Weekly Analysts’ Ratings Changes for Pinnacle West Capital (PNW)

Pinnacle West Capital (NYSE: PNW) has recently received a number of price target changes and ratings updates:

• 6/7/2024 – Pinnacle West Capital was upgraded by analysts at StockNews.com from a “sell” rating to a “hold” rating.
• 6/6/2024 – Pinnacle West Capital was upgraded by analysts at LADENBURG THALM/SH SH from a “neutral” rating to a “buy” rating. They now have a $83.50 price target on the stock, up previously from $74.00.
• 6/5/2024 – Pinnacle West Capital had its price target raised by analysts at Wells Fargo & Company from $77.00 to $80.00. They now have an “equal weight” rating on the stock.
• 5/28/2024 – Pinnacle West Capital had its price target raised by analysts at Morgan Stanley from $70.00 to $76.00. They now have an “equal weight” rating on the stock.
• 5/13/2024 – Pinnacle West Capital had its price target raised by analysts at Barclays PLC from $76.00 to $81.00. They now have an “overweight” rating on the stock.
• 5/3/2024 – Pinnacle West Capital had its price target raised by analysts at Wells Fargo & Company from $74.00 to $77.00. They now have an “equal weight” rating on the stock.
• 4/29/2024 – Pinnacle West Capital is now covered by analysts at Citigroup Inc.. They set a “neutral” rating and a $78.00 price target on the stock.

Pinnacle West Capital Trading Down 1.5 %

Shares of PNW stock traded down $1.11 during mid-day trading on Tuesday, hitting $74.74. 933,169 shares of the company’s stock were exchanged, compared to its average volume of 1,213,548. The stock has a market cap of $8.49 billion, a price-to-earnings ratio of 16.28, a PEG ratio of 1.95 and a beta of 0.50. The stock has a 50-day simple moving average of $75.73 and a two-hundred day simple moving average of $72.90. Pinnacle West Capital Co. has a fifty-two week low of $65.20 and a fifty-two week high of $86.03. 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 released its earnings results on Thursday, May 2nd. The utilities provider reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.02) by $0.17. Pinnacle West Capital had a net margin of 11.09% and a return on equity of 8.29%. The business had revenue of $951.71 million for the quarter, compared to analysts’ expectations of $981.82 million. During the same period last year, the company earned ($0.03) earnings per share. The company’s quarterly revenue was up .7% on a year-over-year basis. Equities analysts expect that Pinnacle West Capital Co. will post 4.77 EPS for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 3rd. Investors of record on Wednesday, May 1st were given a $0.88 dividend. The ex-dividend date was Tuesday, April 30th. This represents a $3.52 annualized dividend and a dividend yield of 4.71%. Pinnacle West Capital’s dividend payout ratio is presently 76.69%.

Institutional Investors Weigh In On Pinnacle West Capital

Several hedge funds have recently modified their holdings of the stock. MeadowBrook Investment Advisors LLC acquired a new position in Pinnacle West Capital during the fourth quarter valued at approximately $25,000. Financial Gravity Asset Management Inc. lifted its position in Pinnacle West Capital by 338.3% during the third quarter. Financial Gravity Asset Management Inc. now owns 355 shares of the utilities provider’s stock valued at $26,000 after buying an additional 274 shares in the last quarter. BOK Financial Private Wealth Inc. acquired a new position in shares of Pinnacle West Capital during the fourth quarter worth $26,000. Tobam increased its stake in shares of Pinnacle West Capital by 2,620.0% in the fourth quarter. Tobam now owns 408 shares of the utilities provider’s stock worth $29,000 after buying an additional 393 shares during the last quarter. Finally, First United Bank & Trust bought a new stake in Pinnacle West Capital during the fourth quarter valued at $29,000. 91.51% of the stock is owned by institutional investors and hedge funds.

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.