Pinnacle West Capital Co. (NYSE:PNW) Receives $96.10 Consensus Price Target from Brokerages

Shares of Pinnacle West Capital Co. (NYSE:PNW) have been given a consensus rating of “Hold” by the fifteen analysts that are covering the firm, MarketBeat.com reports. Four analysts have rated the stock with a sell recommendation, eight have assigned a hold recommendation and three have given a buy recommendation to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $96.27.

Several analysts have recently issued reports on PNW shares. Bank of America cut shares of Pinnacle West Capital from a “buy” rating to a “neutral” rating and set a $90.00 target price on the stock. in a research report on Friday, November 8th. Zacks Investment Research cut shares of Pinnacle West Capital from a “hold” rating to a “sell” rating and set a $99.00 target price on the stock. in a research report on Friday, October 18th. Wells Fargo & Co restated a “hold” rating on shares of Pinnacle West Capital in a research report on Friday, August 9th. Barclays upgraded shares of Pinnacle West Capital from an “equal weight” rating to an “overweight” rating and decreased their target price for the company from $103.00 to $98.00 in a research report on Thursday. Finally, Evercore ISI lowered shares of Pinnacle West Capital from an “in-line” rating to an “underperform” rating in a research report on Friday, August 9th.

Shares of NYSE PNW opened at $87.27 on Tuesday. The firm’s 50-day moving average price is $92.28 and its 200-day moving average price is $94.22. The company has a current ratio of 0.71, a quick ratio of 0.52 and a debt-to-equity ratio of 0.89. The stock has a market capitalization of $9.75 billion, a price-to-earnings ratio of 19.22, a P/E/G ratio of 3.80 and a beta of 0.06. Pinnacle West Capital has a 12-month low of $81.63 and a 12-month high of $99.81.

Pinnacle West Capital (NYSE:PNW) last announced its earnings results on Thursday, November 7th. The utilities provider reported $2.77 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.00 by ($0.23). The business had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.25 billion. Pinnacle West Capital had a net margin of 14.07% and a return on equity of 9.19%. The firm’s quarterly revenue was down 6.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.80 earnings per share. On average, equities analysts predict that Pinnacle West Capital will post 4.7 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 4th will be given a $0.7825 dividend. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.74. This represents a $3.13 dividend on an annualized basis and a yield of 3.59%. The ex-dividend date is Friday, November 1st. Pinnacle West Capital’s dividend payout ratio is 68.94%.

In related news, VP Barbara D. Lockwood sold 1,750 shares of the stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $86.19, for a total value of $150,832.50. Following the sale, the vice president now directly owns 1,646 shares of the company’s stock, valued at approximately $141,868.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.41% of the company’s stock.

Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its stake in Pinnacle West Capital by 3.4% in the 2nd quarter. Vanguard Group Inc. now owns 13,835,051 shares of the utilities provider’s stock worth $1,301,740,000 after acquiring an additional 460,562 shares in the last quarter. BlackRock Inc. grew its stake in Pinnacle West Capital by 0.4% in the 2nd quarter. BlackRock Inc. now owns 12,513,978 shares of the utilities provider’s stock worth $1,177,441,000 after acquiring an additional 49,482 shares in the last quarter. AQR Capital Management LLC grew its stake in Pinnacle West Capital by 24.2% in the 2nd quarter. AQR Capital Management LLC now owns 2,900,739 shares of the utilities provider’s stock worth $272,931,000 after acquiring an additional 565,847 shares in the last quarter. Renaissance Technologies LLC grew its stake in Pinnacle West Capital by 4.1% in the 2nd quarter. Renaissance Technologies LLC now owns 2,804,750 shares of the utilities provider’s stock worth $263,899,000 after acquiring an additional 109,400 shares in the last quarter. Finally, Invesco Ltd. grew its stake in Pinnacle West Capital by 5.4% in the 2nd quarter. Invesco Ltd. now owns 2,580,260 shares of the utilities provider’s stock worth $242,777,000 after acquiring an additional 131,640 shares in the last quarter. 88.33% of the stock is currently owned by institutional investors.

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 generating facilities. The company serves approximately 1.2 million customers.

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Analyst Recommendations for Pinnacle West Capital (NYSE:PNW)

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