Pinnacle West Capital (PNW) Set to Announce Earnings on Wednesday

Pinnacle West Capital (NYSE:PNW) will be announcing its earnings results before the market opens on Wednesday, November 6th. Analysts expect the company to announce earnings of $3.14 per share for the quarter. Pinnacle West Capital has set its FY24 guidance at $4.60-4.80 EPS and its FY 2024 guidance at 4.600-4.800 EPS.Individual that are interested in registering for the company’s earnings conference call can do so using this link.

Pinnacle West Capital (NYSE:PNW) last announced its quarterly earnings results on Thursday, August 1st. The utilities provider reported $1.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.31 by $0.45. The company had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.21 billion. Pinnacle West Capital had a return on equity of 9.75% and a net margin of 12.65%. Pinnacle West Capital’s revenue for the quarter was up 15.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.94 earnings per share. On average, analysts expect Pinnacle West Capital to post $5 EPS for the current fiscal year and $5 EPS for the next fiscal year.

Pinnacle West Capital Price Performance

Shares of NYSE PNW opened at $87.44 on Wednesday. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.66 and a quick ratio of 0.48. The stock has a market capitalization of $9.93 billion, a price-to-earnings ratio of 19.22, a PEG ratio of 2.20 and a beta of 0.52. The firm’s 50 day simple moving average is $88.25 and its 200-day simple moving average is $81.90. Pinnacle West Capital has a 12 month low of $65.20 and a 12 month high of $91.57.

Pinnacle West Capital Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 4th will be given a dividend of $0.895 per share. This represents a $3.58 annualized dividend and a yield of 4.09%. The ex-dividend date of this dividend is Monday, November 4th. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.88. Pinnacle West Capital’s dividend payout ratio (DPR) is currently 78.00%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. StockNews.com raised shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a research note on Monday, August 5th. Morgan Stanley increased their price target on Pinnacle West Capital from $78.00 to $83.00 and gave the stock an “equal weight” rating in a research report on Wednesday, September 25th. Jefferies Financial Group assumed coverage on Pinnacle West Capital in a report on Thursday, September 19th. They issued a “buy” rating and a $104.00 price objective on the stock. Wells Fargo & Company upped their target price on Pinnacle West Capital from $87.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 16th. Finally, Barclays dropped their price target on shares of Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 2nd. Seven research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $80.79.

Insiders Place Their Bets

In related 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 transaction of $424,710.00. Following the completion of the sale, the executive vice president now owns 6,397 shares of the company’s stock, valued at approximately $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 accessible through the SEC website. In other Pinnacle West Capital news, EVP Robert Edgar Smith sold 4,950 shares of the business’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $85.80, for a total transaction of $424,710.00. Following the transaction, the executive vice president now owns 6,397 shares of the company’s stock, valued at approximately $548,862.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Susan T. Flanagan bought 500 shares of the company’s stock in a transaction on Monday, August 5th. The stock was bought at an average price of $86.54 per share, with a total value of $43,270.00. Following the completion of the acquisition, the director now owns 750 shares in the company, valued at $64,905. This represents a 200.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.23% of the stock is currently owned by corporate insiders.

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.