Analysts Set Pinnacle West Capital Co. (NYSE:PNW) Target Price at $75.46

Shares of Pinnacle West Capital Co. (NYSE:PNW) have earned an average recommendation of “Hold” from the twelve brokerages that are currently covering the stock, Marketbeat Ratings 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 12-month price target among analysts that have covered the stock in the last year is $76.77.

PNW has been the subject of a number of analyst reports. Citigroup initiated coverage on Pinnacle West Capital in a report on Monday, April 29th. They issued a “neutral” rating and a $78.00 price target for the company. StockNews.com downgraded Pinnacle West Capital from a “hold” rating to a “sell” rating in a report on Tuesday, July 9th. Wells Fargo & Company increased their price target on Pinnacle West Capital from $77.00 to $80.00 and gave the company an “equal weight” rating in a report on Wednesday, June 5th. Barclays reduced 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. Finally, Morgan Stanley reduced their price target on Pinnacle West Capital from $76.00 to $72.00 and set an “equal weight” rating for the company in a report on Monday, June 24th.

Institutional Trading of Pinnacle West Capital

A number of institutional investors and hedge funds have recently made changes to their positions in PNW. Comerica Bank acquired a new stake in shares of Pinnacle West Capital during the 3rd quarter worth approximately $4,620,000. Deutsche Bank AG raised its position in shares of Pinnacle West Capital by 48.3% during the 3rd 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 during the period. Rockland Trust Co. increased its position in Pinnacle West Capital by 2.7% in the 4th quarter. Rockland Trust Co. now owns 13,600 shares of the utilities provider’s stock valued at $977,000 after acquiring an additional 359 shares during the period. New Hampshire Trust increased its position in Pinnacle West Capital by 11.7% in the 4th quarter. New Hampshire Trust now owns 4,358 shares of the utilities provider’s stock valued at $313,000 after acquiring an additional 458 shares during the period. Finally, Butensky & Cohen Financial Security Inc. increased its position in Pinnacle West Capital by 2.5% in the 4th quarter. Butensky & Cohen Financial Security Inc. now owns 53,387 shares of the utilities provider’s stock valued at $3,835,000 after acquiring an additional 1,319 shares during the period. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle West Capital Price Performance

Shares of NYSE PNW opened at $82.17 on Monday. Pinnacle West Capital has a 1-year low of $65.20 and a 1-year high of $86.03. The business has a 50-day moving average of $77.09 and a 200-day moving average of $73.49. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.58 and a quick ratio of 0.42. The company has a market capitalization of $9.33 billion, a price-to-earnings ratio of 17.90, a PEG ratio of 2.10 and a beta of 0.51.

Pinnacle West Capital (NYSE:PNW) last issued its earnings results on Thursday, May 2nd. The utilities provider reported $0.15 earnings per share for the quarter, topping 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 company had revenue of $951.71 million during the quarter, compared to the consensus estimate of $981.82 million. During the same quarter in the prior year, the business earned ($0.03) earnings per share. The company’s revenue was up .7% compared to the same quarter last year. On average, equities analysts anticipate that Pinnacle West Capital will post 4.76 EPS for the current fiscal year.

Pinnacle West Capital Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Thursday, August 1st will be given a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a dividend yield of 4.28%. The ex-dividend date of this dividend is Thursday, August 1st. Pinnacle West Capital’s payout ratio is 76.69%.

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.