Pinnacle West Capital (NYSE:PNW) Coverage Initiated by Analysts at BMO Capital Markets

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

Other equities research analysts have also issued reports about the company. Morgan Stanley upped their price objective on Pinnacle West Capital from $84.00 to $88.00 and gave the company an “equal weight” rating in a research note on Thursday, March 20th. StockNews.com lowered Pinnacle West Capital from a “hold” rating to a “sell” rating in a research note on Monday, May 5th. LADENBURG THALM/SH SH upgraded Pinnacle West Capital to a “hold” rating in a research note on Friday, May 9th. Wells Fargo & Company upped their price objective on Pinnacle West Capital from $95.00 to $98.00 and gave the company an “equal weight” rating in a research note on Friday, May 2nd. Finally, Jefferies Financial Group decreased their price target on Pinnacle West Capital from $106.00 to $104.00 and set a “buy” rating on the stock in a research report on Tuesday, January 28th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, Pinnacle West Capital currently has an average rating of “Hold” and a consensus price target of $95.75.

Pinnacle West Capital Price Performance

NYSE PNW opened at $89.08 on Tuesday. Pinnacle West Capital has a twelve month low of $74.45 and a twelve month high of $96.50. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.54 and a current ratio of 0.71. The stock has a market capitalization of $10.64 billion, a PE ratio of 16.87, a P/E/G ratio of 3.59 and a beta of 0.45. The stock has a 50-day simple moving average of $92.99 and a 200 day simple moving average of $90.02.

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

Pinnacle West Capital Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 2nd. Stockholders of record on Monday, May 5th will be given a $0.895 dividend. The ex-dividend date of this dividend is Monday, May 5th. This represents a $3.58 annualized dividend and a dividend yield of 4.02%. Pinnacle West Capital’s dividend payout ratio is currently 71.17%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Principal Financial Group Inc. boosted its position 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 purchasing an additional 9,993 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Pinnacle West Capital by 47.2% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,716 shares of the utilities provider’s stock worth $995,000 after purchasing an additional 3,758 shares during the last quarter. Blue Trust Inc. boosted its position in shares of Pinnacle West Capital by 33.3% in the 4th quarter. Blue Trust Inc. now owns 1,440 shares of the utilities provider’s stock worth $128,000 after purchasing an additional 360 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its position in shares of Pinnacle West Capital by 14.6% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,284 shares of the utilities provider’s stock worth $363,000 after purchasing an additional 545 shares during the last quarter. Finally, MCF Advisors LLC boosted its position in shares of Pinnacle West Capital by 200.6% in the 4th quarter. MCF Advisors LLC now owns 6,154 shares of the utilities provider’s stock worth $522,000 after purchasing an additional 4,107 shares during the last quarter. 91.51% of the stock is currently owned by 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.