Pinnacle West Capital (NYSE:PNW) Upgraded to Hold by StockNews.com

StockNews.com upgraded shares of Pinnacle West Capital (NYSE:PNW) from a sell rating to a hold rating in a research report sent to investors on Monday morning.

A number of other research firms have also issued reports on PNW. Wells Fargo & Company increased their price target on Pinnacle West Capital from $80.00 to $87.00 and gave the company an equal weight rating in a research report on Friday, August 2nd. Citigroup initiated coverage on Pinnacle West Capital in a report on Monday, April 29th. They set a neutral rating and a $78.00 price objective on the stock. LADENBURG THALM/SH SH raised shares of Pinnacle West Capital from a neutral rating to a buy rating and lifted their target price for the company from $74.00 to $83.50 in a report on Thursday, June 6th. Morgan Stanley decreased their price objective on Pinnacle West Capital from $76.00 to $72.00 and set an equal weight rating for the company in a research report on Monday, June 24th. Finally, Barclays cut their price objective on shares of Pinnacle West Capital from $81.00 to $78.00 and set an overweight rating for the company in a research report on Tuesday, July 2nd. Eight equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of Hold and an average price target of $77.41.

Pinnacle West Capital Stock Performance

PNW opened at $85.40 on Monday. 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 50-day moving average price is $79.20 and its 200 day moving average price is $74.74. The firm has a market capitalization of $9.70 billion, a PE ratio of 18.61, a PEG ratio of 2.26 and a beta of 0.50. Pinnacle West Capital has a twelve month low of $65.20 and a twelve month high of $89.39.

Pinnacle West Capital (NYSE:PNW) last issued its quarterly earnings data on Thursday, August 1st. The utilities provider reported $1.76 earnings per share for the quarter, topping the consensus estimate of $1.31 by $0.45. Pinnacle West Capital had a return on equity of 9.73% and a net margin of 12.65%. The company had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.21 billion. During the same period in the prior year, the business posted $0.94 earnings per share. The firm’s revenue for the quarter was up 15.7% compared to the same quarter last year. As a group, sell-side analysts expect that Pinnacle West Capital will post 4.75 EPS for the current fiscal year.

Pinnacle West Capital Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 1st will be given a dividend of $0.88 per share. The ex-dividend date is Thursday, August 1st. This represents a $3.52 annualized dividend and a yield of 4.12%. Pinnacle West Capital’s payout ratio is currently 76.69%.

Institutional Investors Weigh In On Pinnacle West Capital

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Intech Investment Management LLC purchased a new position in Pinnacle West Capital in the 1st quarter valued at approximately $898,000. abrdn plc increased its position in shares of Pinnacle West Capital by 120.0% in the fourth quarter. abrdn plc now owns 58,335 shares of the utilities provider’s stock valued at $4,191,000 after buying an additional 31,821 shares in the last quarter. Virtu Financial LLC acquired a new position in shares of Pinnacle West Capital during the 4th quarter worth $977,000. Quantbot Technologies LP purchased a new stake in shares of Pinnacle West Capital in the 1st quarter worth about $1,102,000. Finally, Duality Advisers LP acquired a new stake in Pinnacle West Capital in the 4th quarter valued at about $1,422,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

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.