Brokers Set Expectations for Pinnacle West Capital Co.’s Q2 2024 Earnings (NYSE:PNW)

Pinnacle West Capital Co. (NYSE:PNW) – Equities researchers at KeyCorp issued their Q2 2024 earnings estimates for Pinnacle West Capital in a report released on Sunday, July 21st. KeyCorp analyst S. Karp expects that the utilities provider will post earnings per share of $1.32 for the quarter. The consensus estimate for Pinnacle West Capital’s current full-year earnings is $4.75 per share. KeyCorp also issued estimates for Pinnacle West Capital’s FY2028 earnings at $5.94 EPS.

Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.02) by $0.17. The firm had revenue of $951.71 million for the quarter, compared to the consensus estimate of $981.82 million. Pinnacle West Capital had a net margin of 11.09% and a return on equity of 8.29%. The firm’s quarterly revenue was up .7% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.03) EPS.

A number of other equities research analysts have also weighed in on the company. LADENBURG THALM/SH SH upgraded Pinnacle West Capital from a “neutral” rating to a “buy” rating and raised their price objective for the company from $74.00 to $83.50 in a research note on Thursday, June 6th. Morgan Stanley dropped their price target on shares of Pinnacle West Capital from $76.00 to $72.00 and set an “equal weight” rating for the company in a research note on Monday, June 24th. StockNews.com cut shares of Pinnacle West Capital from a “hold” rating to a “sell” rating in a report on Tuesday, July 9th. Barclays decreased their price objective on shares of Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating for the company in a report on Tuesday, July 2nd. Finally, Citigroup began coverage on shares of Pinnacle West Capital in a research note on Monday, April 29th. They issued a “neutral” rating and a $78.00 target price on the stock. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $76.77.

Pinnacle West Capital Stock Up 0.1 %

Shares of NYSE PNW opened at $83.56 on Wednesday. The firm has a market cap of $9.49 billion, a price-to-earnings ratio of 18.20, a PEG ratio of 2.11 and a beta of 0.51. Pinnacle West Capital has a 1 year low of $65.20 and a 1 year high of $86.00. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.42 and a current ratio of 0.58. The stock’s 50-day simple moving average is $77.64 and its 200-day simple moving average is $73.81.

Institutional Investors Weigh In On Pinnacle West Capital

Several large investors have recently added to or reduced their stakes in the stock. Empirical Finance LLC grew its position in shares of Pinnacle West Capital by 3.4% during the first quarter. Empirical Finance LLC now owns 4,059 shares of the utilities provider’s stock worth $303,000 after acquiring an additional 134 shares during the last quarter. First Horizon Advisors Inc. grew its position in Pinnacle West Capital by 20.9% in the 2nd quarter. First Horizon Advisors Inc. now owns 794 shares of the utilities provider’s stock worth $61,000 after purchasing an additional 137 shares during the last quarter. MCF Advisors LLC increased its stake in shares of Pinnacle West Capital by 9.2% in the fourth quarter. MCF Advisors LLC now owns 2,070 shares of the utilities provider’s stock valued at $149,000 after purchasing an additional 174 shares during the period. Newbridge Financial Services Group Inc. raised its holdings in shares of Pinnacle West Capital by 70.6% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 481 shares of the utilities provider’s stock valued at $35,000 after buying an additional 199 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its position in shares of Pinnacle West Capital by 0.9% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 21,724 shares of the utilities provider’s stock worth $1,659,000 after buying an additional 199 shares during the period. 91.51% of the stock is owned by institutional investors and hedge funds.

Pinnacle West Capital Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Thursday, August 1st will be given a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a dividend yield of 4.21%. The ex-dividend date is Thursday, August 1st. Pinnacle West Capital’s payout ratio is 76.69%.

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.