KeyCorp Lowers Earnings Estimates for Pinnacle West Capital

Pinnacle West Capital Co. (NYSE:PNW) – Research analysts at KeyCorp cut their Q4 2024 earnings per share (EPS) estimates for Pinnacle West Capital in a research note issued on Tuesday, December 3rd. KeyCorp analyst S. Karp now expects that the utilities provider will post earnings of ($0.11) per share for the quarter, down from their previous forecast of ($0.10). 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 FY2027 earnings at $5.71 EPS.

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

Pinnacle West Capital Stock Performance

Shares of Pinnacle West Capital stock opened at $91.59 on Friday. The firm’s fifty day simple moving average is $89.68 and its 200-day simple moving average is $84.99. Pinnacle West Capital has a 12 month low of $65.20 and a 12 month high of $95.42. The stock has a market capitalization of $10.41 billion, a price-to-earnings ratio of 17.35, a PEG ratio of 2.16 and a beta of 0.54. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54.

Institutional Investors Weigh In On Pinnacle West Capital

A number of hedge funds and other institutional investors have recently modified their holdings of PNW. Synovus Financial Corp grew its stake in Pinnacle West Capital by 3.1% in the 3rd quarter. Synovus Financial Corp now owns 7,585 shares of the utilities provider’s stock worth $672,000 after acquiring an additional 229 shares during the period. Tidal Investments LLC grew its position in shares of Pinnacle West Capital by 7.6% in the third quarter. Tidal Investments LLC now owns 2,881 shares of the utilities provider’s stock valued at $255,000 after purchasing an additional 203 shares during the period. Sanctuary Advisors LLC increased its stake in Pinnacle West Capital by 61.5% in the third quarter. Sanctuary Advisors LLC now owns 8,151 shares of the utilities provider’s stock valued at $757,000 after purchasing an additional 3,104 shares during the last quarter. Virtu Financial LLC purchased a new position in Pinnacle West Capital during the third quarter worth about $882,000. Finally, Fortem Financial Group LLC acquired a new stake in Pinnacle West Capital in the 3rd quarter worth about $495,000. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Pinnacle West Capital Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Monday, November 4th were issued a $0.895 dividend. This represents a $3.58 dividend on an annualized basis and a yield of 3.91%. 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. Pinnacle West Capital’s dividend payout ratio is 67.80%.

Pinnacle West Capital Company Profile

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.