Pinnacle West Capital Corporation (NYSE:PNW) Receives Average Rating of "Hold" from Brokerages

Key Points

• Pinnacle West Capital Corporation (NYSE:PNW) has received an average rating of "Hold" from ten analysts, with seven ratings as hold and three as buy recommendations.
• Analysts have set an average twelve-month price target of $97.00 for the stock, with recent adjustments from various brokerages.
• The company recently declared a quarterly dividend of $0.895, providing an annualized yield of 4.0%, with a payout ratio of 73.81%.

Shares of Pinnacle West Capital Corporation (NYSE:PNW - Get Free Report) have been given an average recommendation of "Hold" by the ten analysts that are presently covering the stock, MarketBeat Ratings reports. Seven investment analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $97.00.

Several brokerages have issued reports on PNW. Wells Fargo & Company lifted their target price on shares of Pinnacle West Capital from $95.00 to $98.00 and gave the company an "equal weight" rating in a research report on Friday, May 2nd. Wall Street Zen lowered shares of Pinnacle West Capital from a "hold" rating to a "sell" rating in a research report on Monday, May 5th. KeyCorp dropped their target price on shares of 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. Barclays dropped their target price on shares of Pinnacle West Capital from $94.00 to $93.00 and set an "equal weight" rating for the company in a research report on Wednesday, August 13th. Finally, Morgan Stanley dropped their target price on shares of Pinnacle West Capital from $88.00 to $87.00 and set an "equal weight" rating for the company in a research report on Thursday, May 22nd.

Insider Buying and Selling at Pinnacle West Capital

In other news, EVP Jacob Tetlow sold 6,496 shares of the business's stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $92.37, for a total value of $600,035.52. Following the completion of the sale, the executive vice president directly owned 56 shares in the company, valued at approximately $5,172.72. The trade was a 99.15% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.23% of the company's stock.

Institutional Investors Weigh In On Pinnacle West Capital

A number of hedge funds have recently made changes to their positions in the business. Nomura Holdings Inc. lifted its holdings in shares of Pinnacle West Capital by 628.8% in the 2nd quarter. Nomura Holdings Inc. now owns 26,128 shares of the utilities provider's stock worth $2,338,000 after acquiring an additional 22,543 shares during the last quarter. Geneos Wealth Management Inc. increased its stake in shares of Pinnacle West Capital by 36.7% in the second quarter. Geneos Wealth Management Inc. now owns 2,142 shares of the utilities provider's stock worth $192,000 after buying an additional 575 shares during the period. CYBER HORNET ETFs LLC purchased a new position in shares of Pinnacle West Capital in the second quarter worth $27,000. Headlands Technologies LLC purchased a new position in shares of Pinnacle West Capital in the second quarter worth $226,000. Finally, CANADA LIFE ASSURANCE Co increased its stake in shares of Pinnacle West Capital by 5.3% in the second quarter. CANADA LIFE ASSURANCE Co now owns 34,759 shares of the utilities provider's stock worth $3,113,000 after buying an additional 1,734 shares during the period. 91.51% of the stock is currently owned by institutional investors.

Pinnacle West Capital Price Performance

Shares of NYSE:PNW opened at $90.41 on Tuesday. The company has a 50 day moving average of $90.73 and a 200 day moving average of $91.38. The stock has a market cap of $10.80 billion, a P/E ratio of 18.64, a P/E/G ratio of 9.43 and a beta of 0.38. Pinnacle West Capital has a 12 month low of $81.47 and a 12 month high of $96.50. The company has a current ratio of 0.52, a quick ratio of 0.37 and a debt-to-equity ratio of 1.25.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The utilities provider reported $1.58 EPS for the quarter, meeting the consensus estimate of $1.58. The company had revenue of $1.36 billion during the quarter, compared to analysts' expectations of $1.35 billion. Pinnacle West Capital had a net margin of 10.96% and a return on equity of 8.45%. Pinnacle West Capital's revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.76 earnings per share. As a group, sell-side analysts forecast that Pinnacle West Capital will post 5.13 EPS for the current fiscal year.

Pinnacle West Capital Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Friday, August 1st will be issued a $0.895 dividend. This represents a $3.58 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date is Friday, August 1st. Pinnacle West Capital's payout ratio is presently 73.81%.

Pinnacle West Capital Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.