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

Pinnacle West Capital (NYSE:PNW) announced its earnings results on Thursday. The utilities provider reported $0.15 earnings per share (EPS) 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 business had revenue of $951.71 million for the quarter, compared to analyst estimates of $981.82 million. During the same quarter last year, the firm earned ($0.03) EPS. Pinnacle West Capital’s revenue for the quarter was up .7% compared to the same quarter last year. Pinnacle West Capital updated its FY24 guidance to $4.60-4.80 EPS.

Pinnacle West Capital Stock Performance

Shares of NYSE:PNW traded up $0.75 on Friday, hitting $75.79. The company 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 P/E/G ratio of 2.10 and a beta of 0.48. The stock has a 50 day moving average price of $72.41 and a 200 day moving average price of $72.13. Pinnacle West Capital has a 1-year low of $65.20 and a 1-year high of $86.03. 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 Dividend Announcement

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 given a dividend of $0.88 per share. The ex-dividend date of this dividend is Tuesday, April 30th. This represents a $3.52 dividend on an annualized basis and a yield of 4.64%. Pinnacle West Capital’s dividend payout ratio (DPR) is 76.69%.

Analyst Ratings Changes

PNW has been the topic of a number of recent research reports. Wells Fargo & Company lifted their price objective on shares of Pinnacle West Capital from $74.00 to $77.00 and gave the company an “equal weight” rating in a report on Friday. Guggenheim upgraded shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and set a $78.00 price objective for the company in a research note on Monday, January 22nd. UBS Group raised Pinnacle West Capital from a “sell” rating to a “neutral” rating and lifted their target price for the company from $68.00 to $71.00 in a research report on Monday, March 11th. Bank of America upgraded Pinnacle West Capital from a “neutral” rating to a “buy” rating and upped their target price for the stock from $71.00 to $80.00 in a report on Monday, March 18th. Finally, Barclays raised their price target on Pinnacle West Capital from $75.00 to $76.00 and gave the company an “overweight” rating in a research note on Monday, April 15th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Pinnacle West Capital currently has a consensus rating of “Hold” and a consensus target price 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.