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

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

Pinnacle West Capital Trading Up 1.0 %

Shares of PNW stock traded up $0.75 during mid-day trading on Friday, reaching $75.79. The stock had a trading volume of 1,042,561 shares, compared to its average volume of 966,016. The firm has a market capitalization of $8.61 billion, a PE ratio of 16.51, a price-to-earnings-growth ratio of 2.12 and a beta of 0.48. The stock’s 50-day moving average price is $72.41 and its two-hundred day moving average price is $72.10. The company has a current ratio of 0.67, a quick ratio of 0.50 and a debt-to-equity ratio of 1.20. Pinnacle West Capital has a 52-week low of $65.20 and a 52-week high of $86.03.

Pinnacle West Capital (NYSE:PNW) last announced its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $0.15 earnings per share (EPS) for the quarter, beating 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 the consensus estimate of $981.82 million. During the same quarter in the previous year, the business earned ($0.03) EPS. Pinnacle West Capital’s revenue was up .7% compared to the same quarter last year. Equities analysts expect that Pinnacle West Capital will post 4.72 earnings per share for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Wednesday, May 1st will be issued a $0.88 dividend. 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 dividend payout ratio (DPR) is currently 76.69%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on PNW shares. StockNews.com cut shares of Pinnacle West Capital from a hold rating to a sell rating in a research report on Thursday, March 14th. Barclays raised their price objective on shares of Pinnacle West Capital from $75.00 to $76.00 and gave the stock an overweight rating in a report on Monday, April 15th. UBS Group upgraded Pinnacle West Capital from a sell rating to a neutral rating and upped their target price for the stock from $68.00 to $71.00 in a report on Monday, March 11th. Mizuho lowered their target price on Pinnacle West Capital from $77.00 to $75.00 and set a buy rating for the company in a research note on Wednesday, March 6th. Finally, Guggenheim upgraded Pinnacle West Capital from a neutral rating to a buy rating and set a $78.00 price target on the stock in a research report on Monday, January 22nd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Pinnacle West Capital currently has a consensus rating of Hold and an average price target of $73.67.

Pinnacle West Capital Company Profile

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.