Pinnacle West Capital Corporation (NYSE:PNW) Given Average Rating of "Hold" by Analysts

Key Points

• Analysts maintain a “Hold” consensus on Pinnacle West Capital, with 12 hold ratings and three buys among 15 firms. The average 12-month price target is $104.07, modestly above the stock’s reported $101.00 price.
• Pinnacle West reported quarterly adjusted EPS of $0.27, exceeding the $0.03 loss analysts expected, while revenue rose 11.4% year over year to $1.15 billion.
• The company announced a quarterly dividend of $0.91 per share, equating to an annualized $3.64 payout and a 3.6% yield. Institutional investors own 91.51% of the company, while an executive recently sold 6,567 shares.

Pinnacle West Capital Corporation (NYSE:PNW - Get Free Report) has been assigned an average rating of "Hold" from the fifteen ratings firms that are covering the company, Marketbeat Ratings reports. Twelve equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $104.0714.

PNW has been the topic of several research analyst reports. Weiss Ratings raised shares of Pinnacle West Capital from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, May 6th. Wall Street Zen upgraded Pinnacle West Capital from a "sell" rating to a "hold" rating in a research note on Saturday, June 27th. Wells Fargo & Company set a $106.00 target price on Pinnacle West Capital in a report on Tuesday, April 21st. Barclays lifted their target price on Pinnacle West Capital from $102.00 to $108.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 1st. Finally, Argus upped their price target on Pinnacle West Capital from $95.00 to $106.00 and gave the company a "buy" rating in a research report on Tuesday, April 14th.

Insider Buying and Selling at Pinnacle West Capital

In other Pinnacle West Capital news, EVP Jacob Tetlow sold 6,567 shares of the stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $99.00, for a total transaction of $650,133.00. Following the sale, the executive vice president directly owned 6,634 shares of the company's stock, valued at approximately $656,766. This represents a 49.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.19% of the company's stock.

Hedge Funds Weigh In On Pinnacle West Capital

Large investors have recently bought and sold shares of the business. ATLAS Infrastructure Partners UK Ltd. grew its holdings in shares of Pinnacle West Capital by 44.3% during the fourth quarter. ATLAS Infrastructure Partners UK Ltd. now owns 4,461,243 shares of the utilities provider's stock valued at $395,712,000 after purchasing an additional 1,369,350 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of Pinnacle West Capital by 1.8% in the 4th quarter. Invesco Ltd. now owns 4,249,267 shares of the utilities provider's stock worth $376,910,000 after purchasing an additional 74,023 shares during the last quarter. Soroban Capital Partners LP lifted its holdings 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 worth $388,373,000 after purchasing an additional 977,411 shares during the last quarter. Geode Capital Management LLC boosted its position in Pinnacle West Capital by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 3,095,691 shares of the utilities provider's stock valued at $274,117,000 after purchasing an additional 27,861 shares during the period. Finally, Massachusetts Financial Services Co. MA boosted its position in Pinnacle West Capital by 0.3% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,853,685 shares of the utilities provider's stock valued at $305,344,000 after purchasing an additional 9,298 shares during the period. Institutional investors own 91.51% of the company's stock.

Pinnacle West Capital Trading Up 0.0%

NYSE PNW opened at $101.00 on Tuesday. Pinnacle West Capital has a 12 month low of $85.32 and a 12 month high of $111.16. The company has a debt-to-equity ratio of 1.38, a current ratio of 0.60 and a quick ratio of 0.39. The company has a market capitalization of $12.24 billion, a price-to-earnings ratio of 18.81, a price-to-earnings-growth ratio of 3.67 and a beta of 0.44. The company's fifty day moving average price is $104.53 and its two-hundred day moving average price is $101.13.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last released its earnings results on Monday, May 4th. The utilities provider reported $0.27 earnings per share for the quarter, topping the consensus estimate of ($0.03) by $0.30. The company had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.08 billion. Pinnacle West Capital had a net margin of 11.99% and a return on equity of 9.27%. The company's revenue was up 11.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.04) EPS. As a group, research analysts predict that Pinnacle West Capital will post 4.74 earnings per share for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Monday, August 3rd will be paid a dividend of $0.91 per share. The ex-dividend date is Monday, August 3rd. This represents a $3.64 annualized dividend and a yield of 3.6%. Pinnacle West Capital's payout ratio is presently 67.78%.

About Pinnacle West Capital

Pinnacle West Capital Corporation is a publicly traded utility holding company headquartered in Phoenix, Arizona. Through its principal subsidiary, Arizona Public Service Company (APS), Pinnacle West generates, transmits and distributes electricity to more than one million residential, commercial and industrial customers across central and southern Arizona. The company's regulated operations focus on delivering safe, reliable power while meeting evolving environmental standards.

The company's diversified generation portfolio includes natural gas–fired plants, the nuclear-powered Palo Verde Generating Station—the largest nuclear facility in the United States by net output—plus growing investments in solar and battery storage projects.

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