Pinnacle West Capital (NYSE:PNW) Stock Rating Lowered by StockNews.com

StockNews.com cut shares of Pinnacle West Capital (NYSE:PNW) from a hold rating to a sell rating in a research note issued to investors on Thursday.

PNW has been the subject of a number of other reports. Evercore ISI lowered their price objective on Pinnacle West Capital from $76.00 to $69.00 and set an in-line rating for the company in a research note on Monday, March 4th. UBS Group upgraded Pinnacle West Capital from a sell rating to a neutral rating and upped their price objective for the stock from $68.00 to $71.00 in a research note on Monday, March 11th. Wells Fargo & Company upped their price objective on Pinnacle West Capital from $77.00 to $80.00 and gave the stock an equal weight rating in a research note on Wednesday, June 5th. Barclays upped their price objective on Pinnacle West Capital from $76.00 to $81.00 and gave the stock an overweight rating in a research note on Monday, May 13th. Finally, Mizuho decreased their price target on Pinnacle West Capital from $77.00 to $75.00 and set a buy rating for the company in a research note on Wednesday, March 6th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Pinnacle West Capital has a consensus rating of Hold and a consensus price target of $75.71.

Pinnacle West Capital Stock Performance

Shares of PNW opened at $76.38 on Thursday. The business’s 50 day moving average is $76.22 and its two-hundred day moving average is $72.89. Pinnacle West Capital has a 52-week low of $65.20 and a 52-week high of $86.03. The firm has a market cap of $8.67 billion, a price-to-earnings ratio of 16.64, a PEG ratio of 1.95 and a beta of 0.50. The company has a quick ratio of 0.42, a current ratio of 0.58 and a debt-to-equity ratio of 1.20.

Pinnacle West Capital (NYSE:PNW) last issued its quarterly earnings results 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. Pinnacle West Capital had a return on equity of 8.29% and a net margin of 11.09%. The business had revenue of $951.71 million during the quarter, compared to the consensus estimate of $981.82 million. During the same period in the previous year, the business earned ($0.03) EPS. The business’s quarterly revenue was up .7% on a year-over-year basis. Analysts forecast that Pinnacle West Capital will post 4.76 EPS for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Thursday, August 1st will be issued a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a dividend yield of 4.61%. The ex-dividend date is Thursday, August 1st. Pinnacle West Capital’s dividend payout ratio is 76.69%.

Institutional Investors Weigh In On Pinnacle West Capital

Several hedge funds have recently bought and sold shares of PNW. MeadowBrook Investment Advisors LLC purchased a new stake in Pinnacle West Capital in the 4th quarter worth about $25,000. Financial Gravity Asset Management Inc. increased 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 valued at $26,000 after acquiring an additional 274 shares during the last quarter. BOK Financial Private Wealth Inc. acquired a new position in shares of Pinnacle West Capital during the 4th quarter valued at about $26,000. Tobam increased its holdings in shares of Pinnacle West Capital by 2,620.0% during the 4th quarter. Tobam now owns 408 shares of the utilities provider’s stock valued at $29,000 after acquiring an additional 393 shares during the last quarter. Finally, First United Bank & Trust acquired a new position in shares of Pinnacle West Capital during the 4th quarter valued at about $29,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Pinnacle West Capital Company Profile

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.