Pinnacle West Capital (NYSE:PNW) Releases FY 2024 Earnings Guidance

Pinnacle West Capital (NYSE:PNW) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of 4.600-4.800 for the period, compared to the consensus estimate of 4.690. The company issued revenue guidance of -.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on PNW. Morgan Stanley boosted their price target on shares of Pinnacle West Capital from $69.00 to $70.00 and gave the company an equal weight rating in a report on Thursday, March 21st. Royal Bank of Canada lowered their price target on shares of Pinnacle West Capital from $83.00 to $80.00 and set a sector perform rating on the stock in a report on Friday, March 1st. StockNews.com cut shares of Pinnacle West Capital from a hold rating to a sell rating in a report on Thursday, March 14th. Guggenheim upgraded 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. Finally, Wells Fargo & Company lowered their price target on shares of Pinnacle West Capital from $78.00 to $74.00 and set an equal weight rating on the stock in a report on Friday, January 26th. One research 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, the stock presently has an average rating of Hold and an average price target of $73.00.

Pinnacle West Capital Price Performance

Shares of PNW stock opened at $72.95 on Friday. Pinnacle West Capital has a 1 year low of $65.20 and a 1 year high of $86.03. The firm’s 50 day moving average is $71.06 and its 200-day moving average is $72.05. The firm has a market capitalization of $8.28 billion, a price-to-earnings ratio of 16.54, a PEG ratio of 2.00 and a beta of 0.49. 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 Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Wednesday, May 1st will be given a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a dividend yield of 4.83%. Pinnacle West Capital’s payout ratio is 79.82%.

Hedge Funds Weigh In On Pinnacle West Capital

A number of large investors have recently modified their holdings of PNW. Norges Bank acquired a new position in shares of Pinnacle West Capital during the fourth quarter worth approximately $104,067,000. State Street Corp lifted its holdings in Pinnacle West Capital by 18.4% in the first quarter. State Street Corp now owns 6,911,753 shares of the utilities provider’s stock valued at $539,808,000 after buying an additional 1,072,235 shares during the period. Invesco Ltd. lifted its holdings in Pinnacle West Capital by 29.6% in the first quarter. Invesco Ltd. now owns 3,537,942 shares of the utilities provider’s stock valued at $276,313,000 after buying an additional 808,207 shares during the period. Captrust Financial Advisors lifted its holdings in Pinnacle West Capital by 297.6% in the fourth quarter. Captrust Financial Advisors now owns 633,531 shares of the utilities provider’s stock valued at $48,174,000 after buying an additional 474,174 shares during the period. Finally, BlackRock Inc. lifted its holdings in Pinnacle West Capital by 2.7% in the first quarter. BlackRock Inc. now owns 10,307,741 shares of the utilities provider’s stock valued at $816,785,000 after buying an additional 273,945 shares during the period. 91.51% of the stock is currently owned by institutional investors and hedge funds.

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.