Pinnacle West Capital (NYSE:PNW) had its price target increased by Morgan Stanley from $90.00 to $91.00 in a research note published on Wednesday. The brokerage currently has an underweight rating on the utilities provider’s stock.
A number of other equities research analysts have also recently issued reports on the stock. Credit Suisse Group started coverage on shares of Pinnacle West Capital in a research note on Wednesday, September 20th. They issued a neutral rating and a $90.00 price objective for the company. ValuEngine raised shares of Pinnacle West Capital from a hold rating to a buy rating in a research report on Tuesday, November 14th. SunTrust Banks reissued a hold rating and set a $88.00 price target on shares of Pinnacle West Capital in a research report on Monday, October 30th. Zacks Investment Research raised shares of Pinnacle West Capital from a hold rating to a buy rating and set a $100.00 price target for the company in a research report on Monday, September 11th. Finally, Bank of America started coverage on shares of Pinnacle West Capital in a research report on Tuesday, October 24th. They set a neutral rating and a $89.00 price target for the company. One analyst has rated the stock with a sell rating, nine have given a hold rating and three have assigned a buy rating to the stock. Pinnacle West Capital presently has an average rating of Hold and an average target price of $87.20.
Shares of Pinnacle West Capital (NYSE:PNW) opened at $89.54 on Wednesday. Pinnacle West Capital has a 12 month low of $75.75 and a 12 month high of $92.48. The stock has a market cap of $10,000.95, a price-to-earnings ratio of 19.33, a PEG ratio of 6.46 and a beta of 0.38. The company has a quick ratio of 0.68, a current ratio of 0.90 and a debt-to-equity ratio of 0.85.
Pinnacle West Capital (NYSE:PNW) last announced its quarterly earnings data on Friday, November 3rd. The utilities provider reported $2.46 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.33 by $0.13. Pinnacle West Capital had a net margin of 14.67% and a return on equity of 10.31%. The company had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.21 billion. During the same quarter in the prior year, the company earned $2.35 EPS. The firm’s revenue was up 1.4% on a year-over-year basis. analysts forecast that Pinnacle West Capital will post 4.28 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, December 1st. Shareholders of record on Wednesday, November 1st were given a dividend of $0.695 per share. The ex-dividend date was Tuesday, October 31st. This represents a $2.78 annualized dividend and a yield of 3.10%. This is a boost from Pinnacle West Capital’s previous quarterly dividend of $0.66. Pinnacle West Capital’s dividend payout ratio is presently 60.04%.
In other Pinnacle West Capital news, CEO Donald E. Brandt sold 18,153 shares of the company’s stock in a transaction on Thursday, November 9th. The shares were sold at an average price of $89.54, for a total value of $1,625,419.62. Following the completion of the transaction, the chief executive officer now directly owns 118,574 shares in the company, valued at approximately $10,617,115.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael L. Gallagher sold 2,012 shares of the company’s stock in a transaction on Thursday, November 9th. The stock was sold at an average price of $89.37, for a total transaction of $179,812.44. Following the completion of the transaction, the director now owns 12,786 shares of the company’s stock, valued at $1,142,684.82. The disclosure for this sale can be found here. 0.70% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of PNW. Captrust Financial Advisors bought a new position in Pinnacle West Capital in the 2nd quarter worth $109,000. Parallel Advisors LLC raised its holdings in Pinnacle West Capital by 3.6% in the 2nd quarter. Parallel Advisors LLC now owns 2,144 shares of the utilities provider’s stock worth $186,000 after purchasing an additional 75 shares in the last quarter. Pacer Advisors Inc. raised its holdings in Pinnacle West Capital by 8.3% in the 2nd quarter. Pacer Advisors Inc. now owns 2,270 shares of the utilities provider’s stock worth $193,000 after purchasing an additional 174 shares in the last quarter. Stock Yards Bank & Trust Co. bought a new position in Pinnacle West Capital in the 3rd quarter worth $205,000. Finally, Krilogy Financial LLC bought a new position in Pinnacle West Capital in the 3rd quarter worth $211,000. Institutional investors and hedge funds own 82.80% of the company’s stock.
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About Pinnacle West Capital
Pinnacle West Capital Corporation is a holding company that operates through its subsidiaries. The Company operates through regulated electricity segment, which consists of traditional regulated retail and wholesale electricity businesses and related activities, and includes electricity generation, transmission and distribution.
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