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

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

Pinnacle West Capital Stock Performance

PNW stock traded up $0.82 during trading on Thursday, reaching $75.76. The company had a trading volume of 163,108 shares, compared to its average volume of 1,305,577. The firm has a 50-day simple moving average of $72.21 and a 200-day simple moving average of $72.11. The company has a market cap of $8.60 billion, a price-to-earnings ratio of 17.00, a price-to-earnings-growth ratio of 2.08 and a beta of 0.48. 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 has a twelve month low of $65.20 and a twelve month high of $86.03.

Pinnacle West Capital Dividend Announcement

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

Wall Street Analysts Forecast Growth

PNW has been the subject of several research reports. Royal Bank of Canada decreased their price objective on shares of Pinnacle West Capital from $83.00 to $80.00 and set a sector perform rating for the company in a research note on Friday, March 1st. Morgan Stanley lifted their target price on shares of Pinnacle West Capital from $69.00 to $70.00 and gave the company an equal weight rating in a report on Thursday, March 21st. Evercore ISI cut their target price on shares of Pinnacle West Capital from $76.00 to $69.00 and set an in-line rating for the company in a report on Monday, March 4th. Barclays lifted their target price on shares of Pinnacle West Capital from $75.00 to $76.00 and gave the company an overweight rating in a report on Monday, April 15th. Finally, Wells Fargo & Company cut their target price on shares of Pinnacle West Capital from $78.00 to $74.00 and set an equal weight rating for the company in a report on Friday, January 26th. One analyst has rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of Hold and an average 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.