Pinnacle West Capital Co. (NYSE:PNW) Given Consensus Recommendation of “Hold” by Brokerages

Pinnacle West Capital Co. (NYSE:PNW) has earned a consensus rating of “Hold” from the twelve ratings firms that are currently covering the stock, Marketbeat.com reports. Seven investment analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $76.04.

PNW has been the subject of several recent analyst reports. Morgan Stanley raised their target price on Pinnacle West Capital from $70.00 to $76.00 and gave the stock an “equal weight” rating in a research note on Tuesday, May 28th. Barclays raised their price objective on Pinnacle West Capital from $76.00 to $81.00 and gave the company an “overweight” rating in a research note on Monday, May 13th. Evercore ISI reduced their price objective on Pinnacle West Capital from $76.00 to $69.00 and set an “in-line” rating for the company in a research note on Monday, March 4th. LADENBURG THALM/SH SH raised Pinnacle West Capital from a “neutral” rating to a “buy” rating and raised their price objective for the company from $74.00 to $83.50 in a research note on Thursday, June 6th. Finally, UBS Group raised Pinnacle West Capital from a “sell” rating to a “neutral” rating and lifted their target price for the company from $68.00 to $71.00 in a research report on Monday, March 11th.

Pinnacle West Capital Stock Performance

PNW opened at $74.74 on Thursday. The firm has a market cap of $8.49 billion, a P/E ratio of 16.28, a price-to-earnings-growth ratio of 1.94 and a beta of 0.50. Pinnacle West Capital has a 52-week low of $65.20 and a 52-week high of $86.03. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.42 and a current ratio of 0.58. The business’s fifty day moving average is $75.78 and its 200-day moving average is $72.91.

Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $0.15 earnings per share for the quarter, beating the consensus estimate of ($0.02) by $0.17. The business had revenue of $951.71 million for the quarter, compared to analyst estimates of $981.82 million. Pinnacle West Capital had a return on equity of 8.29% and a net margin of 11.09%. Pinnacle West Capital’s revenue was up .7% compared to the same quarter last year. During the same period last year, the firm posted ($0.03) earnings per share. Sell-side analysts expect that Pinnacle West Capital will post 4.77 EPS for the current fiscal year.

Pinnacle West Capital Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Thursday, August 1st will be paid a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a dividend yield of 4.71%. Pinnacle West Capital’s payout ratio is 76.69%.

Institutional Trading of Pinnacle West Capital

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. abrdn plc grew its position in Pinnacle West Capital by 120.0% during the fourth quarter. abrdn plc now owns 58,335 shares of the utilities provider’s stock worth $4,191,000 after buying an additional 31,821 shares in the last quarter. Virtu Financial LLC bought a new stake in shares of Pinnacle West Capital in the 4th quarter valued at about $977,000. Comerica Bank bought a new stake in shares of Pinnacle West Capital in the 3rd quarter valued at about $4,620,000. Duality Advisers LP bought a new position in Pinnacle West Capital during the 4th quarter valued at approximately $1,422,000. Finally, Financial Counselors Inc. raised its position in Pinnacle West Capital by 37.5% during the 4th quarter. Financial Counselors Inc. now owns 172,558 shares of the utilities provider’s stock valued at $12,397,000 after purchasing an additional 47,035 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors.

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.