Pinnacle West Capital (NYSE:PNW) Updates FY24 Earnings Guidance

Pinnacle West Capital (NYSE:PNW) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $4.60-4.80 for the period, compared to the consensus earnings per share estimate of $4.74.

Pinnacle West Capital Stock Performance

Shares of PNW stock traded up $0.82 during trading hours on Thursday, hitting $75.76. The stock had a trading volume of 163,108 shares, compared to its average volume of 1,305,577. The firm has a market capitalization of $8.60 billion, a PE ratio of 17.00, a PEG ratio of 2.08 and a beta of 0.48. Pinnacle West Capital has a twelve month low of $65.20 and a twelve month high of $86.03. The stock’s 50 day moving average is $72.21 and its 200 day moving average is $72.11. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.67 and a quick ratio of 0.50.

Pinnacle West Capital Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Wednesday, May 1st will be issued a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a dividend yield of 4.65%. The ex-dividend date of this dividend is Tuesday, April 30th. Pinnacle West Capital’s dividend payout ratio is presently 79.82%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on PNW. Royal Bank of Canada decreased their price target on Pinnacle West Capital from $83.00 to $80.00 and set a sector perform rating for the company in a report on Friday, March 1st. LADENBURG THALM/SH SH began coverage on Pinnacle West Capital in a report on Wednesday, February 14th. They set a neutral rating and a $69.00 price target for the company. Barclays increased their price target on Pinnacle West Capital from $75.00 to $76.00 and gave the stock an overweight rating in a report on Monday, April 15th. UBS Group raised Pinnacle West Capital from a sell rating to a neutral rating and increased their price target for the stock from $68.00 to $71.00 in a report on Monday, March 11th. Finally, Citigroup started coverage on Pinnacle West Capital in a report on Monday. They set a neutral rating and a $78.00 price target for the company. One research analyst has rated the stock with a sell rating, eight have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Pinnacle West Capital currently has a consensus rating of Hold and a consensus target price of $73.42.

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.