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

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

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Bank of America upgraded shares of Pinnacle West Capital from a neutral rating to a buy rating and increased their target price for the stock from $71.00 to $80.00 in a research report on Monday, March 18th. Barclays increased their target price on shares of Pinnacle West Capital from $75.00 to $76.00 and gave the stock an overweight rating in a research report on Monday, April 15th. Wells Fargo & Company increased their target price on shares of Pinnacle West Capital from $74.00 to $77.00 and gave the stock an equal weight rating in a research report on Friday. Mizuho dropped their target price on shares of Pinnacle West Capital from $77.00 to $75.00 and set a buy rating for the company in a research report on Wednesday, March 6th. Finally, Royal Bank of Canada lowered their price objective on shares of Pinnacle West Capital from $83.00 to $80.00 and set a sector perform rating for the company in a research report on Friday, March 1st. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of Hold and a consensus target price of $73.67.

Pinnacle West Capital Trading Up 1.0 %

Shares of NYSE PNW traded up $0.75 during mid-day trading on Friday, hitting $75.79. The company’s stock had a trading volume of 1,042,561 shares, compared to its average volume of 966,016. The stock has a market cap of $8.61 billion, a price-to-earnings ratio of 16.51, a price-to-earnings-growth ratio of 2.12 and a beta of 0.48. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.67 and a quick ratio of 0.50. Pinnacle West Capital has a one year low of $65.20 and a one year high of $86.03. The company’s fifty day simple moving average is $72.41 and its 200-day simple moving average is $72.10.

Pinnacle West Capital (NYSE:PNW) last issued its earnings results on Thursday, May 2nd. The utilities provider reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.02) by $0.17. The company had revenue of $951.71 million for the quarter, compared to analyst estimates of $981.82 million. Pinnacle West Capital had a net margin of 11.09% and a return on equity of 8.30%. The company’s revenue for the quarter was up .7% on a year-over-year basis. During the same quarter last year, the firm earned ($0.03) EPS. On average, sell-side analysts anticipate that Pinnacle West Capital will post 4.72 earnings per share for the current fiscal year.

Pinnacle West Capital Dividend Announcement

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