Pinnacle West Capital (NYSE:PNW) Updates FY24 Earnings Guidance

Pinnacle West Capital (NYSE:PNW) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided EPS guidance of $5.00-5.20 for the period, compared to the consensus EPS estimate of $4.93. Pinnacle West Capital also updated its FY 2024 guidance to 5.000-5.200 EPS.

Pinnacle West Capital Trading Up 2.9 %

PNW traded up $2.59 during trading on Friday, reaching $91.81. The company had a trading volume of 1,860,323 shares, compared to its average volume of 1,146,640. Pinnacle West Capital has a 52 week low of $65.20 and a 52 week high of $92.59. The stock has a market cap of $10.43 billion, a P/E ratio of 16.90, a PEG ratio of 2.13 and a beta of 0.52. The company has a quick ratio of 0.48, a current ratio of 0.66 and a debt-to-equity ratio of 1.28. The business has a 50 day simple moving average of $88.34 and a 200-day simple moving average of $82.61.

Pinnacle West Capital (NYSE:PNW) last issued its quarterly earnings results on Wednesday, November 6th. The utilities provider reported $3.37 EPS for the quarter, beating the consensus estimate of $3.35 by $0.02. Pinnacle West Capital had a net margin of 12.65% and a return on equity of 9.75%. The company had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.68 billion. On average, equities analysts anticipate that Pinnacle West Capital will post 4.9 EPS for the current fiscal year.

Pinnacle West Capital Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 4th will be issued a $0.895 dividend. This represents a $3.58 annualized dividend and a dividend yield of 3.90%. This is an increase from Pinnacle West Capital’s previous quarterly dividend of $0.88. The ex-dividend date of this dividend is Monday, November 4th. Pinnacle West Capital’s dividend payout ratio is presently 67.80%.

Analyst Ratings Changes

Several equities analysts have commented on PNW shares. Jefferies Financial Group started coverage on Pinnacle West Capital in a research report on Thursday, September 19th. They issued a “buy” rating and a $104.00 price objective on the stock. Morgan Stanley lifted their price objective on shares of Pinnacle West Capital from $78.00 to $83.00 and gave the company an “equal weight” rating in a report on Wednesday, September 25th. StockNews.com upgraded shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a research note on Monday, August 5th. Finally, Wells Fargo & Company boosted their price target on Pinnacle West Capital from $90.00 to $92.00 and gave the company an “equal weight” rating in a report on Thursday. Seven analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $80.96.

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.