Pinnacle West Capital (NYSE:PNW) Downgraded to “Neutral” Rating by Mizuho

Mizuho downgraded shares of Pinnacle West Capital (NYSE:PNW) from an outperform rating to a neutral rating in a research note released on Tuesday morning, MarketBeat.com reports. Mizuho currently has $90.00 price objective on the utilities provider’s stock, down from their prior price objective of $102.00.

A number of other analysts have also recently weighed in on the company. KeyCorp lowered their price objective on Pinnacle West Capital from $101.00 to $100.00 and set an “overweight” rating for the company in a research report on Wednesday, July 16th. Morgan Stanley set a $89.00 price objective on Pinnacle West Capital and gave the stock an “outperform” rating in a research report on Thursday, August 21st. UBS Group reissued a “neutral” rating and issued a $98.00 price objective (up previously from $96.00) on shares of Pinnacle West Capital in a research report on Friday, July 11th. BMO Capital Markets raised their price objective on Pinnacle West Capital from $96.00 to $98.00 and gave the stock a “market perform” rating in a research report on Thursday, August 7th. Finally, Barclays lowered their price target on Pinnacle West Capital from $94.00 to $93.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 13th. Four analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $96.50.

Pinnacle West Capital Stock Down 0.5%

Pinnacle West Capital stock opened at $87.38 on Tuesday. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.52 and a quick ratio of 0.37. The stock has a market capitalization of $10.44 billion, a price-to-earnings ratio of 18.02, a PEG ratio of 9.07 and a beta of 0.45. Pinnacle West Capital has a 1-year low of $81.47 and a 1-year high of $96.50. The business has a fifty day moving average price of $90.88 and a 200-day moving average price of $91.45.

Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings data on Wednesday, August 6th. The utilities provider reported $1.58 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.58. The firm had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.35 billion. Pinnacle West Capital had a return on equity of 8.45% and a net margin of 10.96%.The business’s quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter last year, the firm earned $1.76 EPS. Equities research analysts forecast that Pinnacle West Capital will post 5.13 EPS for the current fiscal year.

Pinnacle West Capital Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Friday, August 1st were paid a dividend of $0.895 per share. This represents a $3.58 annualized dividend and a yield of 4.1%. The ex-dividend date was Friday, August 1st. Pinnacle West Capital’s payout ratio is presently 73.81%.

Insiders Place Their Bets

In other news, EVP Jacob Tetlow sold 6,496 shares of the company’s stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $92.37, for a total value of $600,035.52. Following the sale, the executive vice president owned 56 shares in the company, valued at $5,172.72. This represents a 99.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.23% of the company’s stock.

Institutional Trading of Pinnacle West Capital

Hedge funds have recently modified their holdings of the stock. Clearstead Trust LLC purchased a new stake in shares of Pinnacle West Capital in the first quarter worth about $25,000. Costello Asset Management INC purchased a new stake in shares of Pinnacle West Capital in the first quarter worth about $26,000. CYBER HORNET ETFs LLC purchased a new stake in shares of Pinnacle West Capital in the second quarter worth about $27,000. Ameritas Advisory Services LLC acquired a new position in Pinnacle West Capital in the 2nd quarter worth about $31,000. Finally, MUFG Securities EMEA plc acquired a new position in Pinnacle West Capital in the 2nd quarter worth about $32,000. Hedge funds and other institutional investors 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.