Pinnacle West Capital (NYSE:PNW) Posts Earnings Results, Beats Estimates By $0.17 EPS

Pinnacle West Capital (NYSE:PNW) posted its quarterly earnings results on Thursday. The utilities provider reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.17, Briefing.com reports. Pinnacle West Capital had a return on equity of 8.30% and a net margin of 11.09%. The business had revenue of $951.71 million for the quarter, compared to analysts’ expectations of $981.82 million. During the same quarter in the prior year, the business earned ($0.03) EPS. The firm’s revenue for the quarter was up .7% on a year-over-year basis. Pinnacle West Capital updated its FY24 guidance to $4.60-4.80 EPS.

Pinnacle West Capital Price Performance

PNW traded up $0.75 on Friday, reaching $75.79. The stock had a trading volume of 1,042,561 shares, compared to its average volume of 966,016. The company has a current ratio of 0.67, a quick ratio of 0.50 and a debt-to-equity ratio of 1.20. The company has a market capitalization of $8.61 billion, a price-to-earnings ratio of 16.51, a price-to-earnings-growth ratio of 2.10 and a beta of 0.48. Pinnacle West Capital has a fifty-two week low of $65.20 and a fifty-two week high of $86.03. The firm has a 50-day moving average of $72.41 and a 200-day moving average of $72.13.

Pinnacle West Capital Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Wednesday, May 1st will be given a dividend of $0.88 per share. The ex-dividend date of this dividend is Tuesday, April 30th. This represents a $3.52 dividend on an annualized basis and a yield of 4.64%. Pinnacle West Capital’s dividend payout ratio is currently 76.69%.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on PNW. Barclays raised their target price on shares of Pinnacle West Capital from $75.00 to $76.00 and gave the stock an “overweight” rating in a research note on Monday, April 15th. StockNews.com cut Pinnacle West Capital from a “hold” rating to a “sell” rating in a research report on Thursday, March 14th. Royal Bank of Canada dropped their price objective on shares of Pinnacle West Capital from $83.00 to $80.00 and set a “sector perform” rating for the company in a research note on Friday, March 1st. LADENBURG THALM/SH SH initiated coverage on Pinnacle West Capital in a research report on Wednesday, February 14th. They issued a “neutral” rating and a $69.00 price target on the stock. Finally, UBS Group upgraded shares of Pinnacle West Capital from a “sell” rating to a “neutral” rating and increased their price objective for the stock from $68.00 to $71.00 in a research note on Monday, March 11th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $73.67.

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.