Pinnacle West Capital (NYSE:PNW) Now Covered by Analysts at BMO Capital Markets

BMO Capital Markets began coverage on shares of Pinnacle West Capital (NYSE:PNW) in a report released on Tuesday, MarketBeat reports. The firm issued a market perform rating and a $95.00 target price on the utilities provider’s stock.

Other research analysts have also issued research reports about the company. Wells Fargo & Company lifted their target price 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. Jefferies Financial Group cut their price target on Pinnacle West Capital from $106.00 to $104.00 and set a “buy” rating on the stock in a report on Tuesday, January 28th. Morgan Stanley raised their price target on Pinnacle West Capital from $84.00 to $88.00 and gave the stock an “equal weight” rating in a report on Thursday, March 20th. Guggenheim reissued a “buy” rating and issued a $100.00 price target on shares of Pinnacle West Capital in a report on Wednesday, February 26th. Finally, UBS Group raised their price target on Pinnacle West Capital from $96.00 to $99.00 and gave the stock a “neutral” rating in a report on Friday, March 21st. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, Pinnacle West Capital has a consensus rating of “Hold” and an average target price of $95.75.

Pinnacle West Capital Price Performance

Shares of NYSE PNW opened at $89.08 on Tuesday. The firm has a market cap of $10.64 billion, a PE ratio of 16.87, a price-to-earnings-growth ratio of 3.59 and a beta of 0.45. The business has a 50 day moving average price of $92.99 and a two-hundred day moving average price of $90.02. The company has a quick ratio of 0.54, a current ratio of 0.71 and a debt-to-equity ratio of 1.20. Pinnacle West Capital has a fifty-two week low of $74.45 and a fifty-two week high of $96.50.

Pinnacle West Capital (NYSE:PNW) last issued 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 firm had revenue of $1.03 billion during the quarter, compared to analyst estimates of $988.95 million. Pinnacle West Capital had a return on equity of 9.60% and a net margin of 12.26%. Pinnacle West Capital’s revenue was up 8.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.15 EPS. Sell-side analysts expect that Pinnacle West Capital will post 5.13 earnings per share for the current fiscal year.

Pinnacle West Capital Announces Dividend

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 paid a $0.895 dividend. This represents a $3.58 dividend on an annualized basis and a dividend yield of 4.02%. The ex-dividend date of this dividend is Monday, May 5th. Pinnacle West Capital’s dividend payout ratio is presently 71.17%.

Institutional Trading of Pinnacle West Capital

A number of hedge funds and other institutional investors have recently modified their holdings of PNW. Principal Financial Group Inc. grew its holdings 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 worth $12,336,000 after acquiring an additional 9,993 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in Pinnacle West Capital by 47.2% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,716 shares of the utilities provider’s stock valued at $995,000 after purchasing an additional 3,758 shares in the last quarter. Blue Trust Inc. lifted its position in shares of Pinnacle West Capital by 33.3% in the fourth quarter. Blue Trust Inc. now owns 1,440 shares of the utilities provider’s stock worth $128,000 after buying an additional 360 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Pinnacle West Capital by 14.6% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,284 shares of the utilities provider’s stock worth $363,000 after buying an additional 545 shares during the last quarter. Finally, MCF Advisors LLC lifted its position in shares of Pinnacle West Capital by 200.6% in the fourth quarter. MCF Advisors LLC now owns 6,154 shares of the utilities provider’s stock worth $522,000 after buying an additional 4,107 shares during the last quarter. Institutional investors 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.