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

Pinnacle West Capital (NYSE:PNW) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $4.60-4.80 for the period, compared to the consensus EPS estimate of $4.73.

Pinnacle West Capital Trading Up 0.0 %

Shares of NYSE:PNW opened at $72.21 on Friday. The stock has a market capitalization of $8.20 billion, a price-to-earnings ratio of 16.37, a PEG ratio of 2.06 and a beta of 0.49. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.50 and a current ratio of 0.67. The stock’s 50-day simple moving average is $70.61 and its two-hundred day simple moving average is $72.14. Pinnacle West Capital has a 52-week low of $65.20 and a 52-week high of $86.03.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on PNW shares. Bank of America raised Pinnacle West Capital from a neutral rating to a buy rating and lifted their price objective for the company from $71.00 to $80.00 in a research report on Monday, March 18th. Wells Fargo & Company decreased their target price on Pinnacle West Capital from $78.00 to $74.00 and set an equal weight rating on the stock in a research note on Friday, January 26th. Mizuho decreased their target price on Pinnacle West Capital from $77.00 to $75.00 and set a buy rating on the stock in a research note on Wednesday, March 6th. UBS Group raised Pinnacle West Capital from a sell rating to a neutral rating and lifted their target price for the company from $68.00 to $71.00 in a research note on Monday, March 11th. Finally, Royal Bank of Canada decreased their target price on Pinnacle West Capital from $83.00 to $80.00 and set a sector perform rating on the stock in a research note on Friday, March 1st. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of Hold and an average price target of $72.91.

Hedge Funds Weigh In On Pinnacle West Capital

A number of institutional investors and hedge funds have recently modified their holdings of PNW. Norges Bank purchased a new position in Pinnacle West Capital during the 4th quarter valued at $104,067,000. State Street Corp boosted its holdings in Pinnacle West Capital by 18.4% during the 1st quarter. State Street Corp now owns 6,911,753 shares of the utilities provider’s stock valued at $539,808,000 after acquiring an additional 1,072,235 shares during the period. Invesco Ltd. boosted its holdings in Pinnacle West Capital by 29.6% during the 1st quarter. Invesco Ltd. now owns 3,537,942 shares of the utilities provider’s stock valued at $276,313,000 after acquiring an additional 808,207 shares during the period. Captrust Financial Advisors boosted its holdings in Pinnacle West Capital by 297.6% during the 4th quarter. Captrust Financial Advisors now owns 633,531 shares of the utilities provider’s stock valued at $48,174,000 after acquiring an additional 474,174 shares during the period. Finally, BlackRock Inc. boosted its holdings in Pinnacle West Capital by 2.7% during the 1st quarter. BlackRock Inc. now owns 10,307,741 shares of the utilities provider’s stock valued at $816,785,000 after acquiring an additional 273,945 shares during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

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.