Pinnacle West Capital Co. (NYSE:PNW) Receives $97.00 Consensus PT from Brokerages
Shares of Pinnacle West Capital Co. (NYSE:PNW) have received an average rating of “Hold” from the fifteen research firms that are presently covering the stock, MarketBeat reports. Three analysts have rated the stock with a sell recommendation, eight have assigned a hold recommendation and four have given a buy recommendation to the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $97.00.
Several research firms recently weighed in on PNW. Credit Suisse Group set a $102.00 price objective on Pinnacle West Capital and gave the company a “buy” rating in a report on Monday, April 22nd. Argus raised Pinnacle West Capital from a “hold” rating to a “buy” rating and set a $102.00 price objective on the stock in a report on Tuesday, July 30th. Evercore ISI downgraded Pinnacle West Capital from an “in-line” rating to an “underperform” rating in a report on Friday, August 9th. Wells Fargo & Co reissued a “hold” rating on shares of Pinnacle West Capital in a report on Friday, August 9th. Finally, Morgan Stanley downgraded Pinnacle West Capital from an “equal weight” rating to an “underweight” rating and cut their target price for the stock from $98.00 to $90.00 in a report on Wednesday, June 12th.
A number of institutional investors and hedge funds have recently made changes to their positions in PNW. BlackRock Inc. raised its position in shares of Pinnacle West Capital by 0.4% in the 2nd quarter. BlackRock Inc. now owns 12,513,978 shares of the utilities provider’s stock worth $1,177,441,000 after acquiring an additional 49,482 shares in the last quarter. American Century Companies Inc. raised its position in shares of Pinnacle West Capital by 21.9% in the 1st quarter. American Century Companies Inc. now owns 3,639,150 shares of the utilities provider’s stock worth $347,830,000 after acquiring an additional 654,505 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of Pinnacle West Capital by 4.1% in the 2nd quarter. Renaissance Technologies LLC now owns 2,804,750 shares of the utilities provider’s stock worth $263,899,000 after acquiring an additional 109,400 shares in the last quarter. Ronna Sue Cohen raised its position in shares of Pinnacle West Capital by 9,363.1% in the 1st quarter. Ronna Sue Cohen now owns 1,667,971 shares of the utilities provider’s stock worth $1,668,000 after acquiring an additional 1,650,345 shares in the last quarter. Finally, Northern Trust Corp raised its position in shares of Pinnacle West Capital by 1.8% in the 2nd quarter. Northern Trust Corp now owns 1,615,338 shares of the utilities provider’s stock worth $151,987,000 after acquiring an additional 28,316 shares in the last quarter. 86.64% of the stock is currently owned by hedge funds and other institutional investors.
Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings data on Thursday, August 8th. The utilities provider reported $1.28 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.43 by ($0.15). Pinnacle West Capital had a net margin of 13.84% and a return on equity of 9.31%. The firm had revenue of $869.50 million for the quarter, compared to analyst estimates of $973.16 million. During the same period last year, the business earned $1.48 EPS. The company’s revenue was down 10.7% compared to the same quarter last year. Equities research analysts anticipate that Pinnacle West Capital will post 4.75 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 1st will be issued a dividend of $0.738 per share. The ex-dividend date of this dividend is Wednesday, July 31st. This is an increase from Pinnacle West Capital’s previous quarterly dividend of $0.74. This represents a $2.95 annualized dividend and a yield of 3.18%. Pinnacle West Capital’s payout ratio is presently 64.98%.
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 generating facilities. The company serves approximately 1.2 million customers.
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