Pinnacle West Capital (NYSE:PNW) Upgraded by StockNews.com to “Hold”

StockNews.com upgraded shares of Pinnacle West Capital (NYSE:PNWFree Report) from a sell rating to a hold rating in a research report sent to investors on Friday morning.

Several other analysts also recently commented on PNW. Royal Bank of Canada reduced their price objective on shares of Pinnacle West Capital from $83.00 to $80.00 and set a sector perform rating for the company in a research report on Friday, March 1st. Bank of America raised shares of Pinnacle West Capital from a neutral rating to a buy rating and raised their price objective for the stock from $71.00 to $80.00 in a research report on Monday, March 18th. UBS Group raised shares of Pinnacle West Capital from a sell rating to a neutral rating and raised their price objective for the stock from $68.00 to $71.00 in a research report on Monday, March 11th. Wells Fargo & Company increased their target price on Pinnacle West Capital from $77.00 to $80.00 and gave the stock an equal weight rating in a report on Wednesday. Finally, Morgan Stanley increased their target price on Pinnacle West Capital from $70.00 to $76.00 and gave the stock an equal weight rating in a report on Tuesday, May 28th. Eight analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Pinnacle West Capital presently has a consensus rating of Hold and a consensus target price of $76.04.

Check Out Our Latest Analysis on Pinnacle West Capital

Pinnacle West Capital Stock Performance

NYSE:PNW opened at $75.68 on Friday. The company has a market capitalization of $8.59 billion, a PE ratio of 16.49, a P/E/G ratio of 1.97 and a beta of 0.50. The company has a 50 day simple moving average of $75.39 and a two-hundred day simple moving average of $72.79. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.42 and a current ratio of 0.58. Pinnacle West Capital has a fifty-two week low of $65.20 and a fifty-two week high of $86.03.

Pinnacle West Capital (NYSE:PNWGet Free Report) last released its earnings results on Thursday, May 2nd. The utilities provider reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.17. The business had revenue of $951.71 million during the quarter, compared to the consensus estimate of $981.82 million. Pinnacle West Capital had a net margin of 11.09% and a return on equity of 8.29%. The company’s revenue for the quarter was up .7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.03) EPS. Research analysts anticipate that Pinnacle West Capital will post 4.77 earnings per share for the current year.

Pinnacle West Capital Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 3rd. Shareholders of record on Wednesday, May 1st were paid a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a yield of 4.65%. The ex-dividend date was Tuesday, April 30th. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 76.69%.

Hedge Funds Weigh In On Pinnacle West Capital

Several large investors have recently bought and sold shares of PNW. Victory Capital Management Inc. lifted its stake in Pinnacle West Capital by 4.4% during the 3rd quarter. Victory Capital Management Inc. now owns 22,800 shares of the utilities provider’s stock valued at $1,680,000 after acquiring an additional 968 shares in the last quarter. Amalgamated Bank raised its stake in shares of Pinnacle West Capital by 18.0% during the 3rd quarter. Amalgamated Bank now owns 41,249 shares of the utilities provider’s stock worth $3,039,000 after purchasing an additional 6,290 shares during the period. Swiss National Bank raised its stake in shares of Pinnacle West Capital by 1.0% during the 3rd quarter. Swiss National Bank now owns 249,000 shares of the utilities provider’s stock worth $18,346,000 after purchasing an additional 2,400 shares during the period. Atria Wealth Solutions Inc. raised its stake in shares of Pinnacle West Capital by 11.9% during the 3rd quarter. Atria Wealth Solutions Inc. now owns 4,692 shares of the utilities provider’s stock worth $346,000 after purchasing an additional 498 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Pinnacle West Capital by 1.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 963,193 shares of the utilities provider’s stock worth $70,968,000 after purchasing an additional 9,696 shares during the period. 91.51% of the stock is currently owned by institutional investors.

About Pinnacle West Capital

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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.

Further Reading

Analyst Recommendations for Pinnacle West Capital (NYSE:PNW)

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