Pinnacle West Capital (NYSE:PNW) Issues FY 2024 Earnings Guidance

Pinnacle West Capital (NYSE:PNW) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 5.000-5.200 for the period, compared to the consensus earnings per share estimate of 4.920. The company issued revenue guidance of -. Pinnacle West Capital also updated its FY 2025 guidance to 4.400-4.600 EPS.

Analyst Ratings Changes

A number of research firms recently issued reports on PNW. Wells Fargo & Company boosted their target price on shares of Pinnacle West Capital from $87.00 to $90.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 16th. Jefferies Financial Group began coverage on shares of Pinnacle West Capital in a research report on Thursday, September 19th. They issued a “buy” rating and a $104.00 price objective for the company. StockNews.com raised shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a research note on Monday, August 5th. Finally, Morgan Stanley boosted their target price on shares of Pinnacle West Capital from $78.00 to $83.00 and gave the stock an “equal weight” rating in a research note on Wednesday, September 25th. Seven equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, Pinnacle West Capital presently has an average rating of “Hold” and an average target price of $80.79.

Pinnacle West Capital Price Performance

Shares of PNW stock traded up $5.14 during mid-day trading on Wednesday, reaching $91.85. The stock had a trading volume of 754,396 shares, compared to its average volume of 1,127,533. The company has a market cap of $10.44 billion, a P/E ratio of 16.03, a price-to-earnings-growth ratio of 2.13 and a beta of 0.52. The company has a current ratio of 0.66, a quick ratio of 0.48 and a debt-to-equity ratio of 1.28. Pinnacle West Capital has a 12-month low of $65.20 and a 12-month high of $92.25. The business has a 50-day simple moving average of $88.24 and a 200 day simple moving average of $82.51.

Pinnacle West Capital Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 4th will be paid a dividend of $0.895 per share. 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 positive change from Pinnacle West Capital’s previous quarterly dividend of $0.88. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 65.06%.

Insider Buying and Selling

In other Pinnacle West Capital news, EVP Robert Edgar Smith sold 4,950 shares of the firm’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $85.80, for a total transaction of $424,710.00. Following the sale, the executive vice president now directly owns 6,397 shares of the company’s stock, valued at $548,862.60. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.23% of the stock is currently owned by company insiders.

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.