Pinnacle West Capital (NYSE:PNW) Given New $78.00 Price Target at Barclays

Pinnacle West Capital (NYSE:PNW) had its price target decreased by Barclays from $81.00 to $78.00 in a research report released on Tuesday morning, Benzinga reports. Barclays currently has an overweight rating on the utilities provider’s stock.

A number of other brokerages have also recently issued reports on PNW. Wells Fargo & Company increased their target price on Pinnacle West Capital from $77.00 to $80.00 and gave the stock an equal weight rating in a report on Wednesday, June 5th. Bank of America raised shares of Pinnacle West Capital from a neutral rating to a buy rating and upped their target price for the stock from $71.00 to $80.00 in a report on Monday, March 18th. Citigroup began coverage on shares of Pinnacle West Capital in a report on Monday, April 29th. They set a neutral rating and a $78.00 price target for the company. Morgan Stanley decreased their price objective on shares of Pinnacle West Capital from $76.00 to $72.00 and set an equal weight rating on the stock in a research note on Monday, June 24th. Finally, StockNews.com cut shares of Pinnacle West Capital from a hold rating to a sell rating in a research note on Thursday, June 27th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Pinnacle West Capital has an average rating of Hold and an average price target of $75.46.

Pinnacle West Capital Stock Performance

Shares of NYSE PNW opened at $76.03 on Tuesday. The firm has a market capitalization of $8.63 billion, a price-to-earnings ratio of 16.56, a PEG ratio of 1.95 and a beta of 0.51. Pinnacle West Capital has a one year low of $65.20 and a one year high of $86.03. The business has a fifty day simple moving average of $76.27 and a 200 day simple moving average of $72.91. The company has a current ratio of 0.58, a quick ratio of 0.42 and a debt-to-equity ratio of 1.20.

Pinnacle West Capital (NYSE:PNW) last announced its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.17. The company had revenue of $951.71 million during the quarter, compared to analysts’ expectations of $981.82 million. Pinnacle West Capital had a net margin of 11.09% and a return on equity of 8.29%. The business’s revenue was up .7% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.03) EPS. Sell-side analysts expect that Pinnacle West Capital will post 4.76 EPS for the current year.

Pinnacle West Capital Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Thursday, August 1st will be paid a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a dividend yield of 4.63%. The ex-dividend date of this dividend is Thursday, August 1st. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 76.69%.

Institutional Trading of Pinnacle West Capital

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Capital Research Global Investors boosted its stake in shares of Pinnacle West Capital by 97.5% in the 1st quarter. Capital Research Global Investors now owns 12,851,930 shares of the utilities provider’s stock valued at $960,425,000 after purchasing an additional 6,344,121 shares during the last quarter. Lazard Asset Management LLC lifted its holdings in Pinnacle West Capital by 72.7% in the first quarter. Lazard Asset Management LLC now owns 6,719,397 shares of the utilities provider’s stock valued at $502,139,000 after buying an additional 2,828,450 shares during the period. Zimmer Partners LP bought a new position in Pinnacle West Capital in the first quarter valued at approximately $198,409,000. Norges Bank acquired a new stake in Pinnacle West Capital during the 4th quarter worth $112,914,000. Finally, Victory Capital Management Inc. raised its position in shares of Pinnacle West Capital by 1,267.8% during the 4th quarter. Victory Capital Management Inc. now owns 311,861 shares of the utilities provider’s stock valued at $22,404,000 after acquiring an additional 289,061 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

About Pinnacle West Capital

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.