Pinnacle West Capital (NYSE:PNW) Price Target Raised to $98.00 at BMO Capital Markets

Key Points

• BMO Capital Markets has raised the price target for Pinnacle West Capital from $96.00 to $98.00, indicating a potential upside of 5.79% from its current price.
• The company reported $1.58 EPS for the last quarter, meeting analysts' expectations, with revenue of $1.36 billion, reflecting a 3.8% increase year-over-year.
• Current analyst ratings show one sell, seven hold, and three buy ratings, with a consensus price target of $97.11 for Pinnacle West Capital.

Pinnacle West Capital (NYSE:PNW - Free Report) had its target price boosted by BMO Capital Markets from $96.00 to $98.00 in a research note published on Thursday morning,Benzinga reports. They currently have a market perform rating on the utilities provider's stock.

Several other equities analysts have also recently issued reports on PNW. KeyCorp reduced their price target on shares of Pinnacle West Capital from $101.00 to $100.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 16th. Wall Street Zen cut shares of Pinnacle West Capital from a "hold" rating to a "sell" rating in a research report on Monday, May 5th. Wells Fargo & Company boosted their price target 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. LADENBURG THALM/SH SH upgraded shares of Pinnacle West Capital to a "hold" rating in a research report on Friday, May 9th. Finally, Morgan Stanley reduced their price target on shares of Pinnacle West Capital from $88.00 to $87.00 and set an "equal weight" rating on the stock in a research report on Thursday, May 22nd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, Pinnacle West Capital has an average rating of "Hold" and an average target price of $97.11.

Pinnacle West Capital Trading Down 1.2%

Shares of PNW stock traded down $1.11 during mid-day trading on Thursday, reaching $92.67. The stock had a trading volume of 1,014,063 shares, compared to its average volume of 1,206,722. The stock's 50-day moving average price is $90.47 and its two-hundred day moving average price is $91.11. Pinnacle West Capital has a 52-week low of $81.47 and a 52-week high of $96.50. The firm has a market capitalization of $11.07 billion, a PE ratio of 19.11, a price-to-earnings-growth ratio of 9.77 and a beta of 0.38. The company has a current ratio of 0.52, a quick ratio of 0.34 and a debt-to-equity ratio of 1.25.

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

Pinnacle West Capital Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Friday, August 1st will be paid a $0.895 dividend. This represents a $3.58 annualized dividend and a dividend yield of 3.9%. The ex-dividend date is Friday, August 1st. Pinnacle West Capital's dividend payout ratio is currently 73.81%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in PNW. Clearstead Trust LLC bought a new position in Pinnacle West Capital during the first quarter valued at approximately $25,000. Costello Asset Management INC bought a new position in Pinnacle West Capital during the first quarter valued at approximately $26,000. Ameritas Advisory Services LLC bought a new position in Pinnacle West Capital during the second quarter valued at approximately $31,000. Canada Post Corp Registered Pension Plan bought a new position in Pinnacle West Capital during the fourth quarter valued at approximately $35,000. Finally, Brooklyn Investment Group lifted its position in Pinnacle West Capital by 440.0% during the first quarter. Brooklyn Investment Group now owns 486 shares of the utilities provider's stock valued at $46,000 after purchasing an additional 396 shares during the period. 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.