Pinnacle West Capital Co. (NYSE:PNW) has earned an average recommendation of “Hold” from the thirteen research firms that are currently covering the company, MarketBeat.com reports. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company. The average 1 year target price among analysts that have covered the stock in the last year is $94.30.
A number of research analysts have recently weighed in on PNW shares. Credit Suisse Group raised their price objective on shares of Pinnacle West Capital from $93.00 to $100.00 and gave the stock an “outperform” rating in a research note on Monday, February 25th. Wells Fargo & Co reissued a “market perform” rating and set a $99.00 price objective (up from $93.00) on shares of Pinnacle West Capital in a research note on Sunday, February 24th. Zacks Investment Research raised shares of Pinnacle West Capital from a “hold” rating to a “buy” rating and set a $108.00 price objective for the company in a research note on Monday, May 20th. Morgan Stanley cut shares of Pinnacle West Capital from an “equal weight” rating to an “underweight” rating and dropped their price objective for the stock from $98.00 to $90.00 in a research note on Wednesday, June 12th. Finally, Williams Capital reissued a “hold” rating on shares of Pinnacle West Capital in a research note on Monday, March 18th.
Shares of PNW opened at $97.62 on Friday. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.55 and a quick ratio of 0.36. Pinnacle West Capital has a 1-year low of $77.19 and a 1-year high of $99.81. The company has a market cap of $11.00 billion, a PE ratio of 21.50, a price-to-earnings-growth ratio of 4.04 and a beta of 0.20.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders 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. This represents a $2.95 annualized dividend and a yield of 3.02%. The ex-dividend date is Wednesday, July 31st. Pinnacle West Capital’s payout ratio is presently 64.98%.
In other Pinnacle West Capital news, Director Michael L. Gallagher sold 5,000 shares of Pinnacle West Capital stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $95.90, for a total value of $479,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Denis A. Cortese sold 3,014 shares of Pinnacle West Capital stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $94.12, for a total transaction of $283,677.68. The disclosure for this sale can be found here. 0.41% of the stock is currently owned by insiders.
Hedge funds have recently added to or reduced their stakes in the business. FMR LLC grew its stake in Pinnacle West Capital by 19.5% in the 4th quarter. FMR LLC now owns 940,646 shares of the utilities provider’s stock worth $80,143,000 after acquiring an additional 153,450 shares during the period. Gotham Asset Management LLC acquired a new position in shares of Pinnacle West Capital in the 4th quarter valued at $2,490,000. Vanguard Group Inc boosted its holdings in shares of Pinnacle West Capital by 1.3% in the 3rd quarter. Vanguard Group Inc now owns 12,162,967 shares of the utilities provider’s stock valued at $963,063,000 after purchasing an additional 155,601 shares during the last quarter. Zions Bancorporation N.A. acquired a new position in shares of Pinnacle West Capital in the 1st quarter valued at $26,000. Finally, Commonwealth Equity Services LLC boosted its holdings in shares of Pinnacle West Capital by 6.6% in the 4th quarter. Commonwealth Equity Services LLC now owns 14,350 shares of the utilities provider’s stock valued at $1,222,000 after purchasing an additional 885 shares during the last quarter. 85.17% of the stock is owned by hedge funds and other institutional investors.
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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