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

Pinnacle West Capital (NYSE:PNW - Get Free Report) updated its FY24 earnings guidance on Thursday. The company provided EPS guidance of $4.60-4.80 for the period, compared to the consensus EPS estimate of $4.74.

Pinnacle West Capital Price Performance

Shares of PNW traded up $0.10 during trading hours on Thursday, reaching $75.04. 1,045,410 shares of the company traded hands, compared to its average volume of 1,316,293. The stock has a fifty day simple moving average of $72.21 and a 200 day simple moving average of $72.11. The stock has a market capitalization of $8.52 billion, a PE ratio of 17.00, a price-to-earnings-growth ratio of 2.08 and a beta of 0.48. The company has a quick ratio of 0.50, a current ratio of 0.67 and a debt-to-equity ratio of 1.20. Pinnacle West Capital has a fifty-two week low of $65.20 and a fifty-two week high of $86.03.

Pinnacle West Capital Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Wednesday, May 1st will be given a $0.88 dividend. The ex-dividend date is Tuesday, April 30th. This represents a $3.52 annualized dividend and a dividend yield of 4.69%. Pinnacle West Capital's payout ratio is 79.82%.

Analyst Upgrades and Downgrades

PNW has been the topic of a number of recent research reports. Morgan Stanley lifted their target price on Pinnacle West Capital from $69.00 to $70.00 and gave the stock an equal weight rating in a report on Thursday, March 21st. StockNews.com cut Pinnacle West Capital from a hold rating to a sell rating in a report on Thursday, March 14th. Bank of America upgraded Pinnacle West Capital from a neutral rating to a buy rating and increased their price objective for the company from $71.00 to $80.00 in a research report on Monday, March 18th. Citigroup started coverage on Pinnacle West Capital in a report on Monday. They set a neutral rating and a $78.00 target price on the stock. Finally, Guggenheim raised Pinnacle West Capital from a neutral rating to a buy rating and set a $78.00 target price on the stock in a research report on Monday, January 22nd. One analyst has rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Pinnacle West Capital currently has an average rating of Hold and a consensus price target of $73.42.

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.