SunTrust Banks Boosts Pinnacle West Capital (PNW) Price Target to $90.00

Pinnacle West Capital (NYSE:PNW) had its price objective hoisted by SunTrust Banks to $90.00 in a report issued on Friday, The Fly reports. They currently have an average rating on the utilities provider’s stock. The analysts noted that the move was a valuation call.

Several other brokerages have also recently weighed in on PNW. Wells Fargo & Co dropped their price objective on Pinnacle West Capital from $90.00 to $87.00 and set a buy rating for the company in a report on Sunday, September 30th. Credit Suisse Group boosted their price objective on Pinnacle West Capital from $87.00 to $88.00 and gave the stock an outperform rating in a report on Friday, October 12th. Morgan Stanley dropped their price objective on Pinnacle West Capital from $89.00 to $85.00 and set a hold rating for the company in a report on Friday, September 21st. UBS Group boosted their price objective on Pinnacle West Capital from $79.00 to $83.00 and gave the stock a neutral rating in a report on Friday, August 10th. Finally, Zacks Investment Research cut Pinnacle West Capital from a hold rating to a sell rating in a report on Wednesday, September 12th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the company. Pinnacle West Capital has a consensus rating of Hold and a consensus target price of $85.00.

Shares of Pinnacle West Capital stock traded up $0.91 during trading on Friday, reaching $88.47. The company’s stock had a trading volume of 1,281,370 shares, compared to its average volume of 1,105,498. The company has a quick ratio of 0.36, a current ratio of 0.50 and a debt-to-equity ratio of 0.81. Pinnacle West Capital has a one year low of $73.41 and a one year high of $92.48. The stock has a market capitalization of $9.56 billion, a price-to-earnings ratio of 20.34, a P/E/G ratio of 4.27 and a beta of 0.04.

Pinnacle West Capital (NYSE:PNW) last announced its quarterly earnings data on Thursday, November 8th. The utilities provider reported $2.80 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.75 by $0.05. The firm had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Pinnacle West Capital had a return on equity of 9.12% and a net margin of 12.95%. The company’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same period in the previous year, the business posted $2.46 EPS. As a group, sell-side analysts anticipate that Pinnacle West Capital will post 4.47 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, December 3rd. Stockholders of record on Thursday, November 1st will be given a dividend of $0.7375 per share. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.70. This represents a $2.95 annualized dividend and a dividend yield of 3.33%. The ex-dividend date is Wednesday, October 31st. Pinnacle West Capital’s payout ratio is presently 67.82%.

Institutional investors have recently bought and sold shares of the company. Swiss National Bank grew its position in shares of Pinnacle West Capital by 3.6% during the 2nd quarter. Swiss National Bank now owns 369,651 shares of the utilities provider’s stock worth $29,779,000 after buying an additional 12,800 shares during the period. Putnam Investments LLC acquired a new position in shares of Pinnacle West Capital during the 2nd quarter worth about $7,613,000. California Public Employees Retirement System grew its position in shares of Pinnacle West Capital by 22.3% during the 2nd quarter. California Public Employees Retirement System now owns 320,468 shares of the utilities provider’s stock worth $25,817,000 after buying an additional 58,407 shares during the period. Van ECK Associates Corp grew its position in shares of Pinnacle West Capital by 18.6% during the 2nd quarter. Van ECK Associates Corp now owns 17,071 shares of the utilities provider’s stock worth $1,375,000 after buying an additional 2,676 shares during the period. Finally, BlackRock Inc. grew its position in shares of Pinnacle West Capital by 13.7% in the 2nd quarter. BlackRock Inc. now owns 13,632,290 shares of the utilities provider’s stock valued at $1,098,218,000 after purchasing an additional 1,642,393 shares during the period. Institutional investors own 82.12% of the company’s stock.

Pinnacle West Capital Company Profile

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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