Pinnacle West Capital (NYSE:PNW) Price Target Increased to $77.00 by Analysts at Wells Fargo & Company

Pinnacle West Capital (NYSE:PNW) had its price target lifted by Wells Fargo & Company from $74.00 to $77.00 in a research note issued to investors on Friday morning, Benzinga reports. They currently have an equal weight rating on the utilities provider’s stock.

Several other research firms also recently weighed in on PNW. Bank of America upgraded shares of Pinnacle West Capital from a neutral rating to a buy rating and raised their target price for the company from $71.00 to $80.00 in a report on Monday, March 18th. StockNews.com downgraded Pinnacle West Capital from a hold rating to a sell rating in a research report on Thursday, March 14th. Morgan Stanley increased their target price on Pinnacle West Capital from $69.00 to $70.00 and gave the company an equal weight rating in a report on Thursday, March 21st. Royal Bank of Canada cut their price target on Pinnacle West Capital from $83.00 to $80.00 and set a sector perform rating for the company in a report on Friday, March 1st. Finally, LADENBURG THALM/SH SH initiated coverage on Pinnacle West Capital in a research report on Wednesday, February 14th. They issued a neutral rating and a $69.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Pinnacle West Capital has an average rating of Hold and a consensus price target of $73.67.

Pinnacle West Capital Price Performance

Shares of NYSE PNW traded up $0.75 during midday trading on Friday, hitting $75.79. The company had a trading volume of 1,042,561 shares, compared to its average volume of 966,016. The company has a quick ratio of 0.50, a current ratio of 0.67 and a debt-to-equity ratio of 1.20. The business has a 50-day simple moving average of $72.41 and a two-hundred day simple moving average of $72.13. Pinnacle West Capital has a twelve month low of $65.20 and a twelve month high of $86.03. The firm has a market capitalization of $8.61 billion, a price-to-earnings ratio of 16.51, a price-to-earnings-growth ratio of 2.10 and a beta of 0.48.

Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $0.15 earnings per share for the quarter, topping 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 return on equity of 8.30% and a net margin of 11.09%. The company’s revenue was up .7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.03) EPS. Equities research analysts anticipate that Pinnacle West Capital will post 4.72 earnings per share for the current year.

Pinnacle West Capital Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Wednesday, May 1st will be paid a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a yield of 4.64%. The ex-dividend date is Tuesday, April 30th. Pinnacle West Capital’s dividend payout ratio is currently 76.69%.

Institutional Trading of Pinnacle West Capital

Several institutional investors have recently made changes to their positions in the stock. MeadowBrook Investment Advisors LLC purchased a new stake in Pinnacle West Capital during the fourth quarter valued at about $25,000. Financial Gravity Asset Management Inc. grew its holdings in shares of Pinnacle West Capital by 338.3% during the 3rd quarter. Financial Gravity Asset Management Inc. now owns 355 shares of the utilities provider’s stock worth $26,000 after purchasing an additional 274 shares during the period. BOK Financial Private Wealth Inc. acquired a new stake in Pinnacle West Capital during the 4th quarter worth approximately $26,000. Tobam raised its holdings in Pinnacle West Capital by 2,620.0% in the fourth quarter. Tobam now owns 408 shares of the utilities provider’s stock valued at $29,000 after buying an additional 393 shares during the period. Finally, First United Bank & Trust acquired a new position in Pinnacle West Capital during the fourth quarter valued at approximately $29,000. 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.