KeyCorp Weighs in on Pinnacle West Capital Co.’s Q2 2023 Earnings (NYSE:PNW)

Pinnacle West Capital Co. (NYSE:PNW – Get Rating) – KeyCorp dropped their Q2 2023 earnings estimates for Pinnacle West Capital in a report released on Tuesday, May 23rd. KeyCorp analyst S. Karp now expects that the utilities provider will earn $1.26 per share for the quarter, down from their previous estimate 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 announced its quarterly earnings results on Thursday, May 4th. The utilities provider reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.06). The company had revenue of $944.60 million for the quarter, compared to analysts’ expectations of $808.33 million. Pinnacle West Capital had a net margin of 10.33% and a return on equity of 7.50%. Pinnacle West Capital’s quarterly revenue was up 20.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.15 EPS.

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

Pinnacle West Capital Price Performance

Shares of PNW opened at $76.39 on Wednesday. The stock has a market cap of $8.65 billion, a PE ratio of 18.68, a price-to-earnings-growth ratio of 3.55 and a beta of 0.46. 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 firm’s 50-day simple moving average is $78.99 and its two-hundred day simple moving average is $76.64.

Pinnacle West Capital Dividend Announcement

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 paid a $0.865 dividend. The ex-dividend date is Friday, April 28th. This represents a $3.46 dividend on an annualized basis and a dividend yield of 4.53%. Pinnacle West Capital’s payout ratio is currently 84.60%.

Hedge Funds Weigh In On Pinnacle West Capital

Institutional investors and hedge funds have recently made changes to their positions in the business. Headlands Technologies LLC bought a new stake in shares of Pinnacle West Capital in the 1st quarter worth about $26,000. Quent Capital LLC lifted its holdings in shares of Pinnacle West Capital by 153.6% in the 4th quarter. Quent Capital LLC now owns 350 shares of the utilities provider’s stock worth $27,000 after acquiring an additional 212 shares during the last quarter. Jones Financial Companies Lllp bought a new stake in shares of Pinnacle West Capital in the 1st quarter worth about $28,000. Dark Forest Capital Management LP bought a new stake in shares of Pinnacle West Capital in the 4th quarter worth about $30,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in Pinnacle West Capital by 128.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 411 shares of the utilities provider’s stock valued at $31,000 after buying an additional 231 shares in the last quarter. 85.21% of the stock is owned by hedge funds and other institutional investors.

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.