Pinnacle West Capital (NYSE:PNW – Get Free Report) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share guidance of $5.00-5.20 for the period, compared to the consensus earnings per share estimate of $4.93. Pinnacle West Capital also updated its FY 2024 guidance to 5.000-5.200 EPS.
Analyst Upgrades and Downgrades
A number of equities analysts have weighed in on the stock. Wells Fargo & Company upped their price objective on shares of Pinnacle West Capital from $90.00 to $92.00 and gave the stock an “equal weight” rating in a research report on Thursday. Jefferies Financial Group assumed coverage on shares of Pinnacle West Capital in a research note on Thursday, September 19th. They issued a “buy” rating and a $104.00 price target on the stock. Morgan Stanley upped their price objective on shares of Pinnacle West Capital from $78.00 to $83.00 and gave the company an “equal weight” rating in a research note on Wednesday, September 25th. Finally, StockNews.com raised shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a research note on Monday, August 5th. Seven investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, Pinnacle West Capital has a consensus rating of “Hold” and an average price target of $80.96.
Read Our Latest Research Report on PNW
Pinnacle West Capital Trading Up 2.9 %
Pinnacle West Capital (NYSE:PNW – Get Free Report) last posted its quarterly earnings data on Wednesday, November 6th. The utilities provider reported $3.37 earnings per share for the quarter, topping analysts’ consensus estimates of $3.35 by $0.02. Pinnacle West Capital had a net margin of 12.65% and a return on equity of 9.75%. The firm had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.68 billion. As a group, sell-side analysts forecast that Pinnacle West Capital will post 4.9 EPS 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 dividend of $0.895 per share. This is an increase from Pinnacle West Capital’s previous quarterly dividend of $0.88. The ex-dividend date of this dividend is Monday, November 4th. This represents a $3.58 annualized dividend and a yield of 3.90%. Pinnacle West Capital’s dividend payout ratio is 67.80%.
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.
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