SunTrust Banks set a $82.00 target price on Pinnacle West Capital (NYSE:PNW) in a research note issued to investors on Tuesday morning. The brokerage currently has a hold rating on the utilities provider’s stock.
A number of other brokerages have also weighed in on PNW. Morgan Stanley upped their target price on shares of Pinnacle West Capital from $90.00 to $91.00 and gave the stock an underweight rating in a research note on Wednesday, December 13th. ValuEngine raised shares of Pinnacle West Capital from a hold rating to a buy rating in a research note on Tuesday, November 14th. Bank of America started coverage on shares of Pinnacle West Capital in a research note on Tuesday, October 24th. They issued a neutral rating and a $89.00 target price for the company. Zacks Investment Research lowered shares of Pinnacle West Capital from a hold rating to a sell rating in a research note on Tuesday, October 10th. Finally, 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 target price for the company. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the stock. The stock has a consensus rating of Hold and a consensus target price of $86.00.
Shares of Pinnacle West Capital (NYSE:PNW) traded down $0.13 during midday trading on Tuesday, reaching $79.08. 779,059 shares of the company were exchanged, compared to its average volume of 707,646. The firm has a market cap of $8,885.87, a price-to-earnings ratio of 17.08, a PEG ratio of 5.68 and a beta of 0.38. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.68 and a current ratio of 0.90. Pinnacle West Capital has a 12-month low of $75.79 and a 12-month high of $92.48.
Pinnacle West Capital (NYSE:PNW) last announced its earnings results on Friday, November 3rd. The utilities provider reported $2.46 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.33 by $0.13. The firm had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.21 billion. Pinnacle West Capital had a net margin of 14.67% and a return on equity of 10.31%. The company’s revenue for the quarter was up 1.4% compared to the same quarter last year. During the same period in the prior year, the business earned $2.35 EPS. analysts expect that Pinnacle West Capital will post 4.28 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 1st. Shareholders of record on Thursday, February 1st will be given a dividend of $0.695 per share. The ex-dividend date of this dividend is Wednesday, January 31st. This represents a $2.78 annualized dividend and a yield of 3.52%. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 60.04%.
In other Pinnacle West Capital news, Director Michael L. Gallagher sold 2,012 shares of the business’s stock in a transaction dated Thursday, November 9th. The shares were sold at an average price of $89.37, for a total transaction of $179,812.44. Following the sale, the director now directly owns 12,786 shares of the company’s stock, valued at approximately $1,142,684.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP David P. Falck sold 4,500 shares of the business’s stock in a transaction dated Thursday, December 14th. The stock was sold at an average price of $89.07, for a total transaction of $400,815.00. Following the sale, the executive vice president now directly owns 40,838 shares in the company, valued at $3,637,440.66. The disclosure for this sale can be found here. Insiders have sold a total of 24,665 shares of company stock worth $2,206,047 over the last three months. Insiders own 0.70% of the company’s stock.
A number of large investors have recently modified their holdings of the business. Banced Corp bought a new stake in shares of Pinnacle West Capital in the 4th quarter valued at about $201,000. Stock Yards Bank & Trust Co. bought a new stake in shares of Pinnacle West Capital in the 3rd quarter valued at about $205,000. Krilogy Financial LLC bought a new stake in shares of Pinnacle West Capital in the 3rd quarter valued at about $211,000. Quantitative Systematic Strategies LLC bought a new stake in shares of Pinnacle West Capital in the 3rd quarter valued at about $214,000. Finally, Capital Fund Management S.A. bought a new stake in shares of Pinnacle West Capital in the 2nd quarter valued at about $238,000. 82.74% of the stock is currently owned by hedge funds and other institutional investors.
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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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