Pinnacle West Capital (NYSE:PNW) had its price target increased by Morgan Stanley from $85.00 to $89.00 in a research report report published on Tuesday, Marketbeat reports. Morgan Stanley currently has a hold rating on the utilities provider’s stock.

Several other brokerages also recently commented on PNW. Zacks Investment Research downgraded Pinnacle West Capital from a buy rating to a hold rating in a research note on Wednesday, July 4th. UBS Group raised their price target on shares of Pinnacle West Capital from $79.00 to $83.00 and gave the company a neutral rating in a research report on Friday, August 10th. ValuEngine raised shares of Pinnacle West Capital from a sell rating to a hold rating in a research report on Wednesday, June 27th. Finally, Wells Fargo & Co raised shares of Pinnacle West Capital from a market perform rating to an outperform rating in a research report on Monday, August 6th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company. Pinnacle West Capital currently has an average rating of Hold and a consensus price target of $84.11.

Shares of PNW opened at $80.38 on Tuesday. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.50 and a quick ratio of 0.36. The stock has a market capitalization of $8.93 billion, a PE ratio of 18.48, a PEG ratio of 4.01 and a beta of 0.13. Pinnacle West Capital has a one year low of $73.41 and a one year high of $92.48.

Pinnacle West Capital (NYSE:PNW) last issued its earnings results on Friday, August 3rd. The utilities provider reported $1.48 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.44 by $0.04. The company had revenue of $974.12 million during the quarter, compared to the consensus estimate of $939.59 million. Pinnacle West Capital had a return on equity of 9.12% and a net margin of 12.95%. The firm’s revenue for the quarter was up 3.1% compared to the same quarter last year. During the same period last year, the business posted $1.49 EPS. sell-side analysts forecast that Pinnacle West Capital will post 4.45 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 4th. Investors of record on Wednesday, August 1st were given a $0.695 dividend. The ex-dividend date was Tuesday, July 31st. This represents a $2.78 annualized dividend and a yield of 3.46%. Pinnacle West Capital’s payout ratio is 63.91%.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Piedmont Investment Advisors LLC bought a new position in shares of Pinnacle West Capital during the 2nd quarter worth approximately $106,000. Silvant Capital Management LLC bought a new position in shares of Pinnacle West Capital during the 1st quarter worth approximately $127,000. Point72 Asia Hong Kong Ltd bought a new position in shares of Pinnacle West Capital during the 1st quarter worth approximately $151,000. Dupont Capital Management Corp lifted its position in shares of Pinnacle West Capital by 223.9% during the 2nd quarter. Dupont Capital Management Corp now owns 1,937 shares of the utilities provider’s stock worth $156,000 after buying an additional 1,339 shares in the last quarter. Finally, Synovus Financial Corp lifted its position in shares of Pinnacle West Capital by 252.7% during the 2nd quarter. Synovus Financial Corp now owns 2,000 shares of the utilities provider’s stock worth $161,000 after buying an additional 1,433 shares in the last quarter. 82.01% of the stock is currently owned by institutional investors and hedge funds.

About Pinnacle West Capital

Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, provides retail and wholesale electric services primarily in the state of Arizona. It generates, transmits, and distributes electricity using coal, nuclear, gas, oil, and solar resources. The company serves approximately 1.2 million homes and businesses.

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Analyst Recommendations for Pinnacle West Capital (NYSE:PNW)

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