Pinnacle West Capital Corporation (PNW) Releases Quarterly Earnings Results
Pinnacle West Capital Corporation (NYSE:PNW) posted its quarterly earnings data on Friday. The utilities provider reported $2.46 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.33 by $0.13, Briefing.com reports. Pinnacle West Capital Corporation had a net margin of 14.37% and a return on equity of 10.20%. The firm had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.21 billion. During the same quarter in the prior year, the company posted $2.35 earnings per share. The company’s revenue for the quarter was up 1.4% compared to the same quarter last year. Pinnacle West Capital Corporation updated its FY17 guidance to $4.15-4.30 EPS and its FY18 guidance to $4.25-4.45 EPS.
Pinnacle West Capital Corporation (NYSE:PNW) opened at $89.12 on Friday. The company has a current ratio of 0.65, a quick ratio of 0.48 and a debt-to-equity ratio of 0.84. The firm has a market capitalization of $9.81 billion, a price-to-earnings ratio of 19.45, a P/E/G ratio of 4.13 and a beta of 0.38.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Wednesday, November 1st will be issued a $0.695 dividend. This represents a $2.78 annualized dividend and a yield of 3.12%. The ex-dividend date of this dividend is Tuesday, October 31st. This is an increase from Pinnacle West Capital Corporation’s previous quarterly dividend of $0.66. Pinnacle West Capital Corporation’s dividend payout ratio is 61.50%.
In other news, Chairman Donald E. Brandt sold 35,013 shares of the firm’s stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $89.57, for a total value of $3,136,114.41. Following the completion of the sale, the chairman now directly owns 118,574 shares of the company’s stock, valued at approximately $10,620,673.18. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Kathryn L. Munro sold 1,806 shares of the firm’s stock in a transaction dated Friday, August 25th. The stock was sold at an average price of $90.28, for a total transaction of $163,045.68. Following the completion of the sale, the director now directly owns 17,852 shares of the company’s stock, valued at $1,611,678.56. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 41,419 shares of company stock valued at $3,713,068. Corporate insiders own 0.70% of the company’s stock.
Several equities analysts have recently issued reports on PNW shares. Morgan Stanley upped their price objective on shares of Pinnacle West Capital Corporation from $83.00 to $86.00 and gave the company an “underweight” rating in a report on Friday, September 8th. Zacks Investment Research downgraded shares of Pinnacle West Capital Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, July 11th. SunTrust Banks, Inc. restated a “hold” rating and set a $84.00 price objective on shares of Pinnacle West Capital Corporation in a report on Thursday, October 12th. Royal Bank Of Canada restated a “hold” rating and set a $89.00 price objective on shares of Pinnacle West Capital Corporation in a report on Tuesday, August 29th. Finally, BidaskClub upgraded shares of Pinnacle West Capital Corporation from a “sell” rating to a “hold” rating in a report on Monday, July 24th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the company. Pinnacle West Capital Corporation has a consensus rating of “Hold” and an average target price of $86.40.
Pinnacle West Capital Corporation Company Profile
Pinnacle West Capital Corporation is a holding company that operates through its subsidiaries. The Company operates through regulated electricity segment, which consists of traditional regulated retail and wholesale electricity businesses and related activities, and includes electricity generation, transmission and distribution.
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