Pinnacle West Capital (NYSE:PNW) Updates FY 2024 Earnings Guidance

Pinnacle West Capital (NYSE:PNW) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of 4.600-4.800 for the period, compared to the consensus estimate of 4.690. The company issued revenue guidance of -.

Wall Street Analyst Weigh In

PNW has been the subject of a number of research reports. LADENBURG THALM/SH SH assumed coverage on Pinnacle West Capital in a research report on Wednesday, February 14th. They set a neutral rating and a $69.00 price objective for the company. Evercore ISI lowered their price target on Pinnacle West Capital from $76.00 to $69.00 and set an in-line rating for the company in a research note on Monday, March 4th. Wells Fargo & Company cut their price objective on shares of Pinnacle West Capital from $78.00 to $74.00 and set an equal weight rating on the stock in a research report on Friday, January 26th. StockNews.com cut shares of Pinnacle West Capital from a hold rating to a sell rating in a research note on Thursday, March 14th. Finally, Guggenheim upgraded shares of Pinnacle West Capital from a neutral rating to a buy rating and set a $78.00 price target on the stock in a report on Monday, January 22nd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Hold and an average price target of $73.00.

Pinnacle West Capital Stock Performance

PNW stock traded up $0.84 during midday trading on Wednesday, hitting $72.05. The stock had a trading volume of 578,333 shares, compared to its average volume of 1,380,927. 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 $8.18 billion, a price-to-earnings ratio of 16.15, a P/E/G ratio of 2.02 and a beta of 0.49. The company has a current ratio of 0.67, a quick ratio of 0.50 and a debt-to-equity ratio of 1.20. The stock has a 50-day simple moving average of $70.77 and a 200 day simple moving average of $72.06.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Legal & General Group Plc raised its holdings in shares of Pinnacle West Capital by 1.9% in the 4th quarter. Legal & General Group Plc now owns 931,290 shares of the utilities provider’s stock worth $66,904,000 after buying an additional 17,388 shares in the last quarter. Perpetual Ltd boosted its stake in shares of Pinnacle West Capital by 9.5% in the 4th quarter. Perpetual Ltd now owns 282,317 shares of the utilities provider’s stock valued at $20,282,000 after purchasing an additional 24,497 shares in the last quarter. Voloridge Investment Management LLC increased its position in shares of Pinnacle West Capital by 486.9% during the 4th quarter. Voloridge Investment Management LLC now owns 298,375 shares of the utilities provider’s stock worth $21,435,000 after purchasing an additional 247,538 shares in the last quarter. West Tower Group LLC increased its position in shares of Pinnacle West Capital by 2,235.0% during the 4th quarter. West Tower Group LLC now owns 934 shares of the utilities provider’s stock worth $67,000 after purchasing an additional 894 shares in the last quarter. Finally, Nuveen Asset Management LLC lifted its holdings in Pinnacle West Capital by 1.6% during the 4th quarter. Nuveen Asset Management LLC now owns 534,136 shares of the utilities provider’s stock valued at $38,372,000 after purchasing an additional 8,670 shares during the last quarter. 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.