Pinnacle West Capital (NYSE:PNW) Issues FY24 Earnings Guidance

Pinnacle West Capital (NYSE:PNW - Get Free Report) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $4.60-4.80 for the period, compared to the consensus EPS estimate of $4.73.

Pinnacle West Capital Price Performance

PNW stock traded up $0.54 during mid-day trading on Tuesday, hitting $74.62. The stock had a trading volume of 1,050,402 shares, compared to its average volume of 1,395,326. The company has a current ratio of 0.67, a quick ratio of 0.50 and a debt-to-equity ratio of 1.20. Pinnacle West Capital has a 52 week low of $65.20 and a 52 week high of $86.03. The firm has a market capitalization of $8.47 billion, a P/E ratio of 16.92, a P/E/G ratio of 2.03 and a beta of 0.49. The firm has a fifty day simple moving average of $70.51 and a 200 day simple moving average of $72.14.

Wall Street Analysts Forecast Growth

PNW has been the topic of several recent analyst reports. Morgan Stanley raised their target price on shares of Pinnacle West Capital from $69.00 to $70.00 and gave the company an equal weight rating in a report on Thursday, March 21st. StockNews.com lowered shares of Pinnacle West Capital from a hold rating to a sell rating in a report on Thursday, March 14th. UBS Group raised shares of Pinnacle West Capital from a sell rating to a neutral rating and raised their target price for the company from $68.00 to $71.00 in a report on Monday, March 11th. Mizuho decreased their target price on shares of Pinnacle West Capital from $77.00 to $75.00 and set a buy rating on the stock in a report on Wednesday, March 6th. Finally, Wells Fargo & Company decreased their price target on shares of Pinnacle West Capital from $78.00 to $74.00 and set an equal weight rating on the stock in a report on Friday, January 26th. One analyst has rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of Hold and an average price target of $72.91.

Institutional Investors Weigh In On Pinnacle West Capital

Several institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in Pinnacle West Capital by 1.8% during the first quarter. Vanguard Group Inc. now owns 13,338,202 shares of the utilities provider's stock valued at $1,041,714,000 after purchasing an additional 241,019 shares during the last quarter. BlackRock Inc. lifted its holdings in shares of Pinnacle West Capital by 2.7% in the first quarter. BlackRock Inc. now owns 10,307,741 shares of the utilities provider's stock worth $816,785,000 after buying an additional 273,945 shares in the last quarter. State Street Corp lifted its holdings in shares of Pinnacle West Capital by 1.0% in the third quarter. State Street Corp now owns 7,634,622 shares of the utilities provider's stock worth $492,509,000 after buying an additional 74,164 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of Pinnacle West Capital by 29.6% in the first quarter. Invesco Ltd. now owns 3,537,942 shares of the utilities provider's stock worth $276,313,000 after buying an additional 808,207 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Pinnacle West Capital in the fourth quarter worth about $104,067,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Pinnacle West Capital Company Profile

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.