Analysts Set Pinnacle West Capital Corporation (NYSE:PNW) Target Price at $96.78

Key Points

• Pinnacle West Capital (NYSE:PNW) has received a consensus rating of "Hold" from analysts, with an average 1-year price target of $96.78.
• The company recently reported a loss of $0.04 earnings per share for the quarter, missing analysts' expectations, although revenue rose by 8.5% year-over-year.
• Pinnacle West Capital declared a quarterly dividend of $0.895 per share, which translates to an annual dividend yield of 3.94%.

Shares of Pinnacle West Capital Corporation (NYSE:PNW - Get Free Report) have earned an average rating of "Hold" from the ten ratings firms that are currently covering the stock, Marketbeat.com reports. Seven equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $96.78.

PNW has been the topic of a number of recent analyst reports. Wall Street Zen downgraded Pinnacle West Capital from a "hold" rating to a "sell" rating in a report on Monday, May 5th. KeyCorp decreased their target price on Pinnacle West Capital from $101.00 to $100.00 and set an "overweight" rating for the company in a research report on Wednesday, July 16th. Wells Fargo & Company increased their price objective on Pinnacle West Capital from $95.00 to $98.00 and gave the stock an "equal weight" rating in a research report on Friday, May 2nd. LADENBURG THALM/SH SH raised Pinnacle West Capital to a "hold" rating in a research report on Friday, May 9th. Finally, Barclays increased their price objective on Pinnacle West Capital from $87.00 to $94.00 and gave the stock an "equal weight" rating in a research report on Tuesday, April 1st.

Institutional Investors Weigh In On Pinnacle West Capital

Several institutional investors and hedge funds have recently modified their holdings of PNW. Wealth Enhancement Advisory Services LLC raised its position in shares of Pinnacle West Capital by 26.2% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 29,775 shares of the utilities provider's stock worth $2,524,000 after purchasing an additional 6,183 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Pinnacle West Capital by 12.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,127 shares of the utilities provider's stock worth $1,236,000 after purchasing an additional 1,411 shares during the period. Stratos Wealth Partners LTD. raised its position in shares of Pinnacle West Capital by 26.2% during the 1st quarter. Stratos Wealth Partners LTD. now owns 5,546 shares of the utilities provider's stock worth $528,000 after purchasing an additional 1,150 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its position in shares of Pinnacle West Capital by 8.5% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,650 shares of the utilities provider's stock worth $443,000 after purchasing an additional 366 shares during the period. Finally, Amalgamated Bank raised its position in shares of Pinnacle West Capital by 1.7% during the 1st quarter. Amalgamated Bank now owns 22,300 shares of the utilities provider's stock worth $2,124,000 after purchasing an additional 372 shares during the period. Hedge funds and other institutional investors own 91.51% of the company's stock.

Pinnacle West Capital Trading Down 1.5%

Shares of Pinnacle West Capital stock traded down $1.38 during trading hours on Friday, hitting $89.53. The company's stock had a trading volume of 319,832 shares, compared to its average volume of 1,163,630. Pinnacle West Capital has a twelve month low of $81.47 and a twelve month high of $96.50. The firm has a fifty day moving average of $90.42 and a 200-day moving average of $90.72. The stock has a market cap of $10.69 billion, a price-to-earnings ratio of 17.78, a P/E/G ratio of 9.47 and a beta of 0.42. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.34 and a current ratio of 0.50.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The utilities provider reported ($0.04) EPS for the quarter, missing the consensus estimate of $0.05 by ($0.09). Pinnacle West Capital had a net margin of 11.28% and a return on equity of 8.78%. The business had revenue of $1.03 billion during the quarter, compared to analyst estimates of $988.95 million. During the same period last year, the company earned $0.15 EPS. The business's revenue for the quarter was up 8.5% on a year-over-year basis. Research analysts forecast that Pinnacle West Capital will post 5.13 EPS for the current year.

Pinnacle West Capital Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Friday, August 1st will be given a dividend of $0.895 per share. This represents a $3.58 dividend on an annualized basis and a yield of 4.00%. The ex-dividend date of this dividend is Friday, August 1st. Pinnacle West Capital's dividend payout ratio (DPR) is presently 71.17%.

About Pinnacle West Capital

Pinnacle West Capital Corporation, through its subsidiary, provides retail and wholesale electric services primarily in the state of Arizona. The company engages in the generation, transmission, and distribution of electricity using coal, nuclear, gas, oil, and solar generating facilities. Its transmission facilities include overhead lines and underground lines; and distribution facilities consist of overhead lines and underground primary cables.