Pinnacle West Capital (NYSE:PNW) Price Target Lowered to $78.00 at Barclays

Pinnacle West Capital (NYSE:PNW) had its price objective trimmed by Barclays from $81.00 to $78.00 in a research note published on Tuesday morning, Benzinga reports. The firm currently has an overweight rating on the utilities provider’s stock.

Other research analysts have also issued research reports about the company. StockNews.com lowered Pinnacle West Capital from a hold rating to a sell rating in a research report on Thursday, June 27th. Morgan Stanley cut their price objective on Pinnacle West Capital from $76.00 to $72.00 and set an equal weight rating on the stock in a research report on Monday, June 24th. UBS Group upgraded Pinnacle West Capital from a sell rating to a neutral rating and lifted their target price for the stock from $68.00 to $71.00 in a research report on Monday, March 11th. Mizuho cut their price target on shares of Pinnacle West Capital from $77.00 to $75.00 and set a buy rating on the stock in a report on Wednesday, March 6th. Finally, Citigroup began coverage on shares of Pinnacle West Capital in a research note on Monday, April 29th. They issued a neutral rating and a $78.00 price target on the stock. One analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of Hold and a consensus target price of $75.46.

Pinnacle West Capital Stock Performance

NYSE PNW opened at $75.52 on Tuesday. The company has a market cap of $8.58 billion, a P/E ratio of 16.45, a P/E/G ratio of 1.94 and a beta of 0.51. The business’s 50 day moving average price is $76.32 and its 200-day moving average price is $72.95. Pinnacle West Capital has a fifty-two week low of $65.20 and a fifty-two week high of $86.03. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.42 and a current ratio of 0.58.

Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.17. The business had revenue of $951.71 million for the quarter, compared to analysts’ expectations of $981.82 million. Pinnacle West Capital had a net margin of 11.09% and a return on equity of 8.29%. The business’s revenue was up .7% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.03) earnings per share. Sell-side analysts predict that Pinnacle West Capital will post 4.76 earnings per share for the current year.

Pinnacle West Capital Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Thursday, August 1st will be given a $0.88 dividend. The ex-dividend date is Thursday, August 1st. This represents a $3.52 annualized dividend and a dividend yield of 4.66%. Pinnacle West Capital’s payout ratio is presently 76.69%.

Hedge Funds Weigh In On Pinnacle West Capital

Institutional investors have recently bought and sold shares of the business. Capital Research Global Investors boosted its position in Pinnacle West Capital by 97.5% during the 1st quarter. Capital Research Global Investors now owns 12,851,930 shares of the utilities provider’s stock valued at $960,425,000 after acquiring an additional 6,344,121 shares in the last quarter. Lazard Asset Management LLC lifted its stake in shares of Pinnacle West Capital by 72.7% during the 1st quarter. Lazard Asset Management LLC now owns 6,719,397 shares of the utilities provider’s stock worth $502,139,000 after purchasing an additional 2,828,450 shares during the last quarter. Zimmer Partners LP bought a new stake in Pinnacle West Capital during the first quarter valued at about $198,409,000. Norges Bank purchased a new position in Pinnacle West Capital in the fourth quarter valued at about $112,914,000. Finally, First Trust Advisors LP raised its holdings in Pinnacle West Capital by 2.5% in the fourth quarter. First Trust Advisors LP now owns 1,205,800 shares of the utilities provider’s stock worth $86,625,000 after purchasing an additional 29,767 shares in the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

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.