Zacks Research Weighs in on Pinnacle West Capital Co.’s Q3 2023 Earnings (NYSE:PNW)

Pinnacle West Capital Co. (NYSE:PNW) – Equities researchers at Zacks Research lifted their Q3 2023 EPS estimates for Pinnacle West Capital in a research report issued on Monday, September 11th. Zacks Research analyst T. Sarawagi now forecasts that the utilities provider will post earnings of $3.17 per share for the quarter, up from their prior forecast of $3.14. The consensus estimate for Pinnacle West Capital’s current full-year earnings is $4.21 per share. Zacks Research also issued estimates for Pinnacle West Capital’s FY2023 earnings at $4.16 EPS, Q1 2024 earnings at $0.10 EPS, Q2 2024 earnings at $1.11 EPS, FY2024 earnings at $4.88 EPS and Q2 2025 earnings at $1.01 EPS.

A number of other research analysts have also issued reports on the stock. Bank of America dropped their price target on shares of Pinnacle West Capital from $80.00 to $78.00 in a research note on Thursday, June 29th. Morgan Stanley dropped their price target on shares of Pinnacle West Capital from $78.00 to $73.00 and set an “equal weight” rating on the stock in a research note on Wednesday, August 23rd. StockNews.com assumed coverage on shares of Pinnacle West Capital in a research note on Thursday, August 17th. They set a “sell” rating on the stock. Mizuho upgraded shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $78.00 to $85.00 in a research note on Tuesday, August 22nd. Finally, Wells Fargo & Company lowered their target price on shares of Pinnacle West Capital from $89.00 to $88.00 and set an “equal weight” rating on the stock in a research report on Friday, August 4th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $77.90.

Pinnacle West Capital Stock Performance

Shares of Pinnacle West Capital stock traded up $0.04 on Wednesday, reaching $76.52. 121,202 shares of the stock were exchanged, compared to its average volume of 836,266. Pinnacle West Capital has a 1-year low of $59.03 and a 1-year high of $86.03. The company has a current ratio of 0.96, a quick ratio of 0.70 and a debt-to-equity ratio of 1.34. The business has a fifty day moving average price of $79.84 and a two-hundred day moving average price of $79.26. The firm has a market capitalization of $8.67 billion, a PE ratio of 21.36, a PEG ratio of 2.79 and a beta of 0.48.

Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings data on Thursday, August 3rd. The utilities provider reported $0.94 EPS for the quarter, missing analysts’ consensus estimates of $1.19 by ($0.25). The business had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.09 billion. Pinnacle West Capital had a net margin of 8.92% and a return on equity of 6.55%. The company’s revenue for the quarter was up 5.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.45 earnings per share.

Pinnacle West Capital Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 1st. Shareholders of record on Tuesday, August 1st were issued a $0.865 dividend. This represents a $3.46 annualized dividend and a dividend yield of 4.52%. The ex-dividend date of this dividend was Monday, July 31st. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 96.65%.

Hedge Funds Weigh In On Pinnacle West Capital

Several institutional investors and hedge funds have recently modified their holdings of the company. Contravisory Investment Management Inc. lifted its stake in shares of Pinnacle West Capital by 1.7% during the second quarter. Contravisory Investment Management Inc. now owns 7,621 shares of the utilities provider’s stock valued at $621,000 after buying an additional 124 shares during the period. Newbridge Financial Services Group Inc. lifted its stake in shares of Pinnacle West Capital by 67.4% during the second quarter. Newbridge Financial Services Group Inc. now owns 308 shares of the utilities provider’s stock valued at $25,000 after buying an additional 124 shares during the period. Treasurer of the State of North Carolina lifted its stake in shares of Pinnacle West Capital by 0.3% during the second quarter. Treasurer of the State of North Carolina now owns 49,483 shares of the utilities provider’s stock valued at $4,031,000 after buying an additional 130 shares during the period. LPL Financial LLC lifted its stake in shares of Pinnacle West Capital by 0.3% during the first quarter. LPL Financial LLC now owns 40,520 shares of the utilities provider’s stock valued at $3,211,000 after buying an additional 132 shares during the period. Finally, Asset Management One Co. Ltd. lifted its stake in shares of Pinnacle West Capital by 1.0% during the first quarter. Asset Management One Co. Ltd. now owns 13,918 shares of the utilities provider’s stock valued at $1,103,000 after buying an additional 133 shares during the period. Hedge funds and other institutional investors own 84.95% of the company’s stock.

Pinnacle West Capital Company Profile

Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, 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.