Pinnacle West Capital (NYSE:PNW) Issues 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.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on PNW. Evercore ISI dropped their price objective on shares of Pinnacle West Capital from $76.00 to $69.00 and set an in-line rating for the company in a research note on Monday, March 4th. Citigroup initiated coverage on shares of Pinnacle West Capital in a report on Monday, April 29th. They issued a neutral rating and a $78.00 price target on the stock. Mizuho dropped their price objective on Pinnacle West Capital from $77.00 to $75.00 and set a buy rating for the company in a report on Wednesday, March 6th. Bank of America raised Pinnacle West Capital from a neutral rating to a buy rating and boosted their price target for the company from $71.00 to $80.00 in a research report on Monday, March 18th. Finally, Guggenheim upgraded Pinnacle West Capital from a neutral rating to a buy rating and set a $78.00 price objective on the stock in a report on Monday, January 22nd. One analyst has rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, Pinnacle West Capital currently has an average rating of Hold and a consensus price target of $73.67.

Pinnacle West Capital Stock Up 1.0 %

Pinnacle West Capital stock traded up $0.75 during midday trading on Friday, hitting $75.79. 1,042,561 shares of the stock were exchanged, compared to its average volume of 966,016. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.67 and a quick ratio of 0.50. The company has a 50 day moving average price of $72.41 and a two-hundred day moving average price of $72.10. The firm has a market cap of $8.61 billion, a P/E ratio of 16.51, a P/E/G ratio of 2.12 and a beta of 0.48. Pinnacle West Capital has a 1 year low of $65.20 and a 1 year high of $86.03.

Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $0.15 EPS for the quarter, topping the consensus estimate 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 business had revenue of $951.71 million for the quarter, compared to analysts’ expectations of $981.82 million. During the same quarter in the previous year, the firm posted ($0.03) earnings per share. The company’s revenue was up .7% compared to the same quarter last year. On average, sell-side analysts predict that Pinnacle West Capital will post 4.72 earnings per share for the current fiscal year.

Pinnacle West Capital Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Wednesday, May 1st will be given 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 is Tuesday, April 30th. Pinnacle West Capital’s 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.