Pinnacle West Capital Corporation (NYSE:PNW) Stock Has Consensus Target Price of $103.77

Pinnacle West Capital Corporation (NYSE:PNW) has been given a consensus rating of “Hold” by the fifteen research firms that are currently covering the stock, Marketbeat Ratings reports. Ten analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $103.77.

PNW has been the subject of a number of research analyst reports. Wall Street Zen upgraded Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Sunday. BMO Capital Markets decreased their target price on Pinnacle West Capital from $106.00 to $104.00 and set a “market perform” rating on the stock in a research report on Wednesday, July 22nd. Citigroup reiterated a “neutral” rating on shares of Pinnacle West Capital in a research note on Thursday, October 8th. HSBC assumed coverage on Pinnacle West Capital in a report on Thursday, October 22nd. They set a “buy” rating and a $119.50 price target for the company. Finally, Truist Financial reduced their price target on Pinnacle West Capital from $101.00 to $99.00 and set a “hold” rating for the company in a research note on Monday, October 5th.

Insider Buying and Selling at Pinnacle West Capital

In other news, Director Paula Sims sold 2,000 shares of Pinnacle West Capital stock in a transaction on Monday, November 9th. The stock was sold at an average price of $105.44, for a total transaction of $210,880.00. Following the completion of the sale, the director owned 9,032 shares of the company’s stock, valued at approximately $952,334.08. This trade represents a 18.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.19% of the company’s stock.

Hedge Funds Weigh In On Pinnacle West Capital

A number of hedge funds have recently bought and sold shares of PNW. Wellington Management Group LLP boosted its position in Pinnacle West Capital by 101.3% in the second quarter. Wellington Management Group LLP now owns 1,456,941 shares of the utilities provider’s stock valued at $155,893,000 after buying an additional 733,069 shares in the last quarter. Tidal Investments LLC increased its holdings in shares of Pinnacle West Capital by 233.3% during the second quarter. Tidal Investments LLC now owns 35,637 shares of the utilities provider’s stock worth $3,813,000 after buying an additional 24,946 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Pinnacle West Capital by 3.7% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 291,694 shares of the utilities provider’s stock worth $31,211,000 after buying an additional 10,498 shares in the last quarter. Amundi lifted its stake in shares of Pinnacle West Capital by 41.4% in the 2nd quarter. Amundi now owns 218,811 shares of the utilities provider’s stock valued at $23,413,000 after acquiring an additional 64,074 shares during the last quarter. Finally, Soroban Capital Partners LP lifted its stake in shares of Pinnacle West Capital by 34.0% in the 1st quarter. Soroban Capital Partners LP now owns 3,854,815 shares of the utilities provider’s stock valued at $388,373,000 after acquiring an additional 977,411 shares during the last quarter. 91.51% of the stock is owned by institutional investors.

Pinnacle West Capital Stock Performance

Shares of NYSE PNW traded up $0.02 during mid-day trading on Thursday, reaching $107.05. 997,845 shares of the company were exchanged, compared to its average volume of 1,749,270. The stock has a market capitalization of $12.97 billion, a P/E ratio of 20.12, a P/E/G ratio of 3.74 and a beta of 0.48. The company has a quick ratio of 0.50, a current ratio of 0.71 and a debt-to-equity ratio of 1.35. The company’s 50-day simple moving average is $99.95 and its 200-day simple moving average is $100.97. Pinnacle West Capital has a twelve month low of $86.18 and a twelve month high of $111.16.

Pinnacle West Capital (NYSE:PNW) last announced its quarterly earnings results on Tuesday, November 3rd. The utilities provider reported $3.49 EPS for the quarter, beating analysts’ consensus estimates of $3.32 by $0.17. The business had revenue of $1.97 billion for the quarter, compared to analyst estimates of $1.90 billion. Pinnacle West Capital had a net margin of 11.59% and a return on equity of 9.18%. Pinnacle West Capital’s quarterly revenue was up 8.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.39 EPS. As a group, research analysts predict that Pinnacle West Capital will post 4.92 earnings per share for the current year.

Pinnacle West Capital Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Monday, November 2nd will be given a dividend of $0.9250 per share. This represents a $3.70 annualized dividend and a yield of 3.5%. The ex-dividend date is Monday, November 2nd. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.91. Pinnacle West Capital’s dividend payout ratio (DPR) is 69.55%.

About Pinnacle West Capital

Pinnacle West Capital Corporation is an energy holding company whose principal subsidiary, Arizona Public Service Company (APS), provides electric service in Arizona. APS generates, transmits and distributes electricity to residential, commercial and industrial customers. APS serves communities across central and northern Arizona, including the Phoenix metropolitan area. Its electricity supply comes from a mix of generating resources, including nuclear, natural gas, coal and renewable energy. Pinnacle West became the parent company of APS in 1985.