Pinnacle West Capital (NYSE:PNW – Get Rating) posted its quarterly earnings data on Wednesday. The utilities provider reported $1.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.04, Briefing.com reports. Pinnacle West Capital had a net margin of 13.88% and a return on equity of 9.04%. The firm had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $974.60 million. During the same quarter in the prior year, the company posted $1.91 earnings per share. The company’s revenue for the quarter was up 6.1% compared to the same quarter last year. Pinnacle West Capital updated its FY 2022 guidance to $3.90-$4.10 EPS.
Pinnacle West Capital Trading Down 1.5 %
Shares of NYSE:PNW opened at $75.42 on Friday. Pinnacle West Capital has a 1 year low of $62.78 and a 1 year high of $81.25. The firm has a market capitalization of $8.53 billion, a price-to-earnings ratio of 15.58 and a beta of 0.32. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.89 and a quick ratio of 0.76. The business’s 50 day moving average price is $72.35 and its 200-day moving average price is $73.19.
Pinnacle West Capital Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 1st. Stockholders of record on Monday, August 1st will be given a dividend of $0.85 per share. The ex-dividend date of this dividend is Friday, July 29th. This represents a $3.40 dividend on an annualized basis and a dividend yield of 4.51%. Pinnacle West Capital’s dividend payout ratio (DPR) is 70.25%.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PNW. Parkside Financial Bank & Trust lifted its holdings in Pinnacle West Capital by 235.5% in the 1st quarter. Parkside Financial Bank & Trust now owns 718 shares of the utilities provider’s stock valued at $56,000 after purchasing an additional 504 shares in the last quarter. PFS Investments Inc. purchased a new position in Pinnacle West Capital in the 1st quarter valued at $208,000. Wetherby Asset Management Inc. purchased a new position in Pinnacle West Capital in the 1st quarter valued at $220,000. Mather Group LLC. purchased a new position in Pinnacle West Capital in the 1st quarter valued at $256,000. Finally, Atria Wealth Solutions Inc. purchased a new position in Pinnacle West Capital in the 1st quarter valued at $386,000. Hedge funds and other institutional investors own 80.89% of the company’s stock.
Wall Street Analyst Weigh In
PNW has been the topic of several research reports. KeyCorp increased their price target on shares of Pinnacle West Capital from $62.00 to $64.00 and gave the stock an “underweight” rating in a report on Wednesday, April 20th. Morgan Stanley increased their price target on shares of Pinnacle West Capital from $70.00 to $71.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 26th. Credit Suisse Group initiated coverage on shares of Pinnacle West Capital in a report on Monday, April 25th. They issued an “underperform” rating and a $73.00 price target on the stock. UBS Group cut their price target on shares of Pinnacle West Capital from $74.00 to $67.00 and set a “sell” rating on the stock in a report on Thursday, June 30th. Finally, Barclays cut their price target on shares of Pinnacle West Capital from $78.00 to $68.00 and set an “underweight” rating on the stock in a report on Monday, July 18th. Seven equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $71.62.
About Pinnacle West Capital
Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, 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.
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