Pinnacle West Capital (NYSE:PNW) Announces Earnings Results

Pinnacle West Capital (NYSE:PNW – Get Rating) issued its earnings results on Wednesday. The utilities provider reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of $0.07 by $0.08, MarketWatch Earnings reports. The company had revenue of $783.53 million during the quarter, compared to the consensus estimate of $692.73 million. Pinnacle West Capital had a return on equity of 9.96% and a net margin of 15.42%. Pinnacle West Capital’s quarterly revenue was up 12.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.32 earnings per share. Pinnacle West Capital updated its FY22 guidance to $3.90-$4.10 EPS.

NYSE:PNW traded up $1.32 during mid-day trading on Friday, reaching $74.12. 1,042,854 shares of the stock were exchanged, compared to its average volume of 683,094. The business has a fifty day moving average price of $75.39 and a 200 day moving average price of $70.71. The firm has a market capitalization of $8.38 billion, a PE ratio of 13.98 and a beta of 0.32. Pinnacle West Capital has a 1-year low of $62.78 and a 1-year high of $88.54. The company has a current ratio of 1.00, a quick ratio of 0.67 and a debt-to-equity ratio of 1.19.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 1st. Investors of record on Monday, May 2nd will be issued a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a yield of 4.59%. The ex-dividend date is Friday, April 29th. Pinnacle West Capital’s payout ratio is currently 64.15%.

Several large investors have recently added to or reduced their stakes in PNW. Sequoia Financial Advisors LLC acquired a new position in shares of Pinnacle West Capital in the 4th quarter valued at $233,000. Cetera Investment Advisers boosted its position in shares of Pinnacle West Capital by 44.3% in the 4th quarter. Cetera Investment Advisers now owns 5,113 shares of the utilities provider’s stock valued at $361,000 after purchasing an additional 1,569 shares during the period. MML Investors Services LLC acquired a new position in shares of Pinnacle West Capital in the 4th quarter valued at $572,000. Metropolitan Life Insurance Co NY boosted its position in shares of Pinnacle West Capital by 17.0% in the 4th quarter. Metropolitan Life Insurance Co NY now owns 12,889 shares of the utilities provider’s stock valued at $910,000 after purchasing an additional 1,869 shares during the period. Finally, Advisors Asset Management Inc. boosted its position in shares of Pinnacle West Capital by 289.6% in the 4th quarter. Advisors Asset Management Inc. now owns 24,689 shares of the utilities provider’s stock valued at $1,743,000 after purchasing an additional 18,352 shares during the period. Institutional investors and hedge funds own 80.89% of the company’s stock.

PNW has been the topic of a number of recent analyst reports. Morgan Stanley cut their price target on Pinnacle West Capital from $77.00 to $75.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 26th. Wedbush lifted their price target on Pinnacle West Capital from $72.00 to $80.00 in a report on Friday, January 7th. Credit Suisse Group initiated coverage on Pinnacle West Capital in a report on Monday, April 25th. They set an “underperform” rating and a $73.00 price target on the stock. StockNews.com began coverage on Pinnacle West Capital in a report on Thursday, March 31st. They set a “hold” rating on the stock. Finally, Wells Fargo & Company boosted their target price on Pinnacle West Capital from $68.00 to $75.00 and gave the stock an “equal weight” rating in a report on Monday, February 28th. Seven research analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, Pinnacle West Capital currently has an average rating of “Hold” and a consensus price target of $73.32.

Pinnacle West Capital Company Profile (Get Rating)

Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, 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.

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