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 -.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. StockNews.com cut Pinnacle West Capital from a hold rating to a sell rating in a research note on Thursday, March 14th. Evercore ISI lowered their price objective 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. Barclays boosted their price objective on Pinnacle West Capital from $75.00 to $76.00 and gave the company an overweight rating in a report on Monday, April 15th. Wells Fargo & Company lowered their price objective 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. Finally, Mizuho lowered their price objective on Pinnacle West Capital from $77.00 to $75.00 and set a buy rating for the company in a report on Wednesday, March 6th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of Hold and an average target price of $73.00.

Pinnacle West Capital Stock Performance

Shares of NYSE PNW opened at $74.41 on Friday. The stock has a fifty day moving average price of $71.06 and a two-hundred day moving average price of $72.05. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.50 and a current ratio of 0.67. The firm has a market cap of $8.45 billion, a P/E ratio of 16.87, a PEG ratio of 2.02 and a beta of 0.49. Pinnacle West Capital has a 1 year low of $65.20 and a 1 year high of $86.03.

Pinnacle West Capital Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Wednesday, May 1st will be paid a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a yield of 4.73%. The ex-dividend date of this dividend is Tuesday, April 30th. Pinnacle West Capital’s payout ratio is currently 79.82%.

Institutional Investors Weigh In On Pinnacle West Capital

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in shares of Pinnacle West Capital by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 13,338,202 shares of the utilities provider’s stock worth $1,041,714,000 after acquiring an additional 241,019 shares in the last quarter. BlackRock Inc. boosted its stake in shares of Pinnacle West Capital by 2.7% during the 1st quarter. BlackRock Inc. now owns 10,307,741 shares of the utilities provider’s stock worth $816,785,000 after acquiring an additional 273,945 shares in the last quarter. State Street Corp boosted its stake in shares of Pinnacle West Capital by 1.0% during the 3rd quarter. State Street Corp now owns 7,634,622 shares of the utilities provider’s stock worth $492,509,000 after acquiring an additional 74,164 shares in the last quarter. Invesco Ltd. boosted its stake in shares of Pinnacle West Capital by 29.6% during the 1st quarter. Invesco Ltd. now owns 3,537,942 shares of the utilities provider’s stock worth $276,313,000 after acquiring an additional 808,207 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Pinnacle West Capital during the 4th quarter worth $104,067,000. 91.51% of the stock is owned by institutional investors.

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.