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

Pinnacle West Capital (NYSE:PNW) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share guidance of $5.00-5.20 for the period, compared to the consensus earnings per share 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 %

Shares of PNW stock traded up $2.59 on Friday, reaching $91.81. 1,860,323 shares of the company’s stock were exchanged, compared to its average volume of 1,146,640. The company’s fifty day simple moving average is $88.34 and its 200 day simple moving average is $82.61. Pinnacle West Capital has a 52 week low of $65.20 and a 52 week high of $92.59. The company has a current ratio of 0.66, a quick ratio of 0.48 and a debt-to-equity ratio of 1.28. The stock has a market capitalization of $10.43 billion, a PE ratio of 16.90, a P/E/G ratio of 2.13 and a beta of 0.52.

Pinnacle West Capital (NYSE:PNW) last released its earnings results on Wednesday, November 6th. The utilities provider reported $3.37 earnings per share for the quarter, topping the consensus estimate of $3.35 by $0.02. The business had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.68 billion. Pinnacle West Capital had a return on equity of 9.75% and a net margin of 12.65%. As a group, analysts forecast that Pinnacle West Capital will post 4.9 EPS for the current year.

Pinnacle West Capital Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 4th will be given a $0.895 dividend. This represents a $3.58 annualized dividend and a yield of 3.90%. This is a boost 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 payout ratio is 67.80%.

Analysts Set New Price Targets

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

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.