Analysts Set Pinnacle West Capital Corporation (NYSE:PNW) Price Target at $97.00

Shares of Pinnacle West Capital Corporation (NYSE:PNW) have earned a consensus recommendation of “Hold” from the ten analysts that are covering the firm, MarketBeat Ratings reports. Seven research analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $97.00.

Several research firms have commented on PNW. Morgan Stanley lowered their price objective on shares of Pinnacle West Capital from $88.00 to $87.00 and set an “equal weight” rating for the company in a research report on Thursday, May 22nd. Wells Fargo & Company raised their price target on Pinnacle West Capital from $95.00 to $98.00 and gave the stock an “equal weight” rating in a research report on Friday, May 2nd. Barclays increased their target price on Pinnacle West Capital from $87.00 to $94.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 1st. LADENBURG THALM/SH SH upgraded shares of Pinnacle West Capital to a “hold” rating in a report on Friday, May 9th. Finally, BMO Capital Markets assumed coverage on shares of Pinnacle West Capital in a research note on Tuesday, May 13th. They set a “market perform” rating and a $95.00 price target for the company.

Pinnacle West Capital Stock Down 0.7%

PNW opened at $90.17 on Monday. Pinnacle West Capital has a 52 week low of $75.10 and a 52 week high of $96.50. The company has a quick ratio of 0.34, a current ratio of 0.50 and a debt-to-equity ratio of 1.18. The firm has a 50-day simple moving average of $90.89 and a two-hundred day simple moving average of $89.85. The company has a market capitalization of $10.77 billion, a PE ratio of 17.93, a price-to-earnings-growth ratio of 9.49 and a beta of 0.42.

Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings data on Thursday, May 1st. The utilities provider reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.09). The firm had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $988.95 million. Pinnacle West Capital had a return on equity of 8.78% and a net margin of 11.28%. The business’s revenue was up 8.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.15 EPS. Analysts forecast that Pinnacle West Capital will post 5.13 earnings per share for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Friday, August 1st will be paid a dividend of $0.895 per share. The ex-dividend date of this dividend is Friday, August 1st. This represents a $3.58 annualized dividend and a dividend yield of 3.97%. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 71.17%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in Pinnacle West Capital by 2.0% during the 1st quarter. Vanguard Group Inc. now owns 14,464,661 shares of the utilities provider’s stock worth $1,377,759,000 after acquiring an additional 283,752 shares during the period. Barrow Hanley Mewhinney & Strauss LLC raised its position in Pinnacle West Capital by 0.6% during the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,864,993 shares of the utilities provider’s stock worth $581,945,000 after buying an additional 37,768 shares during the last quarter. Invesco Ltd. raised its position in Pinnacle West Capital by 32.2% during the 4th quarter. Invesco Ltd. now owns 4,298,009 shares of the utilities provider’s stock worth $364,342,000 after buying an additional 1,045,788 shares during the last quarter. Geode Capital Management LLC lifted its stake in Pinnacle West Capital by 7.7% during the 4th quarter. Geode Capital Management LLC now owns 2,880,315 shares of the utilities provider’s stock valued at $243,897,000 after acquiring an additional 204,805 shares during the period. Finally, ATLAS Infrastructure Partners UK Ltd. boosted its holdings in shares of Pinnacle West Capital by 230.5% in the 1st quarter. ATLAS Infrastructure Partners UK Ltd. now owns 2,793,546 shares of the utilities provider’s stock valued at $266,085,000 after acquiring an additional 1,948,416 shares during the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

About Pinnacle West Capital

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.