Pinnacle West Capital Co. (NYSE:PNW) – Stock analysts at KeyCorp raised their FY2018 earnings per share (EPS) estimates for Pinnacle West Capital in a research note issued on Wednesday, November 21st. KeyCorp analyst P. Ridzon now anticipates that the utilities provider will earn $4.50 per share for the year, up from their previous forecast of $4.45. KeyCorp also issued estimates for Pinnacle West Capital’s FY2019 earnings at $4.85 EPS.
Pinnacle West Capital (NYSE:PNW) last announced its earnings results on Thursday, November 8th. The utilities provider reported $2.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.75 by $0.05. The business had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.15 billion. Pinnacle West Capital had a return on equity of 9.68% and a net margin of 13.71%. The business’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same quarter last year, the firm earned $2.46 EPS.
Several other analysts have also commented on PNW. Wells Fargo & Co upgraded Pinnacle West Capital from a “market perform” rating to an “outperform” rating in a report on Monday, August 6th. UBS Group increased their price objective on Pinnacle West Capital from $79.00 to $83.00 and gave the company a “neutral” rating in a report on Friday, August 10th. Morgan Stanley increased their price objective on Pinnacle West Capital from $85.00 to $89.00 and gave the company a “hold” rating in a report on Tuesday, September 11th. Zacks Investment Research lowered Pinnacle West Capital from a “hold” rating to a “sell” rating in a report on Wednesday, September 12th. Finally, Credit Suisse Group increased their price objective on Pinnacle West Capital from $87.00 to $88.00 and gave the company an “outperform” rating in a report on Friday, October 12th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the stock. Pinnacle West Capital presently has a consensus rating of “Hold” and an average target price of $86.00.
Shares of NYSE PNW opened at $88.64 on Monday. The company has a current ratio of 0.70, a quick ratio of 0.52 and a debt-to-equity ratio of 0.82. The firm has a market cap of $9.89 billion, a price-to-earnings ratio of 20.38, a P/E/G ratio of 4.41 and a beta of 0.04. Pinnacle West Capital has a 12-month low of $73.41 and a 12-month high of $92.30.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 3rd. Stockholders of record on Thursday, November 1st will be issued a dividend of $0.7375 per share. This represents a $2.95 annualized dividend and a dividend yield of 3.33%. The ex-dividend date is Wednesday, October 31st. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.70. Pinnacle West Capital’s dividend payout ratio is currently 67.82%.
In other news, Chairman Donald E. Brandt sold 15,876 shares of the stock in a transaction on Wednesday, November 14th. The stock was sold at an average price of $88.59, for a total transaction of $1,406,454.84. Following the completion of the sale, the chairman now owns 77,310 shares in the company, valued at approximately $6,848,892.90. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.53% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of the company. Swiss National Bank raised its stake in Pinnacle West Capital by 3.6% in the 2nd quarter. Swiss National Bank now owns 369,651 shares of the utilities provider’s stock worth $29,779,000 after acquiring an additional 12,800 shares during the last quarter. Putnam Investments LLC purchased a new position in Pinnacle West Capital in the 2nd quarter worth $7,613,000. California Public Employees Retirement System raised its stake in Pinnacle West Capital by 22.3% in the 2nd quarter. California Public Employees Retirement System now owns 320,468 shares of the utilities provider’s stock worth $25,817,000 after acquiring an additional 58,407 shares during the last quarter. Van ECK Associates Corp raised its stake in Pinnacle West Capital by 18.6% in the 2nd quarter. Van ECK Associates Corp now owns 17,071 shares of the utilities provider’s stock worth $1,375,000 after acquiring an additional 2,676 shares during the last quarter. Finally, BlackRock Inc. raised its stake in Pinnacle West Capital by 13.7% in the 2nd quarter. BlackRock Inc. now owns 13,632,290 shares of the utilities provider’s stock worth $1,098,218,000 after acquiring an additional 1,642,393 shares during the last quarter. Hedge funds and other institutional investors own 82.87% of the company’s stock.
Pinnacle West Capital Company Profile
Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, provides retail and wholesale electric services primarily in the state of Arizona. It generates, transmits, and distributes electricity using coal, nuclear, gas, oil, and solar resources. The company serves approximately 1.2 million homes and businesses.
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