Zacks Investment Research upgraded shares of Pinnacle West Capital Corporation (NYSE:PNW) from a hold rating to a buy rating in a report issued on Thursday morning. Zacks Investment Research currently has $99.00 target price on the utilities provider’s stock.
According to Zacks, “In last one year, shares of Pinnacle West have gained higher than the industry it belongs to. Pinnacle West gained from higher demand, thanks to higher electricity usage as a result of hotter weather. The company is well positioned to reap the benefits of ongoing economic improvement in its service territories. Better economic prospects, increase in the customer count and higher customer spending are expected to drive earnings. The company is also expanding its renewable generation portfolio. However, Pinnacle West is subject to comprehensive regulations by federal, state and local regulatory agencies. In addition, its operations are subject to fluctuations in commodity price, as well as operational risks and hazards.”
A number of other brokerages have also weighed in on PNW. Morgan Stanley boosted their price target on Pinnacle West Capital Corporation from $83.00 to $86.00 and gave the stock an underweight rating in a research note on Friday, September 8th. SunTrust Banks, Inc. restated a hold rating and set a $84.00 price target on shares of Pinnacle West Capital Corporation in a research note on Thursday, October 12th. Royal Bank Of Canada restated a hold rating and set a $89.00 price target on shares of Pinnacle West Capital Corporation in a research note on Tuesday, August 29th. BidaskClub upgraded Pinnacle West Capital Corporation from a sell rating to a hold rating in a research note on Monday, July 24th. Finally, BMO Capital Markets reiterated a hold rating and issued a $89.00 target price on shares of Pinnacle West Capital Corporation in a research report on Friday, August 4th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the company. Pinnacle West Capital Corporation currently has an average rating of Hold and a consensus price target of $86.00.
Shares of Pinnacle West Capital Corporation (PNW) traded down 0.55% during mid-day trading on Thursday, hitting $88.42. 15,936 shares of the stock were exchanged. The stock’s 50 day moving average is $87.28 and its 200-day moving average is $87.03. Pinnacle West Capital Corporation has a 12 month low of $70.86 and a 12 month high of $90.92. The stock has a market cap of $9.87 billion, a PE ratio of 19.53 and a beta of 0.36.
Pinnacle West Capital Corporation (NYSE:PNW) last issued its quarterly earnings results on Thursday, August 3rd. The utilities provider reported $1.49 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.16 by $0.33. Pinnacle West Capital Corporation had a return on equity of 10.20% and a net margin of 14.37%. The business had revenue of $944.59 million for the quarter, compared to analyst estimates of $921.79 million. During the same quarter in the previous year, the firm earned $1.08 earnings per share. The company’s revenue was up 3.2% on a year-over-year basis. On average, analysts anticipate that Pinnacle West Capital Corporation will post $4.27 EPS for the current year.
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The business also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Wednesday, November 1st will be issued a $0.695 dividend. The ex-dividend date is Tuesday, October 31st. This is an increase from Pinnacle West Capital Corporation’s previous quarterly dividend of $0.66. This represents a $2.78 dividend on an annualized basis and a yield of 3.13%. Pinnacle West Capital Corporation’s payout ratio is presently 57.96%.
In other Pinnacle West Capital Corporation news, Chairman Donald E. Brandt sold 35,013 shares of the business’s stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $89.57, for a total value of $3,136,114.41. Following the completion of the transaction, the chairman now directly owns 118,574 shares of the company’s stock, valued at $10,620,673.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kathryn L. Munro sold 1,806 shares of the business’s stock in a transaction that occurred on Friday, August 25th. The shares were sold at an average price of $90.28, for a total value of $163,045.68. Following the completion of the transaction, the director now directly owns 17,852 shares of the company’s stock, valued at $1,611,678.56. The disclosure for this sale can be found here. Insiders sold 41,419 shares of company stock valued at $3,713,068 over the last three months. 0.70% of the stock is currently owned by corporate insiders.
Large investors have recently made changes to their positions in the business. Northwest Investment Counselors LLC acquired a new position in shares of Pinnacle West Capital Corporation during the 2nd quarter worth approximately $106,000. WealthTrust Arizona LLC raised its stake in shares of Pinnacle West Capital Corporation by 0.7% during the 2nd quarter. WealthTrust Arizona LLC now owns 1,253 shares of the utilities provider’s stock worth $107,000 after buying an additional 9 shares during the period. Captrust Financial Advisors acquired a new position in shares of Pinnacle West Capital Corporation during the 2nd quarter worth approximately $109,000. Parallel Advisors LLC raised its stake in shares of Pinnacle West Capital Corporation by 3.6% during the 2nd quarter. Parallel Advisors LLC now owns 2,144 shares of the utilities provider’s stock worth $186,000 after buying an additional 75 shares during the period. Finally, Pacer Advisors Inc. raised its stake in shares of Pinnacle West Capital Corporation by 8.3% during the 2nd quarter. Pacer Advisors Inc. now owns 2,270 shares of the utilities provider’s stock worth $193,000 after buying an additional 174 shares during the period. 84.27% of the stock is owned by institutional investors.
About Pinnacle West Capital Corporation
Pinnacle West Capital Corporation is a holding company that operates through its subsidiaries. The Company operates through regulated electricity segment, which consists of traditional regulated retail and wholesale electricity businesses and related activities, and includes electricity generation, transmission and distribution.
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