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

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

Pinnacle West Capital Price Performance

PNW stock opened at $71.97 on Thursday. 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 has a one year low of $65.20 and a one year high of $86.03. The firm has a market capitalization of $8.17 billion, a PE ratio of 16.32, a P/E/G ratio of 2.00 and a beta of 0.49. The firm has a 50-day moving average of $70.83 and a two-hundred day moving average of $72.04.

Pinnacle West Capital Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Wednesday, May 1st will be paid a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a yield of 4.89%. Pinnacle West Capital’s payout ratio is currently 79.82%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Wells Fargo & Company dropped their price objective 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. Royal Bank of Canada dropped their price objective 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. Guggenheim raised shares of Pinnacle West Capital from a neutral rating to a buy rating and set a $78.00 target price on the stock in a research note on Monday, January 22nd. Bank of America raised shares of Pinnacle West Capital from a neutral rating to a buy rating and upped their target price for the company from $71.00 to $80.00 in a research note on Monday, March 18th. Finally, Barclays upped their target price on shares of Pinnacle West Capital from $75.00 to $76.00 and gave the company an overweight rating in a research note on Monday. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Pinnacle West Capital has a consensus rating of Hold and a consensus target price of $73.00.

Hedge Funds Weigh In On Pinnacle West Capital

Large investors have recently modified their holdings of the stock. Pacific Center for Financial Services acquired a new position in shares of Pinnacle West Capital during the first quarter worth approximately $40,000. Retirement Group LLC lifted its holdings in Pinnacle West Capital by 200.0% in the fourth quarter. Retirement Group LLC now owns 600 shares of the utilities provider’s stock valued at $46,000 after buying an additional 400 shares during the period. Parkside Financial Bank & Trust lifted its holdings in Pinnacle West Capital by 235.5% in the first quarter. Parkside Financial Bank & Trust now owns 718 shares of the utilities provider’s stock valued at $56,000 after buying an additional 504 shares during the period. Harbour Investments Inc. lifted its holdings in Pinnacle West Capital by 57.3% in the first quarter. Harbour Investments Inc. now owns 752 shares of the utilities provider’s stock valued at $60,000 after buying an additional 274 shares during the period. Finally, Bartlett & CO. Wealth Management LLC lifted its holdings in Pinnacle West Capital by 51.5% in the fourth quarter. Bartlett & CO. Wealth Management LLC now owns 771 shares of the utilities provider’s stock valued at $55,000 after buying an additional 262 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.