Pinnacle West Capital (NYSE:PNW) had its price objective boosted by Morgan Stanley from $90.00 to $91.00 in a research note issued to investors on Wednesday. Morgan Stanley currently has an underweight rating on the utilities provider’s stock.

Several other research analysts also recently weighed in on PNW. BidaskClub raised shares of Pinnacle West Capital from a hold rating to a buy rating in a research report on Tuesday, August 22nd. Royal Bank of Canada reissued a hold rating and issued a $89.00 target price on shares of Pinnacle West Capital in a research report on Tuesday, August 29th. KeyCorp reissued a hold rating on shares of Pinnacle West Capital in a research report on Friday, September 1st. Zacks Investment Research raised shares of Pinnacle West Capital from a hold rating to a buy rating and set a $100.00 target price on the stock in a research report on Monday, September 11th. Finally, Credit Suisse Group initiated coverage on shares of Pinnacle West Capital in a research report on Wednesday, September 20th. They issued a neutral rating and a $90.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and three have given a buy rating to the company. Pinnacle West Capital currently has a consensus rating of Hold and an average target price of $87.20.

Pinnacle West Capital (PNW) traded up $0.57 during trading on Wednesday, hitting $89.54. 1,090,016 shares of the stock traded hands, compared to its average volume of 539,735. The stock has a market capitalization of $9,940.60, a P/E ratio of 19.22, a P/E/G ratio of 6.43 and a beta of 0.38. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.68 and a current ratio of 0.90. Pinnacle West Capital has a 1-year low of $75.75 and a 1-year high of $92.48.

Pinnacle West Capital (NYSE:PNW) last released its earnings results on Friday, November 3rd. The utilities provider reported $2.46 earnings per share for the quarter, topping the consensus estimate of $2.33 by $0.13. The business had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.21 billion. Pinnacle West Capital had a net margin of 14.67% and a return on equity of 10.31%. The firm’s quarterly revenue was up 1.4% compared to the same quarter last year. During the same period last year, the firm posted $2.35 earnings per share. research analysts predict that Pinnacle West Capital will post 4.28 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, December 1st. Investors of record on Wednesday, November 1st were issued a dividend of $0.695 per share. This is a boost from Pinnacle West Capital’s previous quarterly dividend of $0.66. This represents a $2.78 annualized dividend and a dividend yield of 3.10%. The ex-dividend date was Tuesday, October 31st. Pinnacle West Capital’s dividend payout ratio (DPR) is currently 60.04%.

In related news, Director Michael L. Gallagher sold 2,012 shares of the firm’s stock in a transaction that occurred on Thursday, November 9th. The shares were sold at an average price of $89.37, for a total transaction of $179,812.44. Following the completion of the sale, the director now directly owns 12,786 shares in the company, valued at $1,142,684.82. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Donald E. Brandt sold 18,153 shares of the firm’s stock in a transaction that occurred on Thursday, November 9th. The stock was sold at an average price of $89.54, for a total transaction of $1,625,419.62. Following the sale, the chief executive officer now owns 118,574 shares of the company’s stock, valued at $10,617,115.96. The disclosure for this sale can be found here. Company insiders own 0.70% of the company’s stock.

Hedge funds have recently bought and sold shares of the stock. IFP Advisors Inc lifted its stake in Pinnacle West Capital by 7.9% in the second quarter. IFP Advisors Inc now owns 2,730 shares of the utilities provider’s stock valued at $232,000 after acquiring an additional 200 shares during the last quarter. Retirement Systems of Alabama lifted its stake in Pinnacle West Capital by 0.5% in the second quarter. Retirement Systems of Alabama now owns 54,090 shares of the utilities provider’s stock valued at $4,606,000 after acquiring an additional 271 shares during the last quarter. Global X Management Co. LLC lifted its stake in Pinnacle West Capital by 29.1% in the second quarter. Global X Management Co. LLC now owns 5,654 shares of the utilities provider’s stock valued at $481,000 after acquiring an additional 1,273 shares during the last quarter. Canada Pension Plan Investment Board lifted its stake in Pinnacle West Capital by 30.6% in the second quarter. Canada Pension Plan Investment Board now owns 15,810 shares of the utilities provider’s stock valued at $1,346,000 after acquiring an additional 3,700 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. lifted its stake in Pinnacle West Capital by 4.1% in the second quarter. Schwab Charles Investment Management Inc. now owns 507,078 shares of the utilities provider’s stock valued at $43,183,000 after acquiring an additional 20,097 shares during the last quarter. Institutional investors and hedge funds own 82.80% of the company’s stock.

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About Pinnacle West Capital

Pinnacle West Capital Corporation is a holding company that operates through its subsidiaries. The Company operates through regulated electricity segment, which consists of traditional regulated retail and wholesale electricity businesses and related activities, and includes electricity generation, transmission and distribution.

Analyst Recommendations for Pinnacle West Capital (NYSE:PNW)

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