Pinnacle West Capital (NYSE:PNW) Given a $92.00 Price Target at Morgan Stanley

Morgan Stanley set a $92.00 price target on Pinnacle West Capital (NYSE:PNW) in a research note published on Friday, TipRanks reports. The brokerage currently has a sell rating on the utilities provider’s stock.

Several other equities analysts have also issued reports on the company. Evercore ISI lowered Pinnacle West Capital from an in-line rating to an underperform rating in a research note on Friday, August 9th. Williams Capital reissued a hold rating and issued a $97.00 price target (up from $87.00) on shares of Pinnacle West Capital in a research note on Monday, August 12th. UBS Group dropped their price target on Pinnacle West Capital from $103.00 to $99.00 and set a neutral rating on the stock in a research note on Monday, August 12th. Zacks Investment Research raised Pinnacle West Capital from a hold rating to a buy rating and set a $108.00 price target on the stock in a research note on Monday, May 20th. Finally, Wells Fargo & Co reissued a hold rating on shares of Pinnacle West Capital in a research note on Friday, August 9th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and four have assigned a buy rating to the stock. Pinnacle West Capital has an average rating of Hold and a consensus price target of $97.33.

Shares of Pinnacle West Capital stock traded up $0.84 during midday trading on Friday, reaching $94.96. The company had a trading volume of 1,188,161 shares, compared to its average volume of 1,006,148. The stock has a fifty day moving average price of $93.41 and a 200 day moving average price of $94.04. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.54 and a quick ratio of 0.36. The firm has a market cap of $10.53 billion, a PE ratio of 20.92, a P/E/G ratio of 3.24 and a beta of 0.15. Pinnacle West Capital has a fifty-two week low of $77.19 and a fifty-two week high of $99.81.

Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings data on Thursday, August 8th. The utilities provider reported $1.28 EPS for the quarter, missing the Zacks’ consensus estimate of $1.43 by ($0.15). The company had revenue of $869.50 million during the quarter, compared to analyst estimates of $973.16 million. Pinnacle West Capital had a return on equity of 9.33% and a net margin of 13.84%. Pinnacle West Capital’s revenue was down 10.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.48 earnings per share. As a group, sell-side analysts forecast that Pinnacle West Capital will post 4.76 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Thursday, August 1st will be issued a dividend of $0.738 per share. This is an increase 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 annualized dividend and a dividend yield of 3.11%. Pinnacle West Capital’s payout ratio is currently 64.98%.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Harvest Fund Management Co. Ltd bought a new stake in Pinnacle West Capital during the second quarter worth $35,000. Magnetar Financial LLC bought a new stake in Pinnacle West Capital during the second quarter worth $329,000. Royal Bank of Canada grew its holdings in Pinnacle West Capital by 1.0% during the second quarter. Royal Bank of Canada now owns 374,126 shares of the utilities provider’s stock worth $35,201,000 after buying an additional 3,874 shares in the last quarter. HM Payson & Co. bought a new stake in Pinnacle West Capital during the second quarter worth $37,000. Finally, Ladenburg Thalmann Financial Services Inc. grew its holdings in Pinnacle West Capital by 1.0% during the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 15,846 shares of the utilities provider’s stock worth $1,492,000 after buying an additional 159 shares in the last quarter. Hedge funds and other institutional investors own 86.82% of the company’s stock.

Pinnacle West Capital Company Profile

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.

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Analyst Recommendations for Pinnacle West Capital (NYSE:PNW)

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