Pinnacle West Capital Co. (NYSE:PNW) - Equities researchers at KeyCorp reduced their FY2021 earnings estimates for Pinnacle West Capital in a research report issued on Monday, July 19th. KeyCorp analyst S. Karp now expects that the utilities provider will earn $4.76 per share for the year, down from their previous estimate of $5.02. KeyCorp also issued estimates for Pinnacle West Capital's Q4 2021 earnings at $0.12 EPS and FY2024 earnings at $5.70 EPS. Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings results on Wednesday, May 5th. The utilities provider reported $0.32 EPS for the quarter, beating the consensus estimate of $0.25 by $0.07. The business had revenue of $696.48 million for the quarter, compared to analyst estimates of $709.94 million. Pinnacle West Capital had a net margin of 15.36% and a return on equity of 9.62%. The company's quarterly revenue was up 5.2% on a year-over-year basis. During the same period in the prior year, the business earned $0.27 earnings per share.
A number of other brokerages have also issued reports on PNW. Mizuho raised their target price on shares of Pinnacle West Capital from $79.00 to $88.00 and gave the stock a "neutral" rating in a research report on Monday. Morgan Stanley raised their target price on shares of Pinnacle West Capital from $81.00 to $83.00 and gave the stock an "equal weight" rating in a research report on Monday, June 21st. Barclays raised their target price on shares of Pinnacle West Capital from $95.00 to $100.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 25th. Credit Suisse Group raised their target price on shares of Pinnacle West Capital from $81.00 to $91.00 and gave the stock a "neutral" rating in a research report on Monday, May 3rd. Finally, Wells Fargo & Company restated an "equal weight" rating and set a $94.00 target price (up previously from $92.00) on shares of Pinnacle West Capital in a research report on Monday, May 17th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company. The stock presently has a consensus rating of "Hold" and an average price target of $88.44.
PNW stock opened at $83.64 on Thursday. Pinnacle West Capital has a 12 month low of $69.29 and a 12 month high of $91.88. The firm has a 50 day simple moving average of $84.68. The firm has a market capitalization of $9.43 billion, a price-to-earnings ratio of 17.22, a PEG ratio of 4.28 and a beta of 0.31. The company has a quick ratio of 0.62, a current ratio of 0.88 and a debt-to-equity ratio of 1.11.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 1st. Shareholders of record on Monday, August 2nd will be paid a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 3.97%. The ex-dividend date is Friday, July 30th. Pinnacle West Capital's dividend payout ratio is currently 68.17%.
Several hedge funds have recently modified their holdings of the company. Old Port Advisors purchased a new position in shares of Pinnacle West Capital in the 2nd quarter valued at $823,000. IFM Investors Pty Ltd raised its stake in shares of Pinnacle West Capital by 38.8% in the 2nd quarter. IFM Investors Pty Ltd now owns 14,917 shares of the utilities provider's stock valued at $1,223,000 after acquiring an additional 4,171 shares during the period. New Mexico Educational Retirement Board raised its stake in shares of Pinnacle West Capital by 4.1% in the 2nd quarter. New Mexico Educational Retirement Board now owns 7,560 shares of the utilities provider's stock valued at $620,000 after acquiring an additional 300 shares during the period. Verity & Verity LLC raised its stake in shares of Pinnacle West Capital by 29.1% in the 1st quarter. Verity & Verity LLC now owns 66,653 shares of the utilities provider's stock valued at $5,402,000 after acquiring an additional 15,039 shares during the period. Finally, Schroder Investment Management Group raised its stake in shares of Pinnacle West Capital by 30.1% in the 1st quarter. Schroder Investment Management Group now owns 7,234 shares of the utilities provider's stock valued at $588,000 after acquiring an additional 1,675 shares during the period. 83.69% of the stock is currently owned by institutional investors and hedge funds.
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.
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