KeyCorp Equities Analysts Cut Earnings Estimates for Pinnacle West Capital Co. (NYSE:PNW)

Posted by Defense World Staff on May 24th, 2023

Pinnacle West Capital Co. (NYSE:PNW – Get Rating) – KeyCorp dropped their Q2 2023 earnings per share (EPS) estimates for Pinnacle West Capital in a research report issued to clients and investors on Tuesday, May 23rd. KeyCorp analyst S. Karp now expects that the utilities provider will post earnings per share of $1.26 for the quarter, down from their previous forecast of $1.38. The consensus estimate for Pinnacle West Capital’s current full-year earnings is $4.04 per share. KeyCorp also issued estimates for Pinnacle West Capital’s Q3 2023 earnings at $2.66 EPS, FY2024 earnings at $4.66 EPS and FY2026 earnings at $5.21 EPS.

Pinnacle West Capital (NYSE:PNW – Get Rating) last issued its quarterly earnings data on Thursday, May 4th. The utilities provider reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.06). Pinnacle West Capital had a return on equity of 7.50% and a net margin of 10.33%. The firm had revenue of $944.60 million for the quarter, compared to analyst estimates of $808.33 million. During the same period in the previous year, the business earned $0.15 EPS. Pinnacle West Capital’s revenue for the quarter was up 20.6% compared to the same quarter last year.

PNW has been the subject of several other research reports. Mizuho lifted their price target on Pinnacle West Capital from $74.00 to $81.00 in a research note on Thursday, May 11th. Morgan Stanley upped their target price on Pinnacle West Capital from $71.00 to $78.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 20th. StockNews.com cut shares of Pinnacle West Capital from a “hold” rating to a “sell” rating in a research note on Saturday. Credit Suisse Group upgraded shares of Pinnacle West Capital from a “neutral” rating to an “outperform” rating and upped their price objective for the stock from $77.00 to $80.00 in a research report on Tuesday, March 14th. Finally, Bank of America lifted their target price on shares of Pinnacle West Capital from $69.00 to $76.00 in a research report on Thursday, April 6th. Four equities research analysts have rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $74.64.

Pinnacle West Capital Stock Down 0.1 %

PNW opened at $77.65 on Wednesday. The company has a fifty day moving average of $79.01 and a two-hundred day moving average of $76.64. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.74 and a current ratio of 1.01. Pinnacle West Capital has a fifty-two week low of $59.03 and a fifty-two week high of $81.63. The stock has a market capitalization of $8.79 billion, a price-to-earnings ratio of 18.99, a PEG ratio of 3.54 and a beta of 0.46.

Pinnacle West Capital Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 1st. Shareholders of record on Monday, May 1st will be issued a $0.865 dividend. The ex-dividend date of this dividend is Friday, April 28th. This represents a $3.46 dividend on an annualized basis and a yield of 4.46%. Pinnacle West Capital’s payout ratio is 84.60%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in PNW. Ameriprise Financial Inc. lifted its position in Pinnacle West Capital by 12.3% during the first quarter. Ameriprise Financial Inc. now owns 651,032 shares of the utilities provider’s stock worth $51,612,000 after buying an additional 71,322 shares in the last quarter. Advisory Services Network LLC increased its stake in shares of Pinnacle West Capital by 21.8% in the 1st quarter. Advisory Services Network LLC now owns 4,130 shares of the utilities provider’s stock worth $327,000 after acquiring an additional 739 shares during the last quarter. Chevy Chase Trust Holdings LLC raised its holdings in shares of Pinnacle West Capital by 1.0% during the 1st quarter. Chevy Chase Trust Holdings LLC now owns 65,749 shares of the utilities provider’s stock worth $5,210,000 after acquiring an additional 674 shares during the period. Thrivent Financial for Lutherans boosted its position in shares of Pinnacle West Capital by 18.3% during the 1st quarter. Thrivent Financial for Lutherans now owns 129,439 shares of the utilities provider’s stock valued at $10,257,000 after acquiring an additional 19,985 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV grew its holdings in shares of Pinnacle West Capital by 5.8% in the first quarter. Mercer Global Advisors Inc. ADV now owns 63,721 shares of the utilities provider’s stock valued at $5,049,000 after purchasing an additional 3,475 shares during the period. 85.21% of the stock is currently owned by institutional investors and hedge funds.

About Pinnacle West Capital

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Pinnacle West Capital Corp. is a holding company, which engages in providing energy and energy-related products. It offers regulated retail and wholesale electricity businesses and related activities, such as electricity generation, transmission and distribution through its subsidiary, Arizona Public Service Co The company was founded on February 20, 1985, and is headquartered in Phoenix, AZ.