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

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

Analysts Set New Price Targets

A number of analysts have commented on the company. StockNews.com downgraded Pinnacle West Capital from a hold rating to a sell rating in a research report on Thursday, March 14th. Evercore ISI cut their target price on shares of Pinnacle West Capital from $76.00 to $69.00 and set an in-line rating on the stock in a report on Monday, March 4th. Mizuho decreased their target price on shares of Pinnacle West Capital from $77.00 to $75.00 and set a buy rating for the company in a research report on Wednesday, March 6th. Morgan Stanley lifted their price objective on shares of 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. Finally, Royal Bank of Canada cut their target price on shares of Pinnacle West Capital from $83.00 to $80.00 and set a sector perform rating for the company in a research note on Friday, March 1st. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus price target of $72.91.

Pinnacle West Capital Stock Performance

Shares of Pinnacle West Capital stock opened at $74.62 on Wednesday. Pinnacle West Capital has a 52 week low of $65.20 and a 52 week high of $86.03. The company has a quick ratio of 0.50, a current ratio of 0.67 and a debt-to-equity ratio of 1.20. The stock’s fifty day moving average is $70.51 and its two-hundred day moving average is $72.14. The company has a market capitalization of $8.47 billion, a PE ratio of 16.92, a price-to-earnings-growth ratio of 2.03 and a beta of 0.49.

Institutional Investors Weigh In On Pinnacle West Capital

Institutional investors and hedge funds have recently modified their holdings of the company. Pacific Center for Financial Services purchased a new stake in shares of Pinnacle West Capital during the first quarter worth approximately $40,000. Retirement Group LLC lifted its stake in shares of Pinnacle West Capital by 200.0% in the 4th quarter. Retirement Group LLC now owns 600 shares of the utilities provider’s stock valued at $46,000 after purchasing an additional 400 shares during the last quarter. Bartlett & CO. Wealth Management LLC lifted its stake in shares of Pinnacle West Capital by 51.5% in the 4th quarter. Bartlett & CO. Wealth Management LLC now owns 771 shares of the utilities provider’s stock valued at $55,000 after purchasing an additional 262 shares during the last quarter. Parkside Financial Bank & Trust lifted its stake in Pinnacle West Capital by 235.5% during the 1st quarter. Parkside Financial Bank & Trust now owns 718 shares of the utilities provider’s stock worth $56,000 after acquiring an additional 504 shares in the last quarter. Finally, Harbour Investments Inc. increased its holdings in Pinnacle West Capital by 57.3% during the 1st quarter. Harbour Investments Inc. now owns 752 shares of the utilities provider’s stock worth $60,000 after purchasing an additional 274 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

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.