Pinnacle West Capital (NYSE:PNW) Research Coverage Started at BMO Capital Markets

BMO Capital Markets initiated coverage on shares of Pinnacle West Capital (NYSE:PNW) in a research note published on Tuesday morning, Marketbeat Ratings reports. The brokerage issued a market perform rating and a $95.00 target price on the utilities provider’s stock.

PNW has been the topic of a number of other reports. Guggenheim reissued a “buy” rating and issued a $100.00 price objective on shares of Pinnacle West Capital in a research note on Wednesday, February 26th. Jefferies Financial Group cut their price objective on Pinnacle West Capital from $106.00 to $104.00 and set a “buy” rating on the stock in a research note on Tuesday, January 28th. LADENBURG THALM/SH SH raised Pinnacle West Capital to a “hold” rating in a research note on Friday, May 9th. Wells Fargo & Company lifted their price target on Pinnacle West Capital from $95.00 to $98.00 and gave the stock an “equal weight” rating in a research report on Friday, May 2nd. Finally, UBS Group lifted their price target on Pinnacle West Capital from $96.00 to $99.00 and gave the stock a “neutral” rating in a research report on Friday, March 21st. One analyst has rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Pinnacle West Capital has a consensus rating of “Hold” and an average target price of $95.75.

Pinnacle West Capital Stock Performance

PNW stock opened at $90.43 on Tuesday. The company has a quick ratio of 0.54, a current ratio of 0.71 and a debt-to-equity ratio of 1.20. The company has a market capitalization of $10.80 billion, a price-to-earnings ratio of 17.13, a P/E/G ratio of 3.59 and a beta of 0.45. Pinnacle West Capital has a 12 month low of $74.45 and a 12 month high of $96.50. The firm has a 50 day moving average of $92.86 and a two-hundred day moving average of $90.02.

Pinnacle West Capital (NYSE:PNW) last posted its earnings results on Thursday, May 1st. The utilities provider reported ($0.04) EPS for the quarter, missing the consensus estimate of $0.05 by ($0.09). The business had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $988.95 million. Pinnacle West Capital had a return on equity of 9.60% and a net margin of 12.26%. The business’s revenue was up 8.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.15 earnings per share. As a group, equities analysts anticipate that Pinnacle West Capital will post 5.13 EPS for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 2nd. Stockholders of record on Monday, May 5th will be issued a dividend of $0.895 per share. This represents a $3.58 annualized dividend and a dividend yield of 3.96%. The ex-dividend date is Monday, May 5th. Pinnacle West Capital’s payout ratio is presently 71.17%.

Institutional Trading of Pinnacle West Capital

Several institutional investors have recently modified their holdings of the company. Barclays PLC boosted its stake in Pinnacle West Capital by 7.6% in the 3rd quarter. Barclays PLC now owns 203,363 shares of the utilities provider’s stock valued at $18,014,000 after buying an additional 14,392 shares in the last quarter. Tidal Investments LLC boosted its stake in shares of Pinnacle West Capital by 7.6% in the 3rd quarter. Tidal Investments LLC now owns 2,881 shares of the utilities provider’s stock valued at $255,000 after purchasing an additional 203 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of Pinnacle West Capital by 7.7% in the 3rd quarter. Principal Financial Group Inc. now owns 139,243 shares of the utilities provider’s stock valued at $12,336,000 after purchasing an additional 9,993 shares in the last quarter. Czech National Bank boosted its stake in shares of Pinnacle West Capital by 6.6% in the 4th quarter. Czech National Bank now owns 24,656 shares of the utilities provider’s stock valued at $2,090,000 after purchasing an additional 1,523 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its stake in shares of Pinnacle West Capital by 221.7% in the 4th quarter. Assenagon Asset Management S.A. now owns 677,274 shares of the utilities provider’s stock valued at $57,413,000 after purchasing an additional 466,736 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

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.