G ratio of 2.02 and a beta of 0.49. The firm’s 50-day simple moving average is $70.77 and its two-hundred day simple moving average is $72.06. The company has a quick ratio of 0.50, a current ratio of 0.67 and a debt-to-equity ratio of 1.20.

Hedge Funds Weigh In On Pinnacle West Capital

A number of institutional investors have recently added to or reduced their stakes in the company. Wetherby Asset Management Inc. bought a new stake in Pinnacle West Capital during the first quarter worth about $220,000. State of Wyoming bought a new position in Pinnacle West Capital during the 4th quarter valued at approximately $212,000. Cetera Advisors LLC purchased a new stake in shares of Pinnacle West Capital in the fourth quarter worth $212,000. PFS Investments Inc. bought a new position in shares of Pinnacle West Capital during the first quarter valued at $208,000. Finally, Sequoia Financial Advisors LLC purchased a new position in shares of Pinnacle West Capital in the 4th quarter worth about $205,000. Institutional investors own 91.51% of the company’s stock.

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.