Pinnacle West Capital (NYSE:PNW) Releases Earnings Results, Beats Estimates By $0.17 EPS

Pinnacle West Capital (NYSE:PNW) released its earnings results on Thursday. The utilities provider reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.17, Briefing.com reports. 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 during the quarter, compared to analyst estimates of $981.82 million. During the same quarter in the previous year, the company posted ($0.03) EPS. Pinnacle West Capital’s revenue for the quarter was up .7% on a year-over-year basis. Pinnacle West Capital updated its FY24 guidance to $4.60-4.80 EPS.

Pinnacle West Capital Stock Up 1.0 %

Shares of NYSE PNW traded up $0.75 during trading on Friday, reaching $75.79. The company had a trading volume of 1,042,561 shares, compared to its average volume of 966,016. Pinnacle West Capital has a 12-month low of $65.20 and a 12-month high of $86.03. The company has a quick ratio of 0.50, a current ratio of 0.67 and a debt-to-equity ratio of 1.20. The business’s 50-day moving average is $72.41 and its 200 day moving average is $72.13. The stock has a market cap of $8.61 billion, a PE ratio of 16.51, a P/E/G ratio of 2.10 and a beta of 0.48.

Pinnacle West Capital Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders 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 yield of 4.64%. The ex-dividend date is Tuesday, April 30th. Pinnacle West Capital’s payout ratio is 76.69%.

Analyst Ratings Changes

A number of analysts have recently weighed in on PNW shares. StockNews.com lowered Pinnacle West Capital from a “hold” rating to a “sell” rating in a research note on Thursday, March 14th. Mizuho decreased their price objective on shares of Pinnacle West Capital from $77.00 to $75.00 and set a “buy” rating on the stock in a research report on Wednesday, March 6th. Guggenheim upgraded shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and set a $78.00 target price for the company in a report on Monday, January 22nd. Evercore ISI reduced their price target on 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. Finally, Morgan Stanley increased their price objective on Pinnacle West Capital from $69.00 to $70.00 and gave the stock an “equal weight” rating in a report on Thursday, March 21st. One investment 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’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus 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.