Research Analysts Issue Forecasts for Pinnacle West Capital Co.’s Q3 2021 Earnings (NYSE:PNW)

Pinnacle West Capital Co. (NYSE:PNW) – Research analysts at KeyCorp issued their Q3 2021 earnings per share (EPS) estimates for Pinnacle West Capital in a research report issued on Tuesday, January 12th. KeyCorp analyst S. Karp forecasts that the utilities provider will post earnings per share of $2.80 for the quarter.

Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings data on Wednesday, November 4th. The utilities provider reported $3.07 earnings per share for the quarter, topping the consensus estimate of $2.85 by $0.22. The business had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $1.22 billion. Pinnacle West Capital had a net margin of 17.37% and a return on equity of 10.69%. The company’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.77 earnings per share.

Several other research firms have also recently weighed in on PNW. Bank of America cut shares of Pinnacle West Capital from a “neutral” rating to an “underperform” rating and set a $78.00 price objective on the stock. in a research report on Monday, October 12th. Barclays lifted their price target on Pinnacle West Capital from $89.00 to $103.00 and gave the company an “overweight” rating in a report on Wednesday, November 18th. BidaskClub downgraded Pinnacle West Capital from a “sell” rating to a “strong sell” rating in a research note on Wednesday, December 23rd. Morgan Stanley lowered their target price on Pinnacle West Capital from $86.00 to $79.00 and set an “equal weight” rating on the stock in a research note on Tuesday, December 15th. Finally, TheStreet raised shares of Pinnacle West Capital from a “c+” rating to a “b-” rating in a research report on Monday, October 12th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company. Pinnacle West Capital presently has a consensus rating of “Hold” and a consensus target price of $87.11.

Shares of Pinnacle West Capital stock opened at $77.93 on Thursday. Pinnacle West Capital has a 12-month low of $60.05 and a 12-month high of $105.51. The stock’s fifty day moving average is $79.96 and its 200-day moving average is $79.26. The firm has a market capitalization of $8.77 billion, a PE ratio of 14.65, a price-to-earnings-growth ratio of 4.78 and a beta of 0.31. The company has a quick ratio of 0.54, a current ratio of 0.77 and a debt-to-equity ratio of 1.06.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 1st. Investors of record on Monday, February 1st will be issued a $0.83 dividend. The ex-dividend date of this dividend is Friday, January 29th. This represents a $3.32 dividend on an annualized basis and a yield of 4.26%. This is an increase from Pinnacle West Capital’s previous quarterly dividend of $0.19. Pinnacle West Capital’s dividend payout ratio is currently 69.60%.

A number of institutional investors and hedge funds have recently modified their holdings of PNW. Meeder Asset Management Inc. increased its stake in shares of Pinnacle West Capital by 2.5% in the 3rd quarter. Meeder Asset Management Inc. now owns 5,849 shares of the utilities provider’s stock worth $436,000 after acquiring an additional 141 shares during the last quarter. M&T Bank Corp raised its holdings in Pinnacle West Capital by 1.8% during the third quarter. M&T Bank Corp now owns 8,170 shares of the utilities provider’s stock worth $609,000 after purchasing an additional 141 shares during the last quarter. Norinchukin Bank The boosted its position in Pinnacle West Capital by 1.6% during the third quarter. Norinchukin Bank The now owns 9,435 shares of the utilities provider’s stock worth $703,000 after purchasing an additional 146 shares in the last quarter. Princeton Global Asset Management LLC grew its holdings in Pinnacle West Capital by 75.0% in the third quarter. Princeton Global Asset Management LLC now owns 350 shares of the utilities provider’s stock valued at $26,000 after purchasing an additional 150 shares during the last quarter. Finally, Global Retirement Partners LLC increased its position in shares of Pinnacle West Capital by 17.9% in the third quarter. Global Retirement Partners LLC now owns 994 shares of the utilities provider’s stock valued at $74,000 after buying an additional 151 shares in the last quarter. 83.69% of the stock is currently owned by hedge funds and other institutional investors.

About Pinnacle West Capital

Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, provides retail and wholesale electric services primarily in the state of Arizona. The company generates, transmits, and distributes electricity using coal, nuclear, gas, oil, and solar generating facilities. Its transmission facilities consist of approximately 6,192 pole miles of overhead lines and approximately 49 miles of underground lines; and distribution facilities comprise approximately 11,191 miles of overhead lines and approximately 22,092 miles of underground primary cable.

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