Pinnacle West Capital Corp. (PNW) Trading Down 1.3%
Pinnacle West Capital Corp. (NYSE:PNW) shares fell 1.3% during mid-day trading on Monday . The company traded as low as $76.87 and last traded at $76.87, with a volume of 198,683 shares trading hands. The stock had previously closed at $77.92.
A number of brokerages have issued reports on PNW. Zacks Investment Research upgraded Pinnacle West Capital Corp. from a “sell” rating to a “hold” rating in a research note on Monday, August 1st. Mizuho upped their price objective on Pinnacle West Capital Corp. from $70.00 to $78.00 and gave the company a “neutral” rating in a research note on Wednesday, August 3rd. Royal Bank Of Canada restated a “sector perfor” rating and issued a $69.00 price objective (down previously from $73.00) on shares of Pinnacle West Capital Corp. in a research note on Monday, June 20th. Finally, BMO Capital Markets restated a “hold” rating on shares of Pinnacle West Capital Corp. in a research note on Monday, July 18th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $70.56.
The company has a 50-day moving average of $79.35 and a 200 day moving average of $74.25. The company has a market capitalization of $8.50 billion and a price-to-earnings ratio of 20.19.
Pinnacle West Capital Corp. (NYSE:PNW) last announced its quarterly earnings data on Tuesday, August 2nd. The company reported $1.08 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.14 by $0.06. The business earned $915.40 million during the quarter, compared to analyst estimates of $915.40 million. The company’s revenue was up 2.8% compared to the same quarter last year. During the same period last year, the firm earned $1.10 EPS. Analysts expect that Pinnacle West Capital Corp. will post $3.99 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 1st. Shareholders of record on Monday, August 1st will be paid a dividend of $0.625 per share. This represents a $2.50 dividend on an annualized basis and a yield of 3.27%. The ex-dividend date is Thursday, July 28th.
In other Pinnacle West Capital Corp. news, SVP Robert S. Bement sold 4,300 shares of Pinnacle West Capital Corp. stock in a transaction on Wednesday, June 8th. The stock was sold at an average price of $75.75, for a total transaction of $325,725.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.
Several hedge funds and institutional investors have bought and sold shares of PNW. Foresters Investment Management Company Inc. acquired a new position in Pinnacle West Capital Corp. during the fourth quarter valued at $3,804,000. BNP Paribas Arbitrage SA boosted its position in Pinnacle West Capital Corp. by 5.8% in the fourth quarter. BNP Paribas Arbitrage SA now owns 173,762 shares of the company’s stock valued at $11,204,000 after buying an additional 9,577 shares in the last quarter. Finally, Morgan Stanley boosted its position in Pinnacle West Capital Corp. by 95.2% in the fourth quarter. Morgan Stanley now owns 745,843 shares of the company’s stock valued at $48,092,000 after buying an additional 363,693 shares in the last quarter.
Pinnacle West Capital Corporation is a holding company that operates primarily through its subsidiaries. The Company operates through electricity segment, which consists of traditional regulated retail and wholesale electricity businesses (primarily electric service to Native Load customers) and related activities, and includes electricity generation, transmission and distribution.
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