Pinnacle West Capital Co. (NYSE:PNW) to Post Q4 2023 Earnings of $0.14 Per Share, KeyCorp Forecasts

Pinnacle West Capital Co. (NYSE:PNW – Get Rating) – Investment analysts at KeyCorp lifted their Q4 2023 earnings per share estimates for Pinnacle West Capital in a research note issued to investors on Tuesday, May 23rd. KeyCorp analyst S. Karp now anticipates that the utilities provider will earn $0.14 per share for the quarter, up from their previous forecast of $0.02. The consensus estimate for Pinnacle West Capital’s current full-year earnings is $4.04 per share. KeyCorp also issued estimates for Pinnacle West Capital’s FY2027 earnings at $5.51 EPS.

PNW has been the subject of a number of other research reports. StockNews.com downgraded Pinnacle West Capital from a “hold” rating to a “sell” rating in a report on Saturday, May 20th. Mizuho increased their price objective on Pinnacle West Capital from $74.00 to $81.00 in a report on Thursday, May 11th. Credit Suisse Group upgraded Pinnacle West Capital from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $77.00 to $80.00 in a report on Tuesday, March 14th. Bank of America upgraded Pinnacle West Capital from an “underperform” rating to a “neutral” rating and increased their price objective for the stock from $76.00 to $78.00 in a report on Friday. Finally, Morgan Stanley increased their target price on Pinnacle West Capital from $71.00 to $78.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 20th. Four equities research analysts have rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $74.82.

Pinnacle West Capital Price Performance

PNW opened at $76.80 on Thursday. The stock has a fifty day simple moving average of $78.92 and a two-hundred day simple moving average of $76.70. The company has a current ratio of 1.01, a quick ratio of 0.74 and a debt-to-equity ratio of 1.28. The company has a market cap of $8.70 billion, a price-to-earnings ratio of 18.78, a price-to-earnings-growth ratio of 3.53 and a beta of 0.46. Pinnacle West Capital has a 12-month low of $59.03 and a 12-month high of $81.63.

Pinnacle West Capital (NYSE:PNW – Get Rating) last announced its earnings results on Thursday, May 4th. The utilities provider reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.06). The business had revenue of $944.60 million for the quarter, compared to the consensus estimate of $808.33 million. Pinnacle West Capital had a net margin of 10.33% and a return on equity of 7.50%. Pinnacle West Capital’s revenue was up 20.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.15 EPS.

Pinnacle West Capital Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 1st. Stockholders of record on Monday, May 1st will be paid a $0.865 dividend. This represents a $3.46 annualized dividend and a dividend yield of 4.51%. The ex-dividend date of this dividend is Friday, April 28th. Pinnacle West Capital’s dividend payout ratio (DPR) is currently 84.60%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in PNW. Graham Capital Wealth Management LLC bought a new stake in Pinnacle West Capital during the 1st quarter valued at approximately $248,814,000. Headlands Technologies LLC purchased a new position in Pinnacle West Capital during the 1st quarter valued at approximately $26,000. Quent Capital LLC grew its holdings in Pinnacle West Capital by 153.6% during the 4th quarter. Quent Capital LLC now owns 350 shares of the utilities provider’s stock valued at $27,000 after buying an additional 212 shares in the last quarter. Jones Financial Companies Lllp purchased a new position in Pinnacle West Capital during the 1st quarter valued at approximately $28,000. Finally, Dark Forest Capital Management LP purchased a new position in Pinnacle West Capital during the 4th quarter valued at approximately $30,000. Institutional investors own 85.21% of the company’s stock.

Pinnacle West Capital Company Profile

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Pinnacle West Capital Corp. is a holding company, which engages in providing energy and energy-related products. It offers regulated retail and wholesale electricity businesses and related activities, such as electricity generation, transmission and distribution through its subsidiary, Arizona Public Service Co The company was founded on February 20, 1985, and is headquartered in Phoenix, AZ.