Pinnacle West Capital (PNW) Set to Announce Quarterly Earnings on Wednesday

Pinnacle West Capital (NYSE:PNW - Get Free Report) will be announcing its earnings results before the market opens on Wednesday, November 6th. Analysts expect the company to announce earnings of $3.14 per share for the quarter. Pinnacle West Capital has set its FY24 guidance at $4.60-4.80 EPS and its FY 2024 guidance at 4.600-4.800 EPS.Parties interested in listening to the company's conference call can do so using this link.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last announced its quarterly earnings data on Thursday, August 1st. The utilities provider reported $1.76 earnings per share for the quarter, beating the consensus estimate of $1.31 by $0.45. Pinnacle West Capital had a net margin of 12.65% and a return on equity of 9.75%. The firm had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.21 billion. During the same quarter in the prior year, the business earned $0.94 earnings per share. The business's quarterly revenue was up 15.7% compared to the same quarter last year. On average, analysts expect Pinnacle West Capital to post $5 EPS for the current fiscal year and $5 EPS for the next fiscal year.

Pinnacle West Capital Stock Up 0.1 %

Shares of NYSE PNW traded up $0.09 during trading on Wednesday, hitting $87.53. 1,646,214 shares of the company traded hands, compared to its average volume of 1,126,550. The business's fifty day moving average is $88.27 and its 200 day moving average is $82.01. Pinnacle West Capital has a fifty-two week low of $65.20 and a fifty-two week high of $91.57. The firm has a market capitalization of $9.94 billion, a price-to-earnings ratio of 19.05, a P/E/G ratio of 2.20 and a beta of 0.52. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.48 and a current ratio of 0.66.

Pinnacle West Capital Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 4th will be paid a $0.895 dividend. This represents a $3.58 dividend on an annualized basis and a yield of 4.09%. The ex-dividend date is Monday, November 4th. This is a boost from Pinnacle West Capital's previous quarterly dividend of $0.88. Pinnacle West Capital's dividend payout ratio (DPR) is 78.00%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on PNW shares. Barclays reduced their price objective on Pinnacle West Capital from $81.00 to $78.00 and set an "overweight" rating for the company in a research note on Tuesday, July 2nd. Morgan Stanley raised their price objective on 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. Wells Fargo & Company raised their price objective on Pinnacle West Capital from $87.00 to $90.00 and gave the company an "equal weight" rating in a research note on Wednesday, October 16th. Jefferies Financial Group started coverage on Pinnacle West Capital in a research note on Thursday, September 19th. They issued a "buy" rating and a $104.00 price objective for the company. Finally, StockNews.com raised Pinnacle West Capital from a "sell" rating to a "hold" rating in a research note on Monday, August 5th. Seven equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $80.79.

Insider Buying and Selling

In related news, EVP Robert Edgar Smith sold 4,950 shares of Pinnacle West Capital stock in a transaction on Friday, August 9th. The stock was 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 in the company, valued at approximately $548,862.60. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, EVP Robert Edgar Smith sold 4,950 shares of Pinnacle West Capital stock in a transaction on Friday, August 9th. The stock was 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 in the company, valued at approximately $548,862.60. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Susan T. Flanagan purchased 500 shares of the company's stock in a transaction that occurred on Monday, August 5th. The shares were acquired at an average price of $86.54 per share, for a total transaction of $43,270.00. Following the completion of the acquisition, the director now directly owns 750 shares of the company's stock, valued at $64,905. This trade represents a 200.00 % increase in their position. The disclosure for this purchase can be found here. 0.23% of the stock is currently owned by corporate 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.