Brokerages Set Pinnacle West Capital Corporation (NYSE:PNW) Price Target at $96.78

Shares of Pinnacle West Capital Corporation (NYSE:PNW) have been assigned an average recommendation of “Hold” from the ten analysts that are currently covering the company, Marketbeat.com reports. Seven equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $96.78.

Several research firms have recently commented on PNW. UBS Group restated a “neutral” rating and set a $98.00 price target (up previously from $96.00) on shares of Pinnacle West Capital in a research note on Friday, July 11th. Wall Street Zen downgraded shares of Pinnacle West Capital from a “hold” rating to a “sell” rating in a research report on Monday, May 5th. Morgan Stanley reduced their target price on shares of Pinnacle West Capital from $88.00 to $87.00 and set an “equal weight” rating for the company in a research note on Thursday, May 22nd. KeyCorp dropped their price target on shares of Pinnacle West Capital from $101.00 to $100.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 16th. Finally, LADENBURG THALM/SH SH upgraded shares of Pinnacle West Capital to a “hold” rating in a research report on Friday, May 9th.

Pinnacle West Capital Stock Performance

Shares of PNW opened at $90.94 on Friday. The company’s 50 day simple moving average is $90.42 and its 200-day simple moving average is $90.72. Pinnacle West Capital has a 12-month low of $81.47 and a 12-month high of $96.50. The firm has a market cap of $10.86 billion, a PE ratio of 18.08, a price-to-earnings-growth ratio of 9.47 and a beta of 0.42. The company has a current ratio of 0.50, a quick ratio of 0.34 and a debt-to-equity ratio of 1.18.

Pinnacle West Capital (NYSE:PNW) last announced its earnings results on Thursday, May 1st. The utilities provider reported ($0.04) EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.09). Pinnacle West Capital had a net margin of 11.28% and a return on equity of 8.78%. The business had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $988.95 million. During the same period in the previous year, the company posted $0.15 earnings per share. Pinnacle West Capital’s quarterly revenue was up 8.5% on a year-over-year basis. As a group, equities analysts predict that Pinnacle West Capital will post 5.13 EPS for the current year.

Pinnacle West Capital Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Friday, August 1st will be given a dividend of $0.895 per share. The ex-dividend date of this dividend is Friday, August 1st. This represents a $3.58 dividend on an annualized basis and a dividend yield of 3.94%. Pinnacle West Capital’s payout ratio is 71.17%.

Institutional Investors Weigh In On Pinnacle West Capital

A number of institutional investors and hedge funds have recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC raised its position in Pinnacle West Capital by 26.2% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 29,775 shares of the utilities provider’s stock worth $2,524,000 after acquiring an additional 6,183 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Pinnacle West Capital by 12.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,127 shares of the utilities provider’s stock worth $1,236,000 after purchasing an additional 1,411 shares in the last quarter. Stratos Wealth Partners LTD. raised its position in shares of Pinnacle West Capital by 26.2% during the 1st quarter. Stratos Wealth Partners LTD. now owns 5,546 shares of the utilities provider’s stock worth $528,000 after purchasing an additional 1,150 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its stake in Pinnacle West Capital by 8.5% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,650 shares of the utilities provider’s stock valued at $443,000 after buying an additional 366 shares in the last quarter. Finally, Amalgamated Bank lifted its stake in Pinnacle West Capital by 1.7% in the 1st quarter. Amalgamated Bank now owns 22,300 shares of the utilities provider’s stock valued at $2,124,000 after buying an additional 372 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

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.