Pinnacle West Capital (NYSE:PNW) Rating Reiterated by Mizuho

Mizuho reiterated their buy rating on shares of Pinnacle West Capital (NYSE:PNW) in a report issued on Friday morning, Benzinga reports. The firm currently has a $85.00 target price on the utilities provider’s stock.

Several other equities analysts have also weighed in on PNW. KeyCorp raised their price objective on shares of Pinnacle West Capital from $55.00 to $61.00 in a report on Wednesday, July 19th. StockNews.com initiated coverage on Pinnacle West Capital in a research note on Thursday, August 17th. They set a sell rating for the company. Barclays began coverage on shares of Pinnacle West Capital in a report on Wednesday, August 23rd. They set an overweight rating and a $81.00 price objective on the stock. Wells Fargo & Company cut their price objective on shares of Pinnacle West Capital from $89.00 to $88.00 and set an equal weight rating for the company in a report on Friday, August 4th. Finally, Bank of America cut their price target on Pinnacle West Capital from $80.00 to $78.00 in a report on Thursday, June 29th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, Pinnacle West Capital has a consensus rating of Hold and an average price target of $77.90.

Pinnacle West Capital Stock Performance

Shares of PNW stock opened at $79.09 on Friday. The company has a quick ratio of 0.70, a current ratio of 0.96 and a debt-to-equity ratio of 1.34. Pinnacle West Capital has a 52 week low of $59.03 and a 52 week high of $86.03. The firm has a 50 day moving average of $79.56 and a 200-day moving average of $79.39. The company has a market cap of $8.96 billion, a price-to-earnings ratio of 22.09, a price-to-earnings-growth ratio of 2.89 and a beta of 0.48.

Pinnacle West Capital (NYSE:PNW) last issued its earnings results on Thursday, August 3rd. The utilities provider reported $0.94 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.19 by ($0.25). The firm had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.09 billion. Pinnacle West Capital had a return on equity of 6.55% and a net margin of 8.92%. Pinnacle West Capital’s revenue for the quarter was up 5.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.45 earnings per share. On average, equities analysts forecast that Pinnacle West Capital will post 4.22 earnings per share for the current year.

Pinnacle West Capital Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 1st. Shareholders of record on Tuesday, August 1st were issued a dividend of $0.865 per share. This represents a $3.46 annualized dividend and a yield of 4.37%. The ex-dividend date of this dividend was Monday, July 31st. Pinnacle West Capital’s dividend payout ratio is presently 96.65%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Newbridge Financial Services Group Inc. raised its holdings in shares of Pinnacle West Capital by 67.4% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 308 shares of the utilities provider’s stock valued at $25,000 after purchasing an additional 124 shares in the last quarter. Graham Capital Wealth Management LLC purchased a new position in shares of Pinnacle West Capital in the 1st quarter valued at $248,814,000. Headlands Technologies LLC bought a new position in shares of Pinnacle West Capital in the 1st quarter worth $26,000. Jones Financial Companies Lllp purchased a new stake in shares of Pinnacle West Capital during the 1st quarter worth $28,000. Finally, Dark Forest Capital Management LP purchased a new position in Pinnacle West Capital in the fourth quarter valued at about $30,000. 84.95% of the stock is owned by hedge funds and other institutional investors.

Pinnacle West Capital Company Profile

Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, 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.