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

Pinnacle West Capital (NYSE:PNW) posted its earnings results on Thursday. The utilities provider reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.17, Briefing.com reports. Pinnacle West Capital had a net margin of 11.09% and a return on equity of 8.30%. The business had revenue of $951.71 million for the quarter, compared to analyst estimates of $981.82 million. During the same period last year, the business posted ($0.03) EPS. Pinnacle West Capital’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 Price Performance

NYSE:PNW opened at $75.79 on Friday. The company has a 50-day moving average of $72.41 and a 200-day moving average of $72.10. The company has a market capitalization of $8.61 billion, a price-to-earnings ratio of 16.51, a PEG 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.

Pinnacle West Capital Dividend Announcement

The firm also recently disclosed 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 dividend on an annualized basis and a dividend yield of 4.64%. The ex-dividend date is Tuesday, April 30th. Pinnacle West Capital’s payout ratio is 76.69%.

Analyst Ratings Changes

PNW has been the topic of a number of research analyst reports. Bank of America upgraded shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and raised their target price for the company from $71.00 to $80.00 in a research note on Monday, March 18th. Barclays raised 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, April 15th. Mizuho lowered their target price on shares of Pinnacle West Capital from $77.00 to $75.00 and set a “buy” rating on the stock in a research note on Wednesday, March 6th. Morgan Stanley raised their price target on shares of Pinnacle West Capital from $69.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 21st. Finally, Royal Bank of Canada decreased their price target on shares of Pinnacle West Capital from $83.00 to $80.00 and set a “sector perform” rating on the stock in a research report on Friday, March 1st. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $73.67.

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.