Pinnacle West Capital Corporation (NYSE:PNW) PT Raised to $86.00

Pinnacle West Capital Corporation (NYSE:PNW) had its price objective upped by Morgan Stanley from $83.00 to $86.00 in a report issued on Friday, September 8th. They currently have an underweight rating on the utilities provider’s stock.

Other research analysts have also issued reports about the company. BidaskClub raised Pinnacle West Capital Corporation from a hold rating to a buy rating in a research report on Tuesday, August 22nd. KeyCorp reissued a hold rating on shares of Pinnacle West Capital Corporation in a research report on Friday, September 1st. Royal Bank Of Canada restated a hold rating and set a $89.00 target price on shares of Pinnacle West Capital Corporation in a research note on Tuesday, August 29th. BMO Capital Markets restated a hold rating and set a $89.00 target price on shares of Pinnacle West Capital Corporation in a research note on Friday, August 4th. Finally, Zacks Investment Research upgraded Pinnacle West Capital Corporation from a sell rating to a hold rating in a research note on Tuesday, July 18th. One investment 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 a consensus rating of Hold and a consensus target price of $83.67.

Pinnacle West Capital Corporation (NYSE:PNW) traded up 0.34% during midday trading on Friday, hitting $89.27. The company’s stock had a trading volume of 1,442,100 shares. The company’s 50-day moving average is $89.04 and its 200 day moving average is $86.23. Pinnacle West Capital Corporation has a one year low of $70.86 and a one year high of $90.92. The company has a market cap of $9.96 billion, a price-to-earnings ratio of 19.72 and a beta of 0.38.

Pinnacle West Capital Corporation (NYSE:PNW) last issued its earnings results on Thursday, August 3rd. The utilities provider reported $1.49 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.33. The business had revenue of $944.59 million for the quarter, compared to analyst estimates of $921.79 million. Pinnacle West Capital Corporation had a return on equity of 10.20% and a net margin of 14.37%. The business’s quarterly revenue was up 3.2% on a year-over-year basis. During the same period last year, the company posted $1.08 EPS. On average, analysts predict that Pinnacle West Capital Corporation will post $4.25 EPS for the current year.

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The company also recently announced a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Tuesday, August 1st were issued a dividend of $0.655 per share. The ex-dividend date of this dividend was Friday, July 28th. This represents a $2.62 annualized dividend and a yield of 2.93%. Pinnacle West Capital Corporation’s payout ratio is 57.96%.

In other Pinnacle West Capital Corporation news, EVP David P. Falck sold 4,600 shares of Pinnacle West Capital Corporation stock in a transaction that occurred on Thursday, August 24th. The shares were sold at an average price of $89.98, for a total transaction of $413,908.00. Following the transaction, the executive vice president now directly owns 42,840 shares in the company, valued at approximately $3,854,743.20. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman Donald E. Brandt sold 35,013 shares of Pinnacle West Capital Corporation stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $89.57, for a total transaction of $3,136,114.41. Following the transaction, the chairman now owns 118,574 shares in the company, valued at $10,620,673.18. The disclosure for this sale can be found here. In the last three months, insiders have sold 41,419 shares of company stock worth $3,713,068. 0.70% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Lord Abbett & CO. LLC grew its position in Pinnacle West Capital Corporation by 594.9% during the 2nd quarter. Lord Abbett & CO. LLC now owns 405,100 shares of the utilities provider’s stock worth $34,498,000 after purchasing an additional 346,800 shares in the last quarter. Sentry Investment Management LLC grew its position in Pinnacle West Capital Corporation by 1.1% during the 2nd quarter. Sentry Investment Management LLC now owns 8,646 shares of the utilities provider’s stock worth $736,000 after purchasing an additional 92 shares in the last quarter. Toronto Dominion Bank grew its position in Pinnacle West Capital Corporation by 25.8% during the 2nd quarter. Toronto Dominion Bank now owns 37,790 shares of the utilities provider’s stock worth $3,217,000 after purchasing an additional 7,747 shares in the last quarter. Advisory Services Network LLC grew its position in Pinnacle West Capital Corporation by 10.1% during the 2nd quarter. Advisory Services Network LLC now owns 4,595 shares of the utilities provider’s stock worth $391,000 after purchasing an additional 420 shares in the last quarter. Finally, WINTON GROUP Ltd purchased a new position in Pinnacle West Capital Corporation during the 2nd quarter worth approximately $563,000. Hedge funds and other institutional investors own 84.20% 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.

Analyst Recommendations for Pinnacle West Capital Corporation (NYSE:PNW)

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