Pinnacle West Capital (NYSE:PNW) Announces Earnings Results, Beats Estimates By $0.17 EPS

Pinnacle West Capital (NYSE:PNW) released its quarterly earnings results on Tuesday. The utilities provider reported $3.49 earnings per share for the quarter, beating the consensus estimate of $3.32 by $0.17, FiscalAI reports. The firm had revenue of $1.97 billion for the quarter, compared to analysts’ expectations of $1.90 billion. Pinnacle West Capital had a net margin of 11.52% and a return on equity of 8.99%. The business’s revenue was up 8.3% on a year-over-year basis. During the same period in the prior year, the firm earned $3.39 EPS.

Pinnacle West Capital Trading Up 1.3%

Shares of PNW stock traded up $1.41 during trading hours on Tuesday, hitting $107.36. 354,150 shares of the company’s stock traded hands, compared to its average volume of 1,241,482. The stock has a market cap of $13.01 billion, a PE ratio of 20.55, a price-to-earnings-growth ratio of 3.75 and a beta of 0.43. The stock’s 50 day simple moving average is $98.46 and its 200 day simple moving average is $100.38. The company has a quick ratio of 0.41, a current ratio of 0.59 and a debt-to-equity ratio of 1.38. Pinnacle West Capital has a 12 month low of $86.18 and a 12 month high of $111.16.

Pinnacle West Capital Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Monday, November 2nd will be given a dividend of $0.9250 per share. The ex-dividend date is Monday, November 2nd. This represents a $3.70 annualized dividend and a yield of 3.4%. This is a boost from Pinnacle West Capital’s previous quarterly dividend of $0.91. Pinnacle West Capital’s dividend payout ratio is 70.88%.

Insider Transactions at Pinnacle West Capital

In related news, SVP Luis Esparza, Jr. sold 1,800 shares of the company’s stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $102.01, for a total value of $183,618.00. Following the sale, the senior vice president directly owned 4,910 shares in the company, valued at $500,869.10. This represents a 26.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Elizabeth Blankenship sold 980 shares of the company’s stock in a transaction on Monday, August 10th. The shares were sold at an average price of $99.17, for a total transaction of $97,186.60. Following the completion of the sale, the chief accounting officer directly owned 10,886 shares in the company, valued at approximately $1,079,564.62. This represents a 8.26% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.19% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on PNW shares. HSBC initiated coverage on shares of Pinnacle West Capital in a research report on Thursday, October 22nd. They issued a “buy” rating and a $119.50 target price for the company. Citigroup reaffirmed a “neutral” rating on shares of Pinnacle West Capital in a research report on Thursday, October 8th. Truist Financial dropped their price objective on shares of Pinnacle West Capital from $101.00 to $99.00 and set a “hold” rating for the company in a research note on Monday, October 5th. Jefferies Financial Group cut their price objective on shares of Pinnacle West Capital from $129.00 to $109.00 and set a “buy” rating for the company in a report on Monday, October 5th. Finally, TD Cowen restated a “hold” rating on shares of Pinnacle West Capital in a research report on Wednesday, August 12th. Five equities research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $103.39.

Pinnacle West Capital Company Profile

Pinnacle West Capital Corporation (NYSE:PNW) is an energy holding company based in Phoenix, Arizona. Its principal subsidiary, Arizona Public Service Company (APS), is an electric utility that generates, transmits and distributes electricity to customers across Arizona.

APS serves residential, commercial, industrial and governmental customers through a diverse power portfolio that includes nuclear, natural gas, coal, solar and other renewable energy resources. The utility is also involved in maintaining and expanding the electric grid, supporting energy-efficiency programs and developing cleaner energy resources.