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

Shares of Pinnacle West Capital Co. (NYSE:PNW) have been given a consensus recommendation of “Hold” by the twelve ratings firms that are covering the stock, MarketBeat.com reports. Seven equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $76.04.

Several research firms recently commented on PNW. UBS Group upgraded shares of Pinnacle West Capital from a “sell” rating to a “neutral” rating and upped their price target for the company from $68.00 to $71.00 in a research note on Monday, March 11th. Evercore ISI reduced their price objective on shares of Pinnacle West Capital from $76.00 to $69.00 and set an “in-line” rating on the stock in a research note on Monday, March 4th. Morgan Stanley increased their target price on shares of Pinnacle West Capital from $70.00 to $76.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 28th. Mizuho dropped their target price on shares of Pinnacle West Capital from $77.00 to $75.00 and set a “buy” rating for the company in a report on Wednesday, March 6th. Finally, Barclays increased their target price on shares of Pinnacle West Capital from $76.00 to $81.00 and gave the stock an “overweight” rating in a report on Monday, May 13th.

Pinnacle West Capital Stock Performance

NYSE PNW opened at $74.74 on Thursday. The company has a current ratio of 0.58, a quick ratio of 0.42 and a debt-to-equity ratio of 1.20. The firm’s fifty day moving average price is $75.78 and its two-hundred day moving average price is $72.91. Pinnacle West Capital has a 1 year low of $65.20 and a 1 year high of $86.03. The firm has a market capitalization 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 (NYSE:PNW) last released its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $0.15 EPS for the quarter, beating the consensus estimate of ($0.02) by $0.17. Pinnacle West Capital had a net margin of 11.09% and a return on equity of 8.29%. The firm had revenue of $951.71 million for the quarter, compared to the consensus estimate of $981.82 million. During the same period in the previous year, the company earned ($0.03) earnings per share. The company’s quarterly revenue was up .7% on a year-over-year basis. As a group, research analysts anticipate that Pinnacle West Capital will post 4.77 EPS for the current year.

Pinnacle West Capital Announces Dividend

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

Institutional Investors Weigh In On Pinnacle West Capital

Hedge funds have recently made changes to their positions in the business. Pathstone Family Office LLC purchased a new position in Pinnacle West Capital during the 3rd quarter valued at about $305,000. Deutsche Bank AG grew its holdings in shares of Pinnacle West Capital by 48.3% during the third quarter. Deutsche Bank AG now owns 160,432 shares of the utilities provider’s stock worth $11,821,000 after purchasing an additional 52,224 shares in the last quarter. Rafferty Asset Management LLC grew its holdings in shares of Pinnacle West Capital by 11.7% during the third quarter. Rafferty Asset Management LLC now owns 11,547 shares of the utilities provider’s stock worth $851,000 after purchasing an additional 1,208 shares in the last quarter. Envestnet Portfolio Solutions Inc. purchased a new position in shares of Pinnacle West Capital during the third quarter worth about $443,000. Finally, FMR LLC grew its holdings in shares of Pinnacle West Capital by 1.0% during the third quarter. FMR LLC now owns 1,153,505 shares of the utilities provider’s stock worth $84,990,000 after purchasing an additional 11,591 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors.

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.