Zacks Research Research Analysts Lift Earnings Estimates for Pinnacle West Capital Co. (NYSE:PNW)

Pinnacle West Capital Co. (NYSE:PNW) – Stock analysts at Zacks Research boosted their Q3 2023 EPS estimates for Pinnacle West Capital in a research note issued on Monday, September 11th. Zacks Research analyst T. Sarawagi now anticipates that the utilities provider will post earnings per share of $3.17 for the quarter, up from their previous forecast of $3.14. The consensus estimate for Pinnacle West Capital’s current full-year earnings is $4.21 per share. Zacks Research also issued estimates for Pinnacle West Capital’s FY2023 earnings at $4.16 EPS, Q1 2024 earnings at $0.10 EPS, Q2 2024 earnings at $1.11 EPS, FY2024 earnings at $4.88 EPS and Q2 2025 earnings at $1.01 EPS.

PNW has been the topic of several other research reports. Mizuho upgraded shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $78.00 to $85.00 in a research report on Tuesday, August 22nd. KeyCorp boosted their price target on shares of Pinnacle West Capital from $55.00 to $61.00 in a research report on Wednesday, July 19th. Barclays began coverage on shares of Pinnacle West Capital in a research report on Wednesday, August 23rd. They issued an “overweight” rating and a $81.00 price target on the stock. Bank of America reduced their price target on shares of Pinnacle West Capital from $80.00 to $78.00 in a research report on Thursday, June 29th. Finally, Morgan Stanley reduced their price target on shares of Pinnacle West Capital from $78.00 to $73.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 23rd. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $77.90.

Pinnacle West Capital Trading Up 1.2 %

Pinnacle West Capital stock opened at $77.42 on Wednesday. The stock has a market cap of $8.77 billion, a P/E ratio of 21.63, a PEG ratio of 2.79 and a beta of 0.48. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.96 and a quick ratio of 0.70. Pinnacle West Capital has a 1 year low of $59.03 and a 1 year high of $86.03. The firm’s 50 day moving average price is $79.74 and its 200-day moving average price is $79.25.

Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings data on Thursday, August 3rd. The utilities provider reported $0.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.19 by ($0.25). The company had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.09 billion. Pinnacle West Capital had a net margin of 8.92% and a return on equity of 6.55%. The company’s quarterly revenue was up 5.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.45 EPS.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. HighTower Advisors LLC boosted its stake in shares of Pinnacle West Capital by 8.0% during the first quarter. HighTower Advisors LLC now owns 21,980 shares of the utilities provider’s stock valued at $1,718,000 after purchasing an additional 1,630 shares during the period. MetLife Investment Management LLC boosted its stake in shares of Pinnacle West Capital by 23.1% during the first quarter. MetLife Investment Management LLC now owns 30,693 shares of the utilities provider’s stock valued at $2,397,000 after purchasing an additional 5,768 shares during the period. Great West Life Assurance Co. Can boosted its stake in shares of Pinnacle West Capital by 5.6% during the first quarter. Great West Life Assurance Co. Can now owns 31,722 shares of the utilities provider’s stock valued at $2,599,000 after purchasing an additional 1,681 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Pinnacle West Capital by 6.8% during the first quarter. Dimensional Fund Advisors LP now owns 494,515 shares of the utilities provider’s stock valued at $38,620,000 after purchasing an additional 31,526 shares during the period. Finally, Sei Investments Co. boosted its stake in shares of Pinnacle West Capital by 7.8% during the first quarter. Sei Investments Co. now owns 135,551 shares of the utilities provider’s stock valued at $10,571,000 after purchasing an additional 9,777 shares during the period. 84.95% of the stock is owned by hedge funds and other institutional investors.

Pinnacle West Capital Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Shareholders of record on Tuesday, August 1st were paid a dividend of $0.865 per share. This represents a $3.46 annualized dividend and a yield of 4.47%. The ex-dividend date was Monday, July 31st. Pinnacle West Capital’s payout ratio is 96.65%.

About Pinnacle West Capital

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.