Pinnacle West Capital (NYSE:PNW) Downgraded by Mizuho to Neutral

Key Points

• Pinnacle West Capital has been downgraded by Mizuho from an "outperform" rating to a "neutral" rating, with a new target price of $90.00, down from $102.00.
• The stock currently has an average rating of "Hold", with a consensus target price of $96.50, following recent adjustments from various analysts.
• In the latest financial results, Pinnacle West Capital reported an EPS of $1.58, matching analysts' estimates, with a revenue of $1.36 billion, which was slightly above expectations.

Mizuho downgraded shares of Pinnacle West Capital (NYSE:PNW - Free Report) from an outperform rating to a neutral rating in a research report released on Tuesday morning, MarketBeat Ratings reports. The firm currently has $90.00 price target on the utilities provider's stock, down from their previous price target of $102.00.

Several other equities research analysts have also recently commented on the company. 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 note on Wednesday, July 16th. Morgan Stanley set a $89.00 target price on Pinnacle West Capital and gave the company an "outperform" rating in a report on Thursday, August 21st. UBS Group reiterated a "neutral" rating and set a $98.00 price target (up from $96.00) on shares of Pinnacle West Capital in a report on Friday, July 11th. Barclays lowered their target price on Pinnacle West Capital from $94.00 to $93.00 and set an "equal weight" rating on the stock in a research note on Wednesday, August 13th. Finally, BMO Capital Markets boosted their target price on Pinnacle West Capital from $96.00 to $98.00 and gave the company a "market perform" rating in a research note on Thursday, August 7th. Four equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, Pinnacle West Capital has a consensus rating of "Hold" and a consensus price target of $96.20.

Pinnacle West Capital Stock Performance

Shares of PNW stock traded down $0.18 during trading on Tuesday, reaching $88.19. 758,982 shares of the company's stock were exchanged, compared to its average volume of 1,146,975. The company has a quick ratio of 0.37, a current ratio of 0.52 and a debt-to-equity ratio of 1.25. The firm's fifty day moving average price is $90.74 and its 200-day moving average price is $91.37. Pinnacle West Capital has a twelve month low of $81.47 and a twelve month high of $96.50. The stock has a market capitalization of $10.53 billion, a PE ratio of 18.18, a PEG ratio of 9.05 and a beta of 0.45.

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

Pinnacle West Capital Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Friday, August 1st were issued a $0.895 dividend. This represents a $3.58 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date of this dividend was Friday, August 1st. Pinnacle West Capital's dividend payout ratio (DPR) is currently 73.81%.

Insider Buying and Selling

In other Pinnacle West Capital news, EVP Jacob Tetlow sold 6,496 shares of the firm's stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $92.37, for a total transaction of $600,035.52. Following the sale, the executive vice president directly owned 56 shares of the company's stock, valued at $5,172.72. This trade represents a 99.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.23% of the stock is currently owned by corporate insiders.

Institutional Trading of Pinnacle West Capital

Several institutional investors have recently added to or reduced their stakes in the company. Clearstead Trust LLC bought a new stake in shares of Pinnacle West Capital during the first quarter valued at approximately $25,000. Costello Asset Management INC purchased a new position in Pinnacle West Capital in the first quarter worth $26,000. CYBER HORNET ETFs LLC purchased a new position in shares of Pinnacle West Capital in the 2nd quarter valued at approximately $27,000. Ameritas Advisory Services LLC acquired a new position in shares of Pinnacle West Capital in the 2nd quarter valued at $31,000. Finally, MUFG Securities EMEA plc acquired a new position in shares of Pinnacle West Capital in the 2nd quarter valued at $32,000. Institutional investors own 91.51% of the company's stock.

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.