KeyCorp Lifts Earnings Estimates for Pinnacle West Capital

Pinnacle West Capital Co. (NYSE:PNW) – Analysts at KeyCorp lifted their FY2024 earnings per share (EPS) estimates for Pinnacle West Capital in a note issued to investors on Tuesday, December 3rd. KeyCorp analyst S. Karp now expects that the utilities provider will earn $5.21 per share for the year, up from their previous estimate of $5.20. KeyCorp currently has a “Overweight” rating and a $101.00 target price on the stock. The consensus estimate for Pinnacle West Capital’s current full-year earnings is $5.13 per share. KeyCorp also issued estimates for Pinnacle West Capital’s FY2026 earnings at $5.33 EPS and FY2028 earnings at $6.06 EPS.

Other research analysts have also issued reports about the company. Barclays lowered Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $93.00 to $91.00 in a research note on Monday, November 18th. Citigroup upped their target price on Pinnacle West Capital from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Wednesday. Jefferies Financial Group started coverage on Pinnacle West Capital in a research note on Thursday, September 19th. They issued a “buy” rating and a $104.00 target price for the company. Morgan Stanley cut their target price on Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating for the company in a research note on Friday, November 22nd. Finally, Wells Fargo & Company upped their target price on Pinnacle West Capital from $90.00 to $92.00 and gave the company an “equal weight” rating in a research note on Thursday, November 7th. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Pinnacle West Capital presently has an average rating of “Hold” and an average target price of $84.65.

Pinnacle West Capital Stock Up 0.4 %

PNW opened at $92.49 on Thursday. Pinnacle West Capital has a 1-year low of $65.20 and a 1-year high of $95.42. The company has a current ratio of 0.71, a quick ratio of 0.54 and a debt-to-equity ratio of 1.20. The stock has a market capitalization of $10.52 billion, a price-to-earnings ratio of 17.52, a P/E/G ratio of 2.16 and a beta of 0.54. The business has a 50 day moving average of $89.61 and a 200-day moving average of $84.90.

Institutional Investors Weigh In On Pinnacle West Capital

A number of hedge funds and other institutional investors have recently bought and sold shares of PNW. Blue Trust Inc. increased its position in shares of Pinnacle West Capital by 377.9% during the 2nd quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock worth $28,000 after purchasing an additional 291 shares during the last quarter. Venturi Wealth Management LLC increased its position in shares of Pinnacle West Capital by 124.6% during the 3rd quarter. Venturi Wealth Management LLC now owns 429 shares of the utilities provider’s stock worth $38,000 after purchasing an additional 238 shares during the last quarter. Prospera Private Wealth LLC acquired a new position in shares of Pinnacle West Capital during the 3rd quarter worth approximately $43,000. Ashton Thomas Private Wealth LLC acquired a new position in shares of Pinnacle West Capital during the 2nd quarter worth approximately $52,000. Finally, First Horizon Advisors Inc. increased its position in shares of Pinnacle West Capital by 20.9% during the 2nd quarter. First Horizon Advisors Inc. now owns 794 shares of the utilities provider’s stock worth $61,000 after purchasing an additional 137 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Pinnacle West Capital Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Monday, November 4th were given a $0.895 dividend. This represents a $3.58 dividend on an annualized basis and a yield of 3.87%. The ex-dividend date was 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 67.80%.

About Pinnacle West Capital

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.