Pinnacle West Capital Corporation (NYSE:PNW) announced its earnings results on Friday. The utilities provider reported $2.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.33 by $0.13, Briefing.com reports. The company had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.21 billion. Pinnacle West Capital Corporation had a net margin of 14.37% and a return on equity of 10.20%. The firm’s quarterly revenue was up 1.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.35 earnings per share. Pinnacle West Capital Corporation updated its FY17 guidance to $4.15-4.30 EPS and its FY18 guidance to $4.25-4.45 EPS.
Shares of Pinnacle West Capital Corporation (NYSE:PNW) opened at $89.12 on Friday. The company has a market cap of $9,947.93, a PE ratio of 19.25, a PEG ratio of 4.19 and a beta of 0.38. Pinnacle West Capital Corporation has a twelve month low of $70.86 and a twelve month high of $90.92. The company has a current ratio of 0.65, a quick ratio of 0.48 and a debt-to-equity ratio of 0.84.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Wednesday, November 1st will be issued a dividend of $0.695 per share. The ex-dividend date of this dividend 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 dividend yield of 3.12%. Pinnacle West Capital Corporation’s payout ratio is 60.04%.
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A number of brokerages have issued reports on PNW. SunTrust Banks, Inc. restated a “hold” rating and set a $88.00 target price on shares of Pinnacle West Capital Corporation in a research report on Monday, October 30th. Zacks Investment Research upgraded shares of Pinnacle West Capital Corporation from a “hold” rating to a “buy” rating and set a $99.00 target price for the company in a research report on Thursday, October 26th. Bank of America Corporation began coverage on shares of Pinnacle West Capital Corporation in a research report on Tuesday, October 24th. They set a “neutral” rating and a $89.00 target price for the company. Credit Suisse Group began coverage on shares of Pinnacle West Capital Corporation in a research report on Wednesday, September 20th. They set a “neutral” rating and a $90.00 target price for the company. Finally, Morgan Stanley lifted their target price on shares of Pinnacle West Capital Corporation from $83.00 to $86.00 and gave the stock an “underweight” rating in a research report on Friday, September 8th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $86.40.
In other news, Director Kathryn L. Munro sold 1,806 shares of Pinnacle West Capital Corporation stock in a transaction dated Friday, August 25th. The shares were sold at an average price of $90.28, for a total transaction of $163,045.68. Following the completion of the sale, the director now directly owns 17,852 shares in the company, valued at $1,611,678.56. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP David P. Falck sold 4,600 shares of Pinnacle West Capital Corporation stock in a transaction dated Thursday, August 24th. The stock was sold at an average price of $89.98, for a total transaction of $413,908.00. Following the sale, the executive vice president now owns 42,840 shares of the company’s stock, valued at $3,854,743.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 41,419 shares of company stock valued at $3,713,068. Insiders own 0.70% of the company’s stock.
Pinnacle West Capital Corporation Company Profile
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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