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

Pinnacle West Capital (NYSE:PNW - Get Free Report) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of 5.000-5.200 for the period, compared to the consensus 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.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Jefferies Financial Group initiated coverage on shares of Pinnacle West Capital in a research note on Thursday, September 19th. They set a "buy" rating and a $104.00 price target on the stock. Morgan Stanley raised their target price on 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. StockNews.com upgraded Pinnacle West Capital from a "sell" rating to a "hold" rating in a research note on Monday, August 5th. Finally, Wells Fargo & Company raised their price objective on Pinnacle West Capital from $87.00 to $90.00 and gave the stock an "equal weight" rating in a research note on Wednesday, October 16th. Seven analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Pinnacle West Capital has a consensus rating of "Hold" and an average target price of $80.79.

Pinnacle West Capital Stock Performance

Shares of NYSE PNW traded up $3.39 during midday trading on Wednesday, reaching $90.10. 3,197,533 shares of the stock were exchanged, compared to its average volume of 1,138,897. The company has a quick ratio of 0.48, a current ratio of 0.66 and a debt-to-equity ratio of 1.28. The firm has a 50-day simple moving average of $88.24 and a two-hundred day simple moving average of $82.51. Pinnacle West Capital has a twelve month low of $65.20 and a twelve month high of $92.59. The firm has a market cap of $10.24 billion, a price-to-earnings ratio of 16.03, a PEG ratio of 2.13 and a beta of 0.52.

Pinnacle West Capital Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 4th will be paid a dividend of $0.895 per share. This is a positive change from Pinnacle West Capital's previous quarterly dividend of $0.88. This represents a $3.58 annualized dividend and a dividend yield of 3.97%. The ex-dividend date is Monday, November 4th. Pinnacle West Capital's dividend payout ratio is presently 65.06%.

Insiders Place Their Bets

In other news, EVP Robert Edgar Smith sold 4,950 shares of the business's stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $85.80, for a total value of $424,710.00. Following the completion of the sale, the executive vice president now directly owns 6,397 shares in the company, valued at $548,862.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available 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.