Pinnacle West Capital (NYSE:PNW) PT Raised to $77.00 at Wells Fargo & Company

Pinnacle West Capital (NYSE:PNW) had its price objective hoisted by Wells Fargo & Company from $74.00 to $77.00 in a research note released on Friday, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the utilities provider’s stock.

Several other research firms have also recently commented on PNW. UBS Group upgraded shares of Pinnacle West Capital from a sell rating to a neutral rating and upped their target price for the company from $68.00 to $71.00 in a research note on Monday, March 11th. LADENBURG THALM/SH SH initiated coverage on shares of Pinnacle West Capital in a research note on Wednesday, February 14th. They issued a neutral rating and a $69.00 target price for the company. Morgan Stanley boosted their price target on Pinnacle West Capital from $69.00 to $70.00 and gave the company an equal weight rating in a research note on Thursday, March 21st. Barclays raised their price objective on Pinnacle West Capital from $75.00 to $76.00 and gave the stock an overweight rating in a research report on Monday, April 15th. Finally, Citigroup initiated coverage on Pinnacle West Capital in a research report on Monday, April 29th. They set a neutral rating and a $78.00 price objective on the stock. One analyst has rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Pinnacle West Capital has an average rating of Hold and a consensus target price of $73.67.

Pinnacle West Capital Trading Up 0.3 %

Pinnacle West Capital stock opened at $76.01 on Friday. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.58 and a quick ratio of 0.42. The company has a market capitalization of $8.63 billion, a price-to-earnings ratio of 16.56, a PEG ratio of 2.12 and a beta of 0.48. The company’s fifty day moving average price is $72.55 and its two-hundred day moving average price is $72.08. Pinnacle West Capital has a one year low of $65.20 and a one year high of $86.03.

Pinnacle West Capital (NYSE:PNW) last posted its earnings results on Thursday, May 2nd. The utilities provider reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.17. Pinnacle West Capital had a net margin of 11.09% and a return on equity of 8.29%. The business had revenue of $951.71 million for the quarter, compared to analyst estimates of $981.82 million. During the same period last year, the business posted ($0.03) EPS. Pinnacle West Capital’s revenue was up .7% compared to the same quarter last year. On average, analysts forecast that Pinnacle West Capital will post 4.72 earnings per share for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Wednesday, May 1st will be issued a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a yield of 4.63%. The ex-dividend date is Tuesday, April 30th. Pinnacle West Capital’s dividend payout ratio is currently 76.69%.

Institutional Investors Weigh In On Pinnacle West Capital

A number of large investors have recently bought and sold shares of PNW. MeadowBrook Investment Advisors LLC bought a new position in Pinnacle West Capital in the 4th quarter valued at $25,000. Financial Gravity Asset Management Inc. grew its stake in Pinnacle West Capital by 338.3% in the third quarter. Financial Gravity Asset Management Inc. now owns 355 shares of the utilities provider’s stock valued at $26,000 after acquiring an additional 274 shares during the period. BOK Financial Private Wealth Inc. bought a new stake in shares of Pinnacle West Capital in the fourth quarter worth about $26,000. Tobam raised its position in shares of Pinnacle West Capital by 2,620.0% during the fourth quarter. Tobam now owns 408 shares of the utilities provider’s stock worth $29,000 after purchasing an additional 393 shares during the period. Finally, First United Bank & Trust bought a new position in shares of Pinnacle West Capital during the 4th quarter valued at about $29,000. 91.51% of the stock is currently owned by institutional investors.

About Pinnacle West Capital

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.