Pinnacle West Capital (NYSE:PNW) Lifted to Buy at Argus

Argus upgraded shares of Pinnacle West Capital (NYSE:PNW) from a hold rating to a buy rating in a research note published on Tuesday, Briefing.com Automated Import reports. The brokerage currently has $102.00 price objective on the utilities provider’s stock.

Other analysts also recently issued reports about the stock. Bank of America raised shares of Pinnacle West Capital from a neutral rating to a buy rating and set a $105.00 price target for the company in a report on Monday, April 15th. Morgan Stanley downgraded shares of Pinnacle West Capital from an equal weight rating to an underweight rating and reduced their price target for the company from $98.00 to $90.00 in a report on Wednesday, June 12th. Zacks Investment Research raised shares of Pinnacle West Capital from a hold rating to a buy rating and set a $108.00 price target for the company in a report on Monday, May 20th. ValuEngine raised shares of Pinnacle West Capital from a hold rating to a buy rating in a report on Friday, May 10th. Finally, Credit Suisse Group set a $102.00 price target on shares of Pinnacle West Capital and gave the company a buy rating in a report on Monday, April 22nd. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the stock. The stock presently has an average rating of Hold and a consensus target price of $94.08.

Shares of NYSE PNW traded up $0.54 during trading hours on Tuesday, hitting $92.51. 9,131 shares of the stock were exchanged, compared to its average volume of 837,857. The company has a quick ratio of 0.36, a current ratio of 0.55 and a debt-to-equity ratio of 0.92. The business’s 50 day moving average is $94.68. The stock has a market cap of $10.37 billion, a price-to-earnings ratio of 20.34, a P/E/G ratio of 3.72 and a beta of 0.18. Pinnacle West Capital has a one year low of $77.19 and a one year high of $99.81.

Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings data on Wednesday, May 1st. The utilities provider reported $0.16 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.17 by ($0.01). Pinnacle West Capital had a return on equity of 9.84% and a net margin of 14.06%. The firm had revenue of $740.53 million for the quarter, compared to the consensus estimate of $718.60 million. During the same period in the prior year, the company posted $0.03 earnings per share. Pinnacle West Capital’s quarterly revenue was up 6.9% on a year-over-year basis. On average, analysts anticipate that Pinnacle West Capital will post 4.8 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Thursday, August 1st will be paid a $0.738 dividend. This is a boost from Pinnacle West Capital’s previous quarterly dividend of $0.74. The ex-dividend date of this dividend is Wednesday, July 31st. This represents a $2.95 dividend on an annualized basis and a dividend yield of 3.19%. Pinnacle West Capital’s dividend payout ratio is currently 64.98%.

In other news, Director Michael L. Gallagher sold 5,000 shares of the stock in a transaction on Monday, May 13th. The shares were sold at an average price of $95.90, for a total value of $479,500.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.41% of the company’s stock.

Several hedge funds have recently made changes to their positions in PNW. Ronna Sue Cohen raised its stake in shares of Pinnacle West Capital by 9,363.1% in the 1st quarter. Ronna Sue Cohen now owns 1,667,971 shares of the utilities provider’s stock valued at $1,668,000 after buying an additional 1,650,345 shares in the last quarter. Norges Bank acquired a new stake in shares of Pinnacle West Capital during the 4th quarter worth about $59,216,000. American Century Companies Inc. increased its position in shares of Pinnacle West Capital by 21.9% during the 1st quarter. American Century Companies Inc. now owns 3,639,150 shares of the utilities provider’s stock worth $347,830,000 after purchasing an additional 654,505 shares in the last quarter. Wells Fargo & Company MN increased its position in shares of Pinnacle West Capital by 86.4% during the 1st quarter. Wells Fargo & Company MN now owns 1,206,649 shares of the utilities provider’s stock worth $115,331,000 after purchasing an additional 559,462 shares in the last quarter. Finally, Janus Henderson Group PLC increased its position in shares of Pinnacle West Capital by 308.2% during the 1st quarter. Janus Henderson Group PLC now owns 606,430 shares of the utilities provider’s stock worth $57,962,000 after purchasing an additional 457,882 shares in the last quarter. Institutional investors own 85.27% of the company’s stock.

About Pinnacle West Capital

Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, provides retail and wholesale electric services primarily in the state of Arizona. It generates, transmits, and distributes electricity using coal, nuclear, gas, oil, and solar generating facilities. The company serves approximately 1.2 million customers.

Further Reading: Cost of Equity For A Business, Investors

Analyst Recommendations for Pinnacle West Capital (NYSE:PNW)

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