Pinnacle West Capital (NYSE:PNW) Downgraded by StockNews.com

StockNews.com cut shares of Pinnacle West Capital (NYSE:PNW) from a hold rating to a sell rating in a report released on Tuesday morning.

A number of other brokerages also recently issued reports on PNW. Bank of America upgraded shares of Pinnacle West Capital from a neutral rating to a buy rating and lifted their price target for the stock from $71.00 to $80.00 in a research note on Monday, March 18th. LADENBURG THALM/SH SH raised Pinnacle West Capital from a neutral rating to a buy rating and increased their target price for the company from $74.00 to $83.50 in a report on Thursday, June 6th. Barclays decreased their price target on Pinnacle West Capital from $81.00 to $78.00 and set an overweight rating for the company in a report on Tuesday, July 2nd. UBS Group upgraded Pinnacle West Capital from a sell rating to a neutral rating and increased their price objective for the company from $68.00 to $71.00 in a report on Monday, March 11th. Finally, Morgan Stanley decreased their target price on Pinnacle West Capital from $76.00 to $72.00 and set an equal weight rating for the company in a research note on Monday, June 24th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of Hold and an average price target of $75.46.

Pinnacle West Capital Price Performance

Pinnacle West Capital stock opened at $80.01 on Tuesday. The company’s 50 day moving average is $76.64 and its two-hundred day moving average is $73.16. The firm has a market cap of $9.09 billion, a PE ratio of 17.43, a price-to-earnings-growth ratio of 1.95 and a beta of 0.51. The company has a quick ratio of 0.42, a current ratio of 0.58 and a debt-to-equity ratio of 1.20. Pinnacle West Capital has a 52-week low of $65.20 and a 52-week high of $86.03.

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 the consensus estimate of ($0.02) by $0.17. Pinnacle West Capital had a return on equity of 8.29% and a net margin of 11.09%. The business had revenue of $951.71 million for the quarter, compared to analysts’ expectations of $981.82 million. During the same period last year, the firm earned ($0.03) earnings per share. The company’s revenue for the quarter was up .7% compared to the same quarter last year. On average, research analysts expect that Pinnacle West Capital will post 4.76 EPS for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders 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 yield of 4.40%. The ex-dividend date of this dividend is Thursday, August 1st. Pinnacle West Capital’s dividend payout ratio is presently 76.69%.

Institutional Inflows and Outflows

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