Shares of Pinnacle West Capital Co. (NYSE:PNW) have earned an average recommendation of “Hold” from the thirteen brokerages that are presently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, eight have issued a hold recommendation and four have given a buy recommendation to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $83.63.
PNW has been the topic of several recent analyst reports. Wells Fargo & Co raised Pinnacle West Capital to a “buy” rating and upped their price target for the company from $88.00 to $90.00 in a research report on Sunday, September 16th. Goldman Sachs Group raised Pinnacle West Capital from a “neutral” rating to a “buy” rating in a research report on Thursday, October 18th. ValuEngine raised Pinnacle West Capital from a “hold” rating to a “buy” rating in a research report on Wednesday, October 24th. Morgan Stanley upped their price target on Pinnacle West Capital from $78.00 to $85.00 and gave the company a “hold” rating in a research report on Monday, July 16th. Finally, Barclays initiated coverage on Pinnacle West Capital in a research report on Monday, October 22nd. They set a “hold” rating and a $86.00 price target on the stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. AXA grew its stake in Pinnacle West Capital by 363.6% in the third quarter. AXA now owns 59,416 shares of the utilities provider’s stock valued at $4,705,000 after purchasing an additional 46,600 shares in the last quarter. Norinchukin Bank The grew its stake in Pinnacle West Capital by 13.6% in the third quarter. Norinchukin Bank The now owns 14,404 shares of the utilities provider’s stock valued at $1,141,000 after purchasing an additional 1,722 shares in the last quarter. Tobam purchased a new position in Pinnacle West Capital in the third quarter valued at about $1,229,000. Commonwealth Bank of Australia grew its stake in Pinnacle West Capital by 20.0% in the third quarter. Commonwealth Bank of Australia now owns 15,014 shares of the utilities provider’s stock valued at $1,184,000 after purchasing an additional 2,500 shares in the last quarter. Finally, MML Investors Services LLC purchased a new position in Pinnacle West Capital in the third quarter valued at about $200,000. Hedge funds and other institutional investors own 82.12% of the company’s stock.
Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings results on Thursday, November 8th. The utilities provider reported $2.80 earnings per share for the quarter, beating the consensus estimate of $2.75 by $0.05. The firm had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.15 billion. Pinnacle West Capital had a return on equity of 9.12% and a net margin of 12.95%. Pinnacle West Capital’s quarterly revenue was up 7.2% on a year-over-year basis. During the same period in the previous year, the firm earned $2.46 earnings per share. Equities research analysts predict that Pinnacle West Capital will post 4.47 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, December 3rd. Shareholders of record on Thursday, November 1st will be paid a $0.7375 dividend. The ex-dividend date is Wednesday, October 31st. This represents a $2.95 dividend on an annualized basis and a yield of 3.37%. This is an increase from Pinnacle West Capital’s previous quarterly dividend of $0.70. Pinnacle West Capital’s payout ratio is 67.82%.
About Pinnacle West Capital
Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, provides retail and wholesale electric services primarily in the state of Arizona. It generates, transmits, and distributes electricity using coal, nuclear, gas, oil, and solar resources. The company serves approximately 1.2 million homes and businesses.
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