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

Several research analysts recently weighed in on the stock. Bank of America upgraded shares of Pinnacle West Capital from a neutral rating to a buy rating and boosted their price objective for the stock from $71.00 to $80.00 in a research report on Monday, March 18th. Barclays boosted their price objective 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. UBS Group upgraded shares of Pinnacle West Capital from a sell rating to a neutral rating and boosted their price objective for the stock from $68.00 to $71.00 in a research report on Monday, March 11th. Mizuho dropped their price objective 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, LADENBURG THALM/SH SH initiated coverage on shares of Pinnacle West Capital in a research report on Wednesday, February 14th. They issued a neutral rating and a $69.00 price objective for the company. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Pinnacle West Capital currently has an average rating of Hold and a consensus target price of $73.00.

Pinnacle West Capital Price Performance

Shares of PNW stock opened at $74.41 on Friday. Pinnacle West Capital has a 12-month low of $65.20 and a 12-month high of $86.03. The firm has a market capitalization of $8.45 billion, a price-to-earnings ratio of 16.87, a price-to-earnings-growth ratio of 2.02 and a beta of 0.49. 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 firm has a fifty day moving average of $71.06 and a 200-day moving average of $72.05.

Pinnacle West Capital Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Wednesday, May 1st will be paid a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a yield of 4.73%. The ex-dividend date of this dividend is Tuesday, April 30th. Pinnacle West Capital’s payout ratio is presently 79.82%.

Hedge Funds Weigh In On Pinnacle West Capital

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PNW. Pacific Center for Financial Services acquired a new position in Pinnacle West Capital in the 1st quarter worth $40,000. Retirement Group LLC boosted its stake in Pinnacle West Capital by 200.0% in the 4th quarter. Retirement Group LLC now owns 600 shares of the utilities provider’s stock worth $46,000 after purchasing an additional 400 shares during the period. Bartlett & CO. Wealth Management LLC boosted its stake in Pinnacle West Capital by 51.5% in the 4th quarter. Bartlett & CO. Wealth Management LLC now owns 771 shares of the utilities provider’s stock worth $55,000 after purchasing an additional 262 shares during the period. Parkside Financial Bank & Trust boosted its stake in Pinnacle West Capital by 235.5% in the 1st quarter. Parkside Financial Bank & Trust now owns 718 shares of the utilities provider’s stock worth $56,000 after purchasing an additional 504 shares during the period. Finally, Harbour Investments Inc. lifted its position in Pinnacle West Capital by 57.3% during the 1st quarter. Harbour Investments Inc. now owns 752 shares of the utilities provider’s stock worth $60,000 after buying an additional 274 shares in the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

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.