KeyCorp Has Positive Outlook for PNW FY2024 Earnings

Pinnacle West Capital Co. (NYSE:PNW) – Equities researchers at KeyCorp lifted their FY2024 EPS estimates for Pinnacle West Capital in a research note issued to investors on Tuesday, December 3rd. KeyCorp analyst S. Karp now forecasts that the utilities provider will post earnings per share of $5.21 for the year, up from their previous estimate of $5.20. KeyCorp currently has a “Overweight” rating and a $101.00 target price on the stock. The consensus estimate for Pinnacle West Capital’s current full-year earnings is $5.13 per share. KeyCorp also issued estimates for Pinnacle West Capital’s FY2026 earnings at $5.33 EPS and FY2028 earnings at $6.06 EPS.

A number of other analysts have also commented on PNW. Jefferies Financial Group started coverage on Pinnacle West Capital in a research note on Thursday, September 19th. They set a “buy” rating and a $104.00 price target on the stock. Barclays cut shares of Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $93.00 to $91.00 in a research report on Monday, November 18th. Wells Fargo & Company lifted their price target on shares of Pinnacle West Capital from $90.00 to $92.00 and gave the stock an “equal weight” rating in a report on Thursday, November 7th. Morgan Stanley lowered their target price on Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating for the company in a research report on Friday, November 22nd. Finally, Citigroup upped their price target on Pinnacle West Capital from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, Pinnacle West Capital currently has an average rating of “Hold” and a consensus target price of $84.65.

Pinnacle West Capital Stock Performance

Pinnacle West Capital stock opened at $91.59 on Thursday. The stock has a market cap of $10.41 billion, a PE ratio of 17.35, a P/E/G ratio of 2.16 and a beta of 0.54. The company has a quick ratio of 0.54, a current ratio of 0.71 and a debt-to-equity ratio of 1.20. Pinnacle West Capital has a 12-month low of $65.20 and a 12-month high of $95.42. The business’s 50-day moving average price is $89.68 and its two-hundred day moving average price is $84.99.

Pinnacle West Capital Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Monday, November 4th were paid a dividend of $0.895 per share. This is a boost from Pinnacle West Capital’s previous quarterly dividend of $0.88. This represents a $3.58 dividend on an annualized basis and a dividend yield of 3.91%. The ex-dividend date was Monday, November 4th. Pinnacle West Capital’s dividend payout ratio (DPR) is 67.80%.

Hedge Funds Weigh In On Pinnacle West Capital

A number of hedge funds have recently modified their holdings of the company. First Horizon Advisors Inc. boosted its holdings in Pinnacle West Capital by 20.9% in the second quarter. First Horizon Advisors Inc. now owns 794 shares of the utilities provider’s stock valued at $61,000 after acquiring an additional 137 shares in the last quarter. GAMMA Investing LLC increased its position in shares of Pinnacle West Capital by 13.7% during the third quarter. GAMMA Investing LLC now owns 1,147 shares of the utilities provider’s stock valued at $102,000 after buying an additional 138 shares during the period. Glenmede Trust Co. NA raised its stake in Pinnacle West Capital by 2.5% in the third quarter. Glenmede Trust Co. NA now owns 6,695 shares of the utilities provider’s stock worth $593,000 after buying an additional 163 shares in the last quarter. LRI Investments LLC raised its stake in Pinnacle West Capital by 7.0% in the third quarter. LRI Investments LLC now owns 2,498 shares of the utilities provider’s stock worth $227,000 after buying an additional 163 shares in the last quarter. Finally, Crossmark Global Holdings Inc. lifted its holdings in Pinnacle West Capital by 2.6% in the third quarter. Crossmark Global Holdings Inc. now owns 6,581 shares of the utilities provider’s stock worth $583,000 after buying an additional 169 shares during the period. Hedge funds and other institutional investors 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.