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

Pinnacle West Capital (NYSE:PNW) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $5.00-5.20 for the period, compared to the consensus estimate of $4.93. Pinnacle West Capital also updated its FY 2024 guidance to 5.000-5.200 EPS.

Pinnacle West Capital Stock Up 2.9 %

Shares of PNW stock traded up $2.59 during trading hours on Friday, reaching $91.81. 1,860,323 shares of the company’s stock were exchanged, compared to its average volume of 1,146,640. The company has a current ratio of 0.66, a quick ratio of 0.48 and a debt-to-equity ratio of 1.28. The company has a market cap of $10.43 billion, a price-to-earnings ratio of 16.90, a P/E/G ratio of 2.13 and a beta of 0.52. Pinnacle West Capital has a fifty-two week low of $65.20 and a fifty-two week high of $92.59. The stock’s 50 day moving average is $88.34 and its 200-day moving average is $82.61.

Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings results on Wednesday, November 6th. The utilities provider reported $3.37 EPS for the quarter, beating analysts’ consensus estimates of $3.35 by $0.02. Pinnacle West Capital had a return on equity of 9.75% and a net margin of 12.65%. The company had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.68 billion. Analysts predict that Pinnacle West Capital will post 4.9 earnings per share for the current fiscal year.

Pinnacle West Capital Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 4th will be issued a $0.895 dividend. The ex-dividend date of this dividend is Monday, November 4th. This represents a $3.58 dividend on an annualized basis and a dividend yield of 3.90%. This is a boost from Pinnacle West Capital’s previous quarterly dividend of $0.88. Pinnacle West Capital’s dividend payout ratio (DPR) is currently 67.80%.

Wall Street Analyst Weigh In

PNW has been the topic of a number of research analyst reports. Morgan Stanley upped their target price on Pinnacle West Capital from $78.00 to $83.00 and gave the company an “equal weight” rating in a research report on Wednesday, September 25th. Wells Fargo & Company increased their price objective on Pinnacle West Capital from $90.00 to $92.00 and gave the company an “equal weight” rating in a report on Thursday. StockNews.com upgraded Pinnacle West Capital from a “sell” rating to a “hold” rating in a research note on Monday, August 5th. Finally, Jefferies Financial Group assumed coverage on Pinnacle West Capital in a research report on Thursday, September 19th. They issued a “buy” rating and a $104.00 target price on the stock. Seven research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $80.96.

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.