Pinnacle West Capital Co. (NYSE:PNW) Receives $80.79 Average PT from Brokerages

Shares of Pinnacle West Capital Co. (NYSE:PNW) have earned an average recommendation of “Moderate Buy” from the twelve research firms that are currently covering the firm, MarketBeat Ratings reports. Six research analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $80.79.

A number of equities research analysts have recently weighed in on the company. Jefferies Financial Group initiated coverage on Pinnacle West Capital in a report on Thursday, September 19th. They issued a “buy” rating and a $104.00 price target for the company. Barclays lowered their target price on shares of Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating for the company in a research note on Tuesday, July 2nd. Wells Fargo & Company raised their price target on shares of Pinnacle West Capital from $87.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 16th. Morgan Stanley boosted their price objective on shares of Pinnacle West Capital from $78.00 to $83.00 and gave the company an “equal weight” rating in a research report on Wednesday, September 25th. Finally, StockNews.com raised Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Monday, August 5th.

Insider Buying and Selling at Pinnacle West Capital

In related news, Director Susan T. Flanagan acquired 500 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was acquired at an average cost of $86.54 per share, for a total transaction of $43,270.00. Following the completion of the acquisition, the director now directly owns 750 shares of the company’s stock, valued at approximately $64,905. The trade was a 200.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Pinnacle West Capital news, EVP Robert Edgar Smith sold 4,950 shares of the company’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $85.80, for a total value of $424,710.00. Following the completion of the sale, the executive vice president now directly owns 6,397 shares of the company’s stock, valued at approximately $548,862.60. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Susan T. Flanagan acquired 500 shares of Pinnacle West Capital stock in a transaction dated Monday, August 5th. The shares were acquired at an average price of $86.54 per share, with a total value of $43,270.00. Following the transaction, the director now owns 750 shares in the company, valued at approximately $64,905. This represents a 200.00 % increase in their position. The disclosure for this purchase can be found here. 0.23% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Blue Trust Inc. boosted its position in shares of Pinnacle West Capital by 377.9% in the 2nd quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock valued at $28,000 after purchasing an additional 291 shares during the period. Cape Investment Advisory Inc. purchased a new position in shares of Pinnacle West Capital in the first quarter worth approximately $30,000. Riverview Trust Co acquired a new stake in shares of Pinnacle West Capital during the first quarter valued at approximately $46,000. Ashton Thomas Private Wealth LLC purchased a new stake in shares of Pinnacle West Capital in the 2nd quarter valued at approximately $52,000. Finally, First Horizon Advisors Inc. boosted its stake in Pinnacle West Capital by 20.9% in the 2nd quarter. First Horizon Advisors Inc. now owns 794 shares of the utilities provider’s stock worth $61,000 after purchasing an additional 137 shares during the period. Institutional investors own 91.51% of the company’s stock.

Pinnacle West Capital Trading Down 0.9 %

NYSE PNW opened at $87.44 on Wednesday. The company has a market capitalization of $9.93 billion, a price-to-earnings ratio of 19.05, a price-to-earnings-growth ratio of 2.20 and a beta of 0.52. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.66 and a quick ratio of 0.48. Pinnacle West Capital has a 12 month low of $65.20 and a 12 month high of $91.57. The company’s fifty day moving average price is $88.25 and its two-hundred day moving average price is $81.90.

Pinnacle West Capital (NYSE:PNW) last issued its quarterly earnings results on Thursday, August 1st. The utilities provider reported $1.76 EPS for the quarter, topping the consensus estimate of $1.31 by $0.45. The business had revenue of $1.31 billion for the quarter, compared to analysts’ expectations of $1.21 billion. Pinnacle West Capital had a net margin of 12.65% and a return on equity of 9.75%. The company’s quarterly revenue was up 15.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.94 earnings per share. As a group, research analysts predict that Pinnacle West Capital will post 4.77 earnings per share for the current fiscal year.

Pinnacle West Capital Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 4th will be paid a $0.895 dividend. This is a boost from Pinnacle West Capital’s previous quarterly dividend of $0.88. The ex-dividend date of this dividend is Monday, November 4th. This represents a $3.58 annualized dividend and a dividend yield of 4.09%. Pinnacle West Capital’s dividend payout ratio is presently 78.00%.

About Pinnacle West Capital

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.