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

Pinnacle West Capital (NYSE:PNW - Get Free Report) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $5.00-5.20 for the period, compared to the consensus earnings per share estimate of $4.93. Pinnacle West Capital also updated its FY 2024 guidance to 5.000-5.200 EPS.

Analysts Set New Price Targets

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

Pinnacle West Capital Trading Up 3.9 %

Shares of NYSE:PNW traded up $3.39 during trading hours on Wednesday, hitting $90.10. 3,197,533 shares of the company's stock traded hands, compared to its average volume of 1,138,897. The firm has a market capitalization of $10.24 billion, a P/E ratio of 16.03, a price-to-earnings-growth ratio of 2.13 and a beta of 0.52. The business has a fifty day moving average price of $88.24 and a 200-day moving average price of $82.51. Pinnacle West Capital has a 1 year low of $65.20 and a 1 year high of $92.59. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.66 and a quick ratio of 0.48.

Pinnacle West Capital Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 4th will be given a $0.895 dividend. This represents a $3.58 annualized dividend and a yield of 3.97%. The ex-dividend date is Monday, November 4th. This is an increase from Pinnacle West Capital's previous quarterly dividend of $0.88. Pinnacle West Capital's dividend payout ratio is 65.06%.

Insiders Place Their Bets

In other Pinnacle West Capital news, EVP Robert Edgar Smith sold 4,950 shares of the company's stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $85.80, for a total value of $424,710.00. Following the transaction, the executive vice president now directly owns 6,397 shares in the company, valued at $548,862.60. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.23% of the company's stock.

Pinnacle West Capital Company Profile

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.