Pinnacle West Capital (NYSE:PNW - Get Free Report) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 4.600-4.800 for the period, compared to the consensus earnings per share estimate of 4.690. The company issued revenue guidance of -.
Analysts Set New Price Targets
Several analysts have weighed in on the company. Morgan Stanley lifted their price objective on Pinnacle West Capital from $69.00 to $70.00 and gave the company an equal weight rating in a research report on Thursday, March 21st. UBS Group raised Pinnacle West Capital from a sell rating to a neutral rating and upped their price objective for the company from $68.00 to $71.00 in a research report on Monday, March 11th. Royal Bank of Canada lowered their price objective on Pinnacle West Capital from $83.00 to $80.00 and set a sector perform rating on the stock in a research report on Friday, March 1st. Wells Fargo & Company decreased their target price on shares of Pinnacle West Capital from $78.00 to $74.00 and set an equal weight rating for the company in a research note on Friday, January 26th. Finally, Bank of America upgraded Pinnacle West Capital from a neutral rating to a buy rating and upped their price objective for the stock from $71.00 to $80.00 in a research note on Monday, March 18th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of Hold and an average price target of $73.00.
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Pinnacle West Capital Price Performance
Shares of PNW traded up $0.76 during midday trading on Wednesday, hitting $71.97. 800,540 shares of the company traded hands, compared to its average volume of 1,385,923. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.50 and a current ratio of 0.67. Pinnacle West Capital has a 52 week low of $65.20 and a 52 week high of $86.03. The firm has a 50 day moving average of $70.83 and a 200-day moving average of $72.04. The stock has a market cap of $8.17 billion, a price-to-earnings ratio of 16.32, a PEG ratio of 2.02 and a beta of 0.49.
Pinnacle West Capital Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Wednesday, May 1st will be issued a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a dividend yield of 4.89%. Pinnacle West Capital's payout ratio is 79.82%.
Institutional Inflows and Outflows
A number of institutional investors have recently made changes to their positions in PNW. Norges Bank bought a new position in shares of Pinnacle West Capital in the 4th quarter valued at about $104,067,000. State Street Corp raised its position in Pinnacle West Capital by 18.4% in the 1st quarter. State Street Corp now owns 6,911,753 shares of the utilities provider's stock worth $539,808,000 after purchasing an additional 1,072,235 shares during the period. Invesco Ltd. raised its position in Pinnacle West Capital by 29.6% in the 1st quarter. Invesco Ltd. now owns 3,537,942 shares of the utilities provider's stock worth $276,313,000 after purchasing an additional 808,207 shares during the period. Captrust Financial Advisors increased its position in shares of Pinnacle West Capital by 297.6% during the fourth quarter. Captrust Financial Advisors now owns 633,531 shares of the utilities provider's stock worth $48,174,000 after acquiring an additional 474,174 shares during the period. Finally, BlackRock Inc. increased its position in shares of Pinnacle West Capital by 2.7% during the first quarter. BlackRock Inc. now owns 10,307,741 shares of the utilities provider's stock worth $816,785,000 after acquiring an additional 273,945 shares during the period. Institutional investors own 91.51% of the company's stock.
Pinnacle West Capital Company Profile
(
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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.
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