Pinnacle West Capital (NYSE:PNW) Upgraded by ValuEngine to Buy

ValuEngine upgraded shares of Pinnacle West Capital (NYSE:PNW) from a hold rating to a buy rating in a report released on Tuesday, November 14th.

A number of other analysts have also issued reports on the company. SunTrust Banks reaffirmed a hold rating and issued a $88.00 target price on shares of Pinnacle West Capital in a report on Monday, October 30th. Zacks Investment Research raised Pinnacle West Capital from a hold rating to a buy rating and set a $99.00 target price on the stock in a report on Thursday, October 26th. Bank of America assumed coverage on Pinnacle West Capital in a report on Tuesday, October 24th. They issued a neutral rating and a $89.00 target price on the stock. Credit Suisse Group assumed coverage on Pinnacle West Capital in a report on Wednesday, September 20th. They issued a neutral rating and a $90.00 target price on the stock. Finally, Morgan Stanley raised their target price on Pinnacle West Capital from $83.00 to $86.00 and gave the company an underweight rating in a report on Friday, September 8th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and three have issued a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus price target of $86.70.

Shares of Pinnacle West Capital (PNW) traded down $0.80 during mid-day trading on Tuesday, hitting $91.01. The company had a trading volume of 590,803 shares, compared to its average volume of 661,270. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.90 and a quick ratio of 0.68. Pinnacle West Capital has a 1-year low of $72.61 and a 1-year high of $92.48. The company has a market cap of $10,170.00, a P/E ratio of 19.66, a price-to-earnings-growth ratio of 6.59 and a beta of 0.38.

Pinnacle West Capital (NYSE:PNW) last issued its quarterly earnings data on Friday, November 3rd. The utilities provider reported $2.46 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.33 by $0.13. The business had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.21 billion. Pinnacle West Capital had a return on equity of 10.31% and a net margin of 14.67%. The firm’s revenue was up 1.4% compared to the same quarter last year. During the same period last year, the business earned $2.35 EPS. sell-side analysts predict that Pinnacle West Capital will post 4.27 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 1st. Stockholders of record on Wednesday, November 1st were issued a dividend of $0.695 per share. This represents a $2.78 annualized dividend and a dividend yield of 3.05%. The ex-dividend date was Tuesday, October 31st. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.66. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 60.04%.

In other news, Director Michael L. Gallagher sold 2,012 shares of Pinnacle West Capital stock in a transaction that occurred on Thursday, November 9th. The stock was sold at an average price of $89.37, for a total transaction of $179,812.44. Following the sale, the director now owns 12,786 shares of the company’s stock, valued at approximately $1,142,684.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Donald E. Brandt sold 18,153 shares of Pinnacle West Capital stock in a transaction that occurred on Thursday, November 9th. The stock was sold at an average price of $89.54, for a total value of $1,625,419.62. Following the sale, the chief executive officer now directly owns 118,574 shares in the company, valued at approximately $10,617,115.96. The disclosure for this sale can be found here. 0.70% of the stock is currently owned by company insiders.

Several institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in shares of Pinnacle West Capital by 4.4% during the 2nd quarter. Vanguard Group Inc. now owns 11,774,150 shares of the utilities provider’s stock worth $1,002,686,000 after buying an additional 496,727 shares during the period. Goldman Sachs Group Inc. raised its position in Pinnacle West Capital by 27.2% in the 2nd quarter. Goldman Sachs Group Inc. now owns 3,351,968 shares of the utilities provider’s stock valued at $285,454,000 after purchasing an additional 716,993 shares during the last quarter. Boston Partners raised its position in Pinnacle West Capital by 37.6% in the 3rd quarter. Boston Partners now owns 2,824,466 shares of the utilities provider’s stock valued at $238,837,000 after purchasing an additional 771,900 shares during the last quarter. American Century Companies Inc. raised its position in Pinnacle West Capital by 3.8% in the 3rd quarter. American Century Companies Inc. now owns 2,610,779 shares of the utilities provider’s stock valued at $220,767,000 after purchasing an additional 94,914 shares during the last quarter. Finally, Franklin Resources Inc. raised its position in Pinnacle West Capital by 0.3% in the 2nd quarter. Franklin Resources Inc. now owns 1,962,966 shares of the utilities provider’s stock valued at $167,166,000 after purchasing an additional 5,092 shares during the last quarter. Institutional investors and hedge funds own 82.80% of the company’s stock.

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About Pinnacle West Capital

Pinnacle West Capital Corporation is a holding company that operates through its subsidiaries. The Company operates through regulated electricity segment, which consists of traditional regulated retail and wholesale electricity businesses and related activities, and includes electricity generation, transmission and distribution.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Pinnacle West Capital (NYSE:PNW)

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