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

Pinnacle West Capital (NYSE:PNW) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $4.60-4.80 for the period, compared to the consensus EPS estimate of $4.73.

Pinnacle West Capital Price Performance

Shares of NYSE PNW opened at $74.08 on Tuesday. The firm has a market capitalization of $8.41 billion, a P/E ratio of 16.80, a P/E/G ratio of 2.03 and a beta of 0.49. The company has a quick ratio of 0.50, a current ratio of 0.67 and a debt-to-equity ratio of 1.20. The stock’s 50-day simple moving average is $70.42 and its two-hundred day simple moving average is $72.16. Pinnacle West Capital has a twelve month low of $65.20 and a twelve month high of $86.03.

Analyst Upgrades and Downgrades

PNW has been the topic of several recent research reports. StockNews.com lowered Pinnacle West Capital from a hold rating to a sell rating in a research report on Thursday, March 14th. Bank of America upgraded Pinnacle West Capital from a neutral rating to a buy rating and increased their target price for the company from $71.00 to $80.00 in a report on Monday, March 18th. Wells Fargo & Company dropped their target price on Pinnacle West Capital from $78.00 to $74.00 and set an equal weight rating for the company in a report on Friday, January 26th. Evercore ISI dropped their target price on Pinnacle West Capital from $76.00 to $69.00 and set an in-line rating for the company in a report on Monday, March 4th. Finally, Barclays dropped their price objective on Pinnacle West Capital from $79.00 to $75.00 and set an overweight rating for the company in a report on Wednesday, March 6th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of Hold and an average target price of $72.91.

Hedge Funds Weigh In On Pinnacle West Capital

A number of institutional investors and hedge funds have recently modified their holdings of PNW. Treasurer of the State of North Carolina lifted its position in 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 purchasing an additional 130 shares in the last quarter. Eaton Vance Management increased its holdings in shares of Pinnacle West Capital by 1.9% in the first quarter. Eaton Vance Management now owns 7,921 shares of the utilities provider’s stock worth $619,000 after purchasing an additional 146 shares during the last quarter. Verity Asset Management Inc. increased its holdings in shares of Pinnacle West Capital by 5.3% in the second quarter. Verity Asset Management Inc. now owns 3,122 shares of the utilities provider’s stock worth $254,000 after purchasing an additional 158 shares during the last quarter. Kentucky Retirement Systems Insurance Trust Fund increased its holdings in shares of Pinnacle West Capital by 4.9% in the third quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 4,051 shares of the utilities provider’s stock worth $261,000 after purchasing an additional 190 shares during the last quarter. Finally, Bedel Financial Consulting Inc. increased its holdings in shares of Pinnacle West Capital by 5.4% in the second quarter. Bedel Financial Consulting Inc. now owns 3,690 shares of the utilities provider’s stock worth $301,000 after purchasing an additional 190 shares during the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

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.