Pinnacle West Capital Corporation (PNW) Releases FY18 Earnings Guidance
Pinnacle West Capital Corporation (NYSE:PNW) issued an update on its FY18 earnings guidance on Friday morning. The company provided earnings per share (EPS) guidance of $4.25-4.45 for the period, compared to the Thomson Reuters consensus estimate of $4.48. Pinnacle West Capital Corporation also updated its FY17 guidance to $4.15-4.30 EPS.
Pinnacle West Capital Corporation (NYSE:PNW) last released its quarterly earnings data on Thursday, August 3rd. The utilities provider reported $1.49 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.16 by $0.33. The business had revenue of $944.59 million during the quarter, compared to analysts’ expectations of $921.79 million. Pinnacle West Capital Corporation had a net margin of 14.37% and a return on equity of 10.20%. The company’s revenue for the quarter was up 3.2% on a year-over-year basis. During the same period in the previous year, the company earned $1.08 EPS.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Wednesday, November 1st will be given a dividend of $0.695 per share. This is a boost from Pinnacle West Capital Corporation’s previous quarterly dividend of $0.66. This represents a $2.78 annualized dividend and a dividend yield of 3.16%. The ex-dividend date is Tuesday, October 31st. Pinnacle West Capital Corporation’s payout ratio is 61.50%.
PNW has been the subject of a number of research reports. Zacks Investment Research raised shares of Pinnacle West Capital Corporation from a hold rating to a buy rating and set a $100.00 price target for the company in a research report on Monday, September 11th. BidaskClub raised shares of Pinnacle West Capital Corporation from a hold rating to a buy rating in a research report on Tuesday, August 22nd. BMO Capital Markets reissued a hold rating and issued a $89.00 price target on shares of Pinnacle West Capital Corporation in a research report on Friday, August 4th. Royal Bank Of Canada reissued a hold rating and issued a $89.00 price target on shares of Pinnacle West Capital Corporation in a research report on Monday, July 24th. Finally, KeyCorp reissued a hold rating on shares of Pinnacle West Capital Corporation in a research report on Friday, September 1st. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the stock. The company has a consensus rating of Hold and an average target price of $86.40.
In other news, Chairman Donald E. Brandt sold 35,013 shares of the company’s stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $89.57, for a total value of $3,136,114.41. Following the completion of the sale, the chairman now directly owns 118,574 shares of the company’s stock, valued at $10,620,673.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Kathryn L. Munro sold 1,806 shares of the company’s stock in a transaction dated Friday, August 25th. The shares were sold at an average price of $90.28, for a total transaction of $163,045.68. Following the completion of the sale, the director now directly owns 17,852 shares of the company’s stock, valued at $1,611,678.56. The disclosure for this sale can be found here. Insiders sold 41,419 shares of company stock valued at $3,713,068 over the last ninety days. Corporate insiders own 0.70% of the company’s stock.
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About Pinnacle West Capital Corporation
Pinnacle West Capital Corporation is a holding company that operates through its subsidiaries. The Company operates through regulated electricity segment, which consists of traditional regulated retail and wholesale electricity businesses and related activities, and includes electricity generation, transmission and distribution.
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