KeyCorp Weighs in on Pinnacle West Capital Co.’s Q2 2023 Earnings (NYSE:PNW)

Pinnacle West Capital Co. (NYSE:PNW – Get Rating) – Analysts at KeyCorp cut their Q2 2023 EPS estimates for shares of Pinnacle West Capital in a research report issued on Tuesday, May 23rd. KeyCorp analyst S. Karp now expects that the utilities provider will post earnings of $1.26 per share for the quarter, down from their prior forecast of $1.38. The consensus estimate for Pinnacle West Capital’s current full-year earnings is $4.04 per share. KeyCorp also issued estimates for Pinnacle West Capital’s Q3 2023 earnings at $2.66 EPS, FY2024 earnings at $4.66 EPS and FY2026 earnings at $5.21 EPS.

Pinnacle West Capital (NYSE:PNW – Get Rating) last announced its earnings results on Thursday, May 4th. The utilities provider reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.06). The business had revenue of $944.60 million during the quarter, compared to analyst estimates of $808.33 million. Pinnacle West Capital had a net margin of 10.33% and a return on equity of 7.50%. The business’s revenue was up 20.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.15 earnings per share.

Other equities analysts have also recently issued reports about the stock. Morgan Stanley boosted their price objective on shares of Pinnacle West Capital from $71.00 to $78.00 and gave the company an “equal weight” rating in a research note on Thursday, April 20th. Mizuho boosted their price objective on shares of Pinnacle West Capital from $74.00 to $81.00 in a research note on Thursday, May 11th. Bank of America boosted their price objective on shares of Pinnacle West Capital from $69.00 to $76.00 in a research note on Thursday, April 6th. StockNews.com lowered shares of Pinnacle West Capital from a “hold” rating to a “sell” rating in a research report on Saturday, May 20th. Finally, Credit Suisse Group upgraded shares of Pinnacle West Capital from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $77.00 to $80.00 in a research report on Tuesday, March 14th. Four equities research analysts have rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $74.64.

Pinnacle West Capital Stock Performance

Shares of PNW opened at $76.39 on Wednesday. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.74 and a current ratio of 1.01. The stock has a market capitalization of $8.65 billion, a P/E ratio of 18.68, a P/E/G ratio of 3.55 and a beta of 0.46. The company’s fifty day moving average is $78.99 and its two-hundred day moving average is $76.64. Pinnacle West Capital has a 1 year low of $59.03 and a 1 year high of $81.63.

Pinnacle West Capital Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 1st. Investors of record on Monday, May 1st will be given a $0.865 dividend. The ex-dividend date is Friday, April 28th. This represents a $3.46 annualized dividend and a dividend yield of 4.53%. Pinnacle West Capital’s dividend payout ratio is presently 84.60%.

Institutional Investors Weigh In On Pinnacle West Capital

Institutional investors and hedge funds have recently made changes to their positions in the business. Headlands Technologies LLC purchased a new position in Pinnacle West Capital in the 1st quarter valued at about $26,000. Quent Capital LLC lifted its holdings in Pinnacle West Capital by 153.6% in the 4th quarter. Quent Capital LLC now owns 350 shares of the utilities provider’s stock valued at $27,000 after purchasing an additional 212 shares in the last quarter. Jones Financial Companies Lllp purchased a new position in Pinnacle West Capital in the 1st quarter valued at about $28,000. Dark Forest Capital Management LP purchased a new position in Pinnacle West Capital in the 4th quarter valued at about $30,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in Pinnacle West Capital by 128.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 411 shares of the utilities provider’s stock valued at $31,000 after purchasing an additional 231 shares in the last quarter. 85.21% of the stock is currently owned by hedge funds and other institutional investors.

About Pinnacle West Capital

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Pinnacle West Capital Corp. is a holding company, which engages in providing energy and energy-related products. It offers regulated retail and wholesale electricity businesses and related activities, such as electricity generation, transmission and distribution through its subsidiary, Arizona Public Service Co The company was founded on February 20, 1985, and is headquartered in Phoenix, AZ.