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 EPS guidance of $4.60-4.80 for the period, compared to the consensus EPS estimate of $4.74.

Pinnacle West Capital Trading Up 1.0 %

Shares of PNW traded up $0.75 during midday trading on Friday, hitting $75.79. The stock had a trading volume of 1,042,561 shares, compared to its average volume of 966,016. The stock’s 50 day moving average is $72.41 and its 200 day moving average is $72.10. The firm has a market cap 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 company has a debt-to-equity ratio of 1.20, a current ratio of 0.67 and a quick ratio of 0.50. 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 issued its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $0.15 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $951.71 million during the quarter, compared to analyst estimates of $981.82 million. During the same period last year, the company earned ($0.03) EPS. Pinnacle West Capital’s quarterly revenue was up .7% compared to the same quarter last year. As a group, analysts forecast that Pinnacle West Capital will post 4.72 EPS for the current fiscal year.

Pinnacle West Capital Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Wednesday, May 1st will be paid a dividend of $0.88 per share. The ex-dividend date is Tuesday, April 30th. This represents a $3.52 annualized dividend and a dividend yield of 4.64%. Pinnacle West Capital’s dividend payout ratio is currently 76.69%.

Analysts Set New Price Targets

PNW has been the topic of a number of analyst reports. Citigroup assumed coverage on 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 decreased their price target 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. Evercore ISI cut their price objective on shares of Pinnacle West Capital from $76.00 to $69.00 and set an in-line rating on the stock in a research report on Monday, March 4th. StockNews.com cut shares of Pinnacle West Capital from a hold rating to a sell rating in a research report on Thursday, March 14th. Finally, Guggenheim raised shares of Pinnacle West Capital from a neutral rating to a buy rating and set a $78.00 price target on the stock in a report on Monday, January 22nd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, Pinnacle West Capital has an average rating of Hold and a consensus price target of $73.67.

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.