Pinnacle West Capital Co. (NYSE:PNW – Get Rating) – Stock analysts at KeyCorp lifted their Q1 2022 EPS estimates for shares of Pinnacle West Capital in a report issued on Tuesday, April 19th. KeyCorp analyst S. Karp now expects that the utilities provider will post earnings of $0.06 per share for the quarter, up from their prior estimate of $0.02. KeyCorp currently has a “Underweight” rating and a $64.00 target price on the stock. KeyCorp also issued estimates for Pinnacle West Capital’s Q4 2022 earnings at ($0.05) EPS.
PNW has been the topic of a number of other reports. Wells Fargo & Company raised their price target on shares of Pinnacle West Capital from $68.00 to $75.00 and gave the stock an “equal weight” rating in a research report on Monday, February 28th. StockNews.com assumed coverage on shares of Pinnacle West Capital in a report on Thursday, March 31st. They issued a “hold” rating on the stock. Mizuho upped their target price on Pinnacle West Capital from $72.00 to $74.00 and gave the company a “neutral” rating in a report on Thursday, March 10th. Barclays downgraded Pinnacle West Capital from an “equal weight” rating to an “underweight” rating and raised their price target for the stock from $72.00 to $78.00 in a report on Tuesday. Finally, Morgan Stanley upped their price objective on Pinnacle West Capital from $71.00 to $77.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Six analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, Pinnacle West Capital presently has a consensus rating of “Hold” and an average target price of $74.75.
Pinnacle West Capital (NYSE:PNW – Get Rating) last issued its quarterly earnings results on Friday, February 25th. The utilities provider reported $0.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.07 by $0.17. Pinnacle West Capital had a net margin of 16.27% and a return on equity of 10.38%. The business had revenue of $798.90 million during the quarter, compared to analyst estimates of $659.68 million. During the same quarter in the previous year, the firm earned ($0.17) earnings per share. The business’s revenue was up 7.8% compared to the same quarter last year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 1st. Shareholders of record on Monday, May 2nd will be given a $0.85 dividend. This represents a $3.40 annualized dividend and a yield of 4.36%. Pinnacle West Capital’s dividend payout ratio (DPR) is 62.16%.
Several hedge funds and other institutional investors have recently modified their holdings of PNW. Lazard Asset Management LLC lifted its stake in Pinnacle West Capital by 169.7% during the fourth quarter. Lazard Asset Management LLC now owns 10,767,845 shares of the utilities provider’s stock valued at $760,101,000 after buying an additional 6,774,779 shares in the last quarter. American Century Companies Inc. boosted its stake in Pinnacle West Capital by 2.3% in the 3rd quarter. American Century Companies Inc. now owns 4,763,826 shares of the utilities provider’s stock worth $344,711,000 after purchasing an additional 105,459 shares during the period. Massachusetts Financial Services Co. MA boosted its stake in Pinnacle West Capital by 5.4% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 3,117,198 shares of the utilities provider’s stock worth $220,043,000 after purchasing an additional 159,020 shares during the period. Invesco Ltd. grew its position in Pinnacle West Capital by 1.8% during the 4th quarter. Invesco Ltd. now owns 2,729,735 shares of the utilities provider’s stock worth $192,692,000 after purchasing an additional 49,459 shares in the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp lifted its holdings in shares of Pinnacle West Capital by 14.1% in the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 2,477,391 shares of the utilities provider’s stock valued at $174,879,000 after purchasing an additional 305,991 shares in the last quarter. Institutional investors and hedge funds own 80.03% of the company’s stock.
Pinnacle West Capital Company Profile (Get Rating)
Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, 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.
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