Barclays Trims Pinnacle West Capital (NYSE:PNW) Target Price to $78.00

Pinnacle West Capital (NYSE:PNW) had its price objective trimmed by Barclays from $81.00 to $78.00 in a research note released on Tuesday morning, Benzinga reports. The brokerage currently has an overweight rating on the utilities provider’s stock.

Several other equities analysts have also weighed in on the stock. StockNews.com lowered shares of Pinnacle West Capital from a hold rating to a sell rating in a report on Thursday, June 27th. Citigroup started coverage on Pinnacle West Capital in a report on Monday, April 29th. They issued a neutral rating and a $78.00 target price on the stock. UBS Group upgraded shares of Pinnacle West Capital from a sell rating to a neutral rating and boosted their price target for the company from $68.00 to $71.00 in a research note on Monday, March 11th. Mizuho dropped their price objective on shares of Pinnacle West Capital from $77.00 to $75.00 and set a buy rating on the stock in a research note on Wednesday, March 6th. Finally, Evercore ISI decreased their target price on shares of Pinnacle West Capital from $76.00 to $69.00 and set an in-line rating for the company in a research report on Monday, March 4th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, Pinnacle West Capital currently has a consensus rating of Hold and a consensus price target of $75.46.

Pinnacle West Capital Stock Down 0.7 %

Shares of NYSE:PNW opened at $75.52 on Tuesday. Pinnacle West Capital has a 1 year low of $65.20 and a 1 year high of $86.03. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.58 and a quick ratio of 0.42. The business’s 50-day moving average is $76.32 and its 200-day moving average is $72.95. The company has a market capitalization of $8.58 billion, a price-to-earnings ratio of 16.45, a P/E/G ratio of 1.94 and a beta of 0.51.

Pinnacle West Capital (NYSE:PNW) last issued its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.02) by $0.17. The firm had revenue of $951.71 million for the quarter, compared to analyst estimates of $981.82 million. Pinnacle West Capital had a return on equity of 8.29% and a net margin of 11.09%. The company’s revenue was up .7% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.03) earnings per share. Equities research analysts predict that Pinnacle West Capital will post 4.76 earnings per share for the current year.

Pinnacle West Capital Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Thursday, August 1st will be issued a dividend of $0.88 per share. The ex-dividend date of this dividend is Thursday, August 1st. This represents a $3.52 dividend on an annualized basis and a yield of 4.66%. Pinnacle West Capital’s dividend payout ratio (DPR) is currently 76.69%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Capital Research Global Investors boosted its holdings in shares of Pinnacle West Capital by 97.5% in the 1st quarter. Capital Research Global Investors now owns 12,851,930 shares of the utilities provider’s stock worth $960,425,000 after buying an additional 6,344,121 shares during the last quarter. Lazard Asset Management LLC boosted its stake in Pinnacle West Capital by 72.7% in the first quarter. Lazard Asset Management LLC now owns 6,719,397 shares of the utilities provider’s stock valued at $502,139,000 after acquiring an additional 2,828,450 shares during the last quarter. Zimmer Partners LP bought a new position in shares of Pinnacle West Capital during the 1st quarter valued at approximately $198,409,000. Norges Bank purchased a new stake in shares of Pinnacle West Capital during the 4th quarter worth approximately $112,914,000. Finally, First Trust Advisors LP raised its holdings in shares of Pinnacle West Capital by 2.5% in the 4th quarter. First Trust Advisors LP now owns 1,205,800 shares of the utilities provider’s stock worth $86,625,000 after purchasing an additional 29,767 shares during the period. 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.