Morgan Stanley Cuts Pinnacle West Capital (NYSE:PNW) Price Target to $89.00

Pinnacle West Capital (NYSE:PNW) had its target price trimmed by Morgan Stanley from $94.00 to $89.00 in a research report report published on Friday morning,Benzinga reports. The firm currently has an equal weight rating on the utilities provider’s stock.

PNW has been the subject of several other research reports. Wall Street Zen cut Pinnacle West Capital from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Barclays increased their price objective on Pinnacle West Capital from $102.00 to $108.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 1st. Jefferies Financial Group reiterated a “buy” rating and issued a $129.00 price objective on shares of Pinnacle West Capital in a report on Wednesday, July 8th. Truist Financial decreased their target price on Pinnacle West Capital from $107.00 to $101.00 and set a “hold” rating for the company in a research report on Monday, August 17th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Pinnacle West Capital in a research note on Monday, August 3rd. Three investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat.com, Pinnacle West Capital has an average rating of “Hold” and a consensus price target of $104.23.

Pinnacle West Capital Trading Down 0.1%

NYSE:PNW opened at $94.15 on Friday. The stock has a market cap of $11.41 billion, a price-to-earnings ratio of 18.04, a PEG ratio of 3.44 and a beta of 0.45. The company has a quick ratio of 0.41, a current ratio of 0.59 and a debt-to-equity ratio of 1.38. The company’s 50 day moving average price is $100.59 and its 200-day moving average price is $101.76. Pinnacle West Capital has a 52 week low of $85.70 and a 52 week high of $111.16.

Pinnacle West Capital (NYSE:PNW) last announced its quarterly earnings data on Tuesday, August 4th. The utilities provider reported $1.43 earnings per share for the quarter, missing analysts’ consensus estimates of $1.46 by ($0.03). The firm had revenue of $1.46 billion during the quarter, compared to analysts’ expectations of $1.40 billion. Pinnacle West Capital had a return on equity of 8.99% and a net margin of 11.52%.Pinnacle West Capital’s revenue was up 7.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.58 earnings per share. Pinnacle West Capital has set its FY 2026 guidance at 4.550-4.750 EPS. On average, equities research analysts forecast that Pinnacle West Capital will post 4.71 earnings per share for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Monday, August 3rd were issued a dividend of $0.91 per share. This represents a $3.64 annualized dividend and a dividend yield of 3.9%. The ex-dividend date of this dividend was Monday, August 3rd. Pinnacle West Capital’s dividend payout ratio is presently 69.73%.

Insiders Place Their Bets

In other news, SVP Luis Esparza, Jr. sold 1,800 shares of the firm’s stock in a transaction on Friday, August 7th. The stock was sold at an average price of $102.01, for a total value of $183,618.00. Following the transaction, the senior vice president directly owned 4,910 shares in the company, valued at $500,869.10. This trade represents a 26.83% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CAO Elizabeth Blankenship sold 980 shares of Pinnacle West Capital stock in a transaction on Monday, August 10th. The stock was sold at an average price of $99.17, for a total value of $97,186.60. Following the completion of the sale, the chief accounting officer directly owned 10,886 shares of the company’s stock, valued at $1,079,564.62. The trade was a 8.26% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 0.19% of the company’s stock.

Institutional Investors Weigh In On Pinnacle West Capital

A number of large investors have recently made changes to their positions in PNW. Oregon Public Employees Retirement Fund raised its holdings in Pinnacle West Capital by 0.7% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 13,755 shares of the utilities provider’s stock worth $1,386,000 after purchasing an additional 100 shares during the period. Excelsior Advisor Network LLC lifted its position in Pinnacle West Capital by 4.3% during the first quarter. Excelsior Advisor Network LLC now owns 2,625 shares of the utilities provider’s stock valued at $264,000 after purchasing an additional 108 shares in the last quarter. Everhart Financial Group Inc. grew its holdings in Pinnacle West Capital by 5.1% during the second quarter. Everhart Financial Group Inc. now owns 2,481 shares of the utilities provider’s stock valued at $265,000 after purchasing an additional 120 shares during the period. JFS Wealth Advisors LLC grew its holdings in Pinnacle West Capital by 109.6% during the second quarter. JFS Wealth Advisors LLC now owns 241 shares of the utilities provider’s stock valued at $26,000 after purchasing an additional 126 shares during the period. Finally, Empirical Finance LLC grew its holdings in Pinnacle West Capital by 3.5% during the second quarter. Empirical Finance LLC now owns 4,143 shares of the utilities provider’s stock valued at $443,000 after purchasing an additional 142 shares during the period. 91.51% of the stock is currently owned by institutional investors.

Pinnacle West Capital Company Profile

Pinnacle West Capital Corporation (NYSE: PNW) is an energy holding company headquartered in Phoenix, Arizona. Its principal subsidiary, Arizona Public Service Company (APS), is an electric utility that provides power to residential, commercial and industrial customers throughout much of Arizona.

Through APS, Pinnacle West is involved in the generation, transmission and distribution of electricity. Its generation portfolio includes nuclear, natural gas, coal, solar and other renewable energy resources.