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

Pinnacle West Capital (NYSE:PNW) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of 4.600-4.800 for the period, compared to the consensus estimate of 4.690. The company issued revenue guidance of -.

Analyst Ratings Changes

PNW has been the subject of a number of research reports. Wells Fargo & Company reduced their target price on shares of Pinnacle West Capital from $78.00 to $74.00 and set an equal weight rating for the company in a report on Friday, January 26th. Evercore ISI reduced their target price on shares of Pinnacle West Capital from $76.00 to $69.00 and set an in-line rating for the company in a report on Monday, March 4th. Mizuho reduced their target price on shares of Pinnacle West Capital from $77.00 to $75.00 and set a buy rating for the company in a report on Wednesday, March 6th. Morgan Stanley upped their target price on shares of Pinnacle West Capital from $69.00 to $70.00 and gave the company an equal weight rating in a report on Thursday, March 21st. Finally, Bank of America raised shares of Pinnacle West Capital from a neutral rating to a buy rating and upped their target price for the company from $71.00 to $80.00 in a report on Monday, March 18th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, Pinnacle West Capital presently has a consensus rating of Hold and a consensus price target of $73.00.

Pinnacle West Capital Stock Performance

Shares of NYSE:PNW traded up $0.79 during trading on Wednesday, hitting $72.00. 408,331 shares of the company traded hands, compared to its average volume of 1,380,092. The stock has a market capitalization of $8.18 billion, a price-to-earnings ratio of 16.15, a PEG ratio of 2.02 and a beta of 0.49. The business’s fifty day moving average is $70.77 and its 200-day moving average is $72.06. Pinnacle West Capital has a one year low of $65.20 and a one year high of $86.03. The company has a quick ratio of 0.50, a current ratio of 0.67 and a debt-to-equity ratio of 1.20.

Institutional Trading of Pinnacle West Capital

A number of hedge funds have recently modified their holdings of the business. Treasurer of the State of North Carolina increased its position in Pinnacle West Capital by 0.3% during the second quarter. Treasurer of the State of North Carolina now owns 49,483 shares of the utilities provider’s stock worth $4,031,000 after buying an additional 130 shares during the last quarter. Eaton Vance Management lifted its stake in shares of Pinnacle West Capital by 1.9% in the first quarter. Eaton Vance Management now owns 7,921 shares of the utilities provider’s stock valued at $619,000 after buying an additional 146 shares during the period. Verity Asset Management Inc. lifted its stake in shares of Pinnacle West Capital by 5.3% in the second quarter. Verity Asset Management Inc. now owns 3,122 shares of the utilities provider’s stock valued at $254,000 after buying an additional 158 shares during the period. Kentucky Retirement Systems Insurance Trust Fund lifted its stake in shares of Pinnacle West Capital by 4.9% in the third quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 4,051 shares of the utilities provider’s stock valued at $261,000 after buying an additional 190 shares during the period. Finally, Bedel Financial Consulting Inc. lifted its stake in shares of Pinnacle West Capital by 5.4% in the second quarter. Bedel Financial Consulting Inc. now owns 3,690 shares of the utilities provider’s stock valued at $301,000 after buying an additional 190 shares during the period. Hedge funds and other institutional investors own 91.51% 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.