Pinnacle West Capital (PNW) Price Target Increased to $91.00 by Analysts at Morgan Stanley
Pinnacle West Capital (NYSE:PNW) had its target price raised by Morgan Stanley from $90.00 to $91.00 in a research report report published on Wednesday. The firm currently has an underweight rating on the utilities provider’s stock.
Several other research firms have also recently issued reports on PNW. SunTrust Banks restated a hold rating and set a $84.00 price objective on shares of Pinnacle West Capital in a report on Thursday, October 12th. Royal Bank of Canada restated a hold rating and set a $89.00 price objective on shares of Pinnacle West Capital in a report on Tuesday, August 29th. ValuEngine upgraded Pinnacle West Capital from a hold rating to a buy rating in a report on Tuesday, November 14th. Zacks Investment Research lowered Pinnacle West Capital from a hold rating to a sell rating in a research report on Tuesday, October 10th. Finally, Bank of America started coverage on Pinnacle West Capital in a research report on Tuesday, October 24th. They issued a neutral rating and a $89.00 target price on the stock. One analyst has rated the stock with a sell rating, nine have given a hold rating and three have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus price target of $87.20.
Shares of Pinnacle West Capital (PNW) traded up $0.18 during trading hours on Wednesday, reaching $89.30. The company’s stock had a trading volume of 613,400 shares, compared to its average volume of 673,210. The firm has a market cap of $9,954.02, a PE ratio of 19.24, a PEG ratio of 6.45 and a beta of 0.38. The company has a current ratio of 0.90, a quick ratio of 0.68 and a debt-to-equity ratio of 0.85. Pinnacle West Capital has a 52-week low of $74.46 and a 52-week high of $92.48.
Pinnacle West Capital (NYSE:PNW) last announced its earnings results on Friday, November 3rd. The utilities provider reported $2.46 EPS for the quarter, beating analysts’ consensus estimates of $2.33 by $0.13. Pinnacle West Capital had a return on equity of 10.31% and a net margin of 14.67%. The firm had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.21 billion. During the same quarter in the prior year, the firm earned $2.35 EPS. Pinnacle West Capital’s quarterly revenue was up 1.4% on a year-over-year basis. equities analysts anticipate that Pinnacle West Capital will post 4.27 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, December 1st. Investors of record on Wednesday, November 1st were given a $0.695 dividend. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.66. This represents a $2.78 annualized dividend and a dividend yield of 3.11%. The ex-dividend date was Tuesday, October 31st. Pinnacle West Capital’s dividend payout ratio (DPR) is 60.04%.
In other Pinnacle West Capital news, Director Michael L. Gallagher sold 2,012 shares of the firm’s stock in a transaction dated Thursday, November 9th. The stock was sold at an average price of $89.37, for a total value of $179,812.44. Following the transaction, the director now directly owns 12,786 shares of the company’s stock, valued at $1,142,684.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Donald E. Brandt sold 18,153 shares of the firm’s stock in a transaction dated Thursday, November 9th. The shares were sold at an average price of $89.54, for a total value of $1,625,419.62. Following the completion of the transaction, the chief executive officer now directly owns 118,574 shares in the company, valued at $10,617,115.96. The disclosure for this sale can be found here. Company insiders own 0.70% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in PNW. Captrust Financial Advisors purchased a new position in Pinnacle West Capital in the second quarter valued at about $109,000. Parallel Advisors LLC raised its position in Pinnacle West Capital by 3.6% in the second quarter. Parallel Advisors LLC now owns 2,144 shares of the utilities provider’s stock valued at $186,000 after purchasing an additional 75 shares during the period. Pacer Advisors Inc. raised its position in Pinnacle West Capital by 8.3% in the second quarter. Pacer Advisors Inc. now owns 2,270 shares of the utilities provider’s stock valued at $193,000 after purchasing an additional 174 shares during the period. Stock Yards Bank & Trust Co. purchased a new position in Pinnacle West Capital in the third quarter valued at about $205,000. Finally, Krilogy Financial LLC purchased a new position in Pinnacle West Capital in the third quarter valued at about $211,000. 82.80% of the stock is currently owned by institutional investors.
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.
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