KeyCorp Boosts Earnings Estimates for Pinnacle West Capital

Pinnacle West Capital Co. (NYSE:PNW) – Analysts at KeyCorp increased their FY2024 earnings per share estimates for Pinnacle West Capital in a research note issued on Tuesday, December 3rd. KeyCorp analyst S. Karp now forecasts that the utilities provider will post earnings of $5.21 per share for the year, up from their prior estimate of $5.20. KeyCorp has a “Overweight” rating and a $101.00 price objective on the stock. The consensus estimate for Pinnacle West Capital’s current full-year earnings is $5.13 per share. KeyCorp also issued estimates for Pinnacle West Capital’s FY2026 earnings at $5.33 EPS and FY2028 earnings at $6.06 EPS.

A number of other analysts have also issued reports on PNW. Citigroup lifted their price objective on shares of Pinnacle West Capital from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Wednesday. Morgan Stanley dropped their price target on shares of Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating for the company in a research note on Friday, November 22nd. Wells Fargo & Company lifted their price objective on shares of Pinnacle West Capital from $90.00 to $92.00 and gave the stock an “equal weight” rating in a report on Thursday, November 7th. Barclays downgraded shares of Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $93.00 to $91.00 in a report on Monday, November 18th. Finally, Jefferies Financial Group initiated coverage on shares of Pinnacle West Capital in a report on Thursday, September 19th. They set a “buy” rating and a $104.00 price target for the company. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, Pinnacle West Capital presently has an average rating of “Hold” and an average target price of $84.65.

Pinnacle West Capital Price Performance

PNW stock opened at $92.09 on Thursday. The stock has a 50-day simple moving average of $89.53 and a 200-day simple moving average of $84.84. The firm has a market cap of $10.47 billion, a P/E ratio of 17.44, a price-to-earnings-growth ratio of 2.16 and a beta of 0.54. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.54 and a current ratio of 0.71. Pinnacle West Capital has a 1 year low of $65.20 and a 1 year high of $95.42.

Hedge Funds Weigh In On Pinnacle West Capital

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PNW. Blue Trust Inc. lifted its stake in shares of Pinnacle West Capital by 377.9% in the 2nd quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock valued at $28,000 after purchasing an additional 291 shares during the last quarter. Venturi Wealth Management LLC raised its holdings in Pinnacle West Capital by 124.6% in the 3rd quarter. Venturi Wealth Management LLC now owns 429 shares of the utilities provider’s stock worth $38,000 after acquiring an additional 238 shares during the period. Prospera Private Wealth LLC bought a new position in Pinnacle West Capital in the 3rd quarter worth $43,000. Ashton Thomas Private Wealth LLC bought a new position in Pinnacle West Capital in the 2nd quarter worth $52,000. Finally, First Horizon Advisors Inc. raised its holdings in Pinnacle West Capital by 20.9% in the 2nd quarter. First Horizon Advisors Inc. now owns 794 shares of the utilities provider’s stock worth $61,000 after acquiring an additional 137 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

Pinnacle West Capital Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Monday, November 4th were paid a $0.895 dividend. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.88. The ex-dividend date of this dividend was Monday, November 4th. This represents a $3.58 dividend on an annualized basis and a yield of 3.89%. Pinnacle West Capital’s dividend payout ratio (DPR) is currently 67.80%.

About Pinnacle West Capital

Pinnacle West Capital Corporation, through its subsidiary, 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. Its transmission facilities include overhead lines and underground lines; and distribution facilities consist of overhead lines and underground primary cables.