Pinnacle West Capital (NYSE:PNW) Price Target Raised to $87.00 at Wells Fargo & Company

Pinnacle West Capital (NYSE:PNW) had its target price lifted by Wells Fargo & Company from $80.00 to $87.00 in a report issued on Friday morning, Benzinga reports. The brokerage currently has an equal weight rating on the utilities provider’s stock.

Several other analysts have also issued reports on PNW. Barclays dropped their price objective on Pinnacle West Capital from $81.00 to $78.00 and set an overweight rating on the stock in a research note on Tuesday, July 2nd. LADENBURG THALM/SH SH upgraded Pinnacle West Capital from a neutral rating to a buy rating and upped their price objective for the company from $74.00 to $83.50 in a research note on Thursday, June 6th. StockNews.com lowered Pinnacle West Capital from a hold rating to a sell rating in a research note on Tuesday, July 9th. Morgan Stanley dropped their price objective on Pinnacle West Capital from $76.00 to $72.00 and set an equal weight rating on the stock in a research note on Monday, June 24th. Finally, Citigroup began coverage on Pinnacle West Capital in a research note on Monday, April 29th. They set a neutral rating and a $78.00 target price on the stock. Eight research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of Hold and an average target price of $77.41.

Pinnacle West Capital Stock Up 0.8 %

NYSE PNW traded up $0.65 during trading hours on Friday, hitting $85.88. 235,561 shares of the company traded hands, compared to its average volume of 1,165,492. The business’s 50-day moving average is $78.67 and its 200-day moving average is $74.45. Pinnacle West Capital has a twelve month low of $65.20 and a twelve month high of $89.39. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.42 and a current ratio of 0.58. The stock has a market capitalization of $9.75 billion, a price-to-earnings ratio of 18.57, a P/E/G ratio of 2.26 and a beta of 0.50.

Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings data on Thursday, August 1st. The utilities provider reported $1.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.31 by $0.45. The firm had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.21 billion. Pinnacle West Capital had a return on equity of 9.73% and a net margin of 12.65%. The business’s revenue for the quarter was up 15.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.94 earnings per share. Sell-side analysts anticipate that Pinnacle West Capital will post 4.75 earnings per share for the current year.

Pinnacle West Capital Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 1st will be paid a dividend of $0.88 per share. The ex-dividend date is Thursday, August 1st. This represents a $3.52 dividend on an annualized basis and a yield of 4.10%. Pinnacle West Capital’s payout ratio is 76.69%.

Hedge Funds Weigh In On Pinnacle West Capital

Hedge funds and other institutional investors have recently made changes to their positions in the company. MeadowBrook Investment Advisors LLC bought a new position in Pinnacle West Capital in the fourth quarter valued at approximately $25,000. BOK Financial Private Wealth Inc. acquired a new stake in Pinnacle West Capital in the fourth quarter valued at about $26,000. Blue Trust Inc. grew its position in Pinnacle West Capital by 377.9% in the second quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock valued at $28,000 after acquiring an additional 291 shares during the last quarter. Tobam grew its position in Pinnacle West Capital by 2,620.0% in the fourth quarter. Tobam now owns 408 shares of the utilities provider’s stock valued at $29,000 after acquiring an additional 393 shares during the last quarter. Finally, First United Bank & Trust acquired a new position in Pinnacle West Capital during the fourth quarter worth about $29,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

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.