Pinnacle West Capital (NYSE:PNW) Posts Earnings Results, Beats Expectations By $0.17 EPS

Pinnacle West Capital (NYSE:PNW) announced its quarterly earnings data on Thursday. The utilities provider reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.17, Briefing.com reports. Pinnacle West Capital had a return on equity of 8.30% and a net margin of 11.09%. The company had revenue of $951.71 million for the quarter, compared to analysts’ expectations of $981.82 million. During the same quarter in the prior year, the business posted ($0.03) EPS. The business’s revenue was up .7% compared to the same quarter last year. Pinnacle West Capital updated its FY24 guidance to $4.60-4.80 EPS.

Pinnacle West Capital Stock Performance

PNW opened at $75.79 on Friday. The firm has a market cap of $8.61 billion, a P/E ratio of 16.51, a price-to-earnings-growth ratio of 2.12 and a beta of 0.48. Pinnacle West Capital has a 52-week low of $65.20 and a 52-week high of $86.03. 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 business’s fifty day moving average is $72.41 and its 200-day moving average is $72.10.

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 issued a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a dividend yield of 4.64%. The ex-dividend date of this dividend is Tuesday, April 30th. Pinnacle West Capital’s dividend payout ratio (DPR) is currently 76.69%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on PNW. Citigroup started coverage on Pinnacle West Capital in a research note on Monday, April 29th. They set a “neutral” rating and a $78.00 price objective on the stock. LADENBURG THALM/SH SH started coverage on Pinnacle West Capital in a research note on Wednesday, February 14th. They issued a “neutral” rating and a $69.00 price target on the stock. StockNews.com cut Pinnacle West Capital from a “hold” rating to a “sell” rating in a research note on Thursday, March 14th. Morgan Stanley increased their price target on Pinnacle West Capital from $69.00 to $70.00 and gave the company an “equal weight” rating in a research note on Thursday, March 21st. Finally, Evercore ISI decreased their price objective on Pinnacle West Capital from $76.00 to $69.00 and set an “in-line” rating on the stock in a report on Monday, March 4th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Pinnacle West Capital has a consensus rating of “Hold” and an average target price of $73.67.

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.