Pinnacle West Capital Corporation (PNW) Updates FY17 Earnings Guidance
Pinnacle West Capital Corporation (NYSE:PNW) issued an update on its FY17 earnings guidance on Friday morning. The company provided earnings per share guidance of $4.15-4.30 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $4.27. Pinnacle West Capital Corporation also updated its FY18 guidance to $4.25-4.45 EPS.
Pinnacle West Capital Corporation (NYSE:PNW) last issued its quarterly earnings data on Thursday, August 3rd. The utilities provider reported $1.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.16 by $0.33. The business had revenue of $944.59 million for the quarter, compared to analysts’ expectations of $921.79 million. Pinnacle West Capital Corporation had a return on equity of 10.20% and a net margin of 14.37%. The firm’s quarterly revenue was up 3.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.08 EPS.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Wednesday, November 1st will be issued a dividend of $0.695 per share. This is a boost from Pinnacle West Capital Corporation’s previous quarterly dividend of $0.66. The ex-dividend date of this dividend is Tuesday, October 31st. This represents a $2.78 dividend on an annualized basis and a yield of 3.16%. Pinnacle West Capital Corporation’s dividend payout ratio is 61.50%.
A number of equities analysts have weighed in on the company. SunTrust Banks, Inc. restated a hold rating and issued a $88.00 target price on shares of Pinnacle West Capital Corporation in a research note on Monday. Zacks Investment Research upgraded Pinnacle West Capital Corporation from a hold rating to a buy rating and set a $99.00 target price on the stock in a research note on Thursday, October 26th. Bank of America Corporation assumed coverage on Pinnacle West Capital Corporation in a research note on Tuesday, October 24th. They issued a neutral rating and a $89.00 target price on the stock. Credit Suisse Group assumed coverage on Pinnacle West Capital Corporation in a research note on Wednesday, September 20th. They issued a neutral rating and a $90.00 target price on the stock. Finally, Morgan Stanley upped their target price on Pinnacle West Capital Corporation from $83.00 to $86.00 and gave the stock an underweight rating in a research note on Friday, September 8th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus price target of $86.40.
In other news, EVP David P. Falck sold 4,600 shares of the stock in a transaction dated Thursday, August 24th. The stock was sold at an average price of $89.98, for a total transaction of $413,908.00. Following the transaction, the executive vice president now directly owns 42,840 shares in the company, valued at approximately $3,854,743.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Donald E. Brandt sold 35,013 shares of the 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 transaction, the chairman now owns 118,574 shares in the company, valued at $10,620,673.18. The disclosure for this sale can be found here. Insiders have sold a total of 41,419 shares of company stock worth $3,713,068 over the last quarter. Corporate insiders own 0.70% of the company’s stock.
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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