Pinnacle West Capital (PNW) Given a $102.00 Price Target at Credit Suisse Group

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Credit Suisse Group set a $102.00 price objective on Pinnacle West Capital (NYSE:PNW) in a research note released on Monday, TipRanks reports. The firm currently has a buy rating on the utilities provider’s stock.

PNW has been the subject of several other research reports. Goldman Sachs Group cut Pinnacle West Capital from a buy rating to a neutral rating in a report on Thursday, January 10th. Wells Fargo & Co cut Pinnacle West Capital from an outperform rating to a market perform rating and set a $87.36 price target for the company. in a report on Wednesday, January 30th. Bank of America raised Pinnacle West Capital from a neutral rating to a buy rating and set a $105.00 price objective for the company in a research note on Monday, April 15th. Royal Bank of Canada lowered Pinnacle West Capital from an outperform rating to a sector perform rating and set a $93.00 price objective for the company. in a research note on Friday, March 1st. Finally, Wolfe Research lowered Pinnacle West Capital from a market perform rating to an underperform rating and set a $83.00 price objective for the company. in a research note on Tuesday, January 22nd. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and two have issued a buy rating to the company. The company currently has a consensus rating of Hold and an average price target of $90.91.

NYSE PNW opened at $93.58 on Monday. The company has a market cap of $10.56 billion, a price-to-earnings ratio of 20.61, a PEG ratio of 3.87 and a beta of 0.19. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.56 and a quick ratio of 0.38. Pinnacle West Capital has a 1-year low of $73.41 and a 1-year high of $97.27.

Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings results on Friday, February 22nd. The utilities provider reported $0.23 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.06. The business had revenue of $756.40 million during the quarter, compared to analysts’ expectations of $703.26 million. Pinnacle West Capital had a return on equity of 9.67% and a net margin of 13.85%. The firm’s revenue for the quarter was down .4% compared to the same quarter last year. During the same quarter last year, the business posted $0.19 EPS. As a group, research analysts forecast that Pinnacle West Capital will post 4.85 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Wednesday, May 1st will be paid a $0.7375 dividend. This represents a $2.95 annualized dividend and a dividend yield of 3.15%. The ex-dividend date is Tuesday, April 30th. Pinnacle West Capital’s payout ratio is 64.98%.

In other news, CEO Donald E. Brandt sold 30,001 shares of the firm’s stock in a transaction that occurred on Wednesday, February 27th. The stock was sold at an average price of $92.85, for a total value of $2,785,592.85. Following the completion of the sale, the chief executive officer now directly owns 67,010 shares of the company’s stock, valued at approximately $6,221,878.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Bruce J. Nordstrom sold 3,374 shares of the firm’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $93.44, for a total value of $315,266.56. Following the completion of the sale, the director now directly owns 32,989 shares of the company’s stock, valued at $3,082,492.16. The disclosure for this sale can be found here. Insiders sold a total of 44,406 shares of company stock valued at $4,132,062 over the last ninety days. Corporate insiders own 0.41% of the company’s stock.

Several hedge funds have recently modified their holdings of the stock. CWM LLC lifted its stake in shares of Pinnacle West Capital by 110.6% during the 1st quarter. CWM LLC now owns 64,316 shares of the utilities provider’s stock worth $6,147,000 after acquiring an additional 33,771 shares during the last quarter. Gulf International Bank UK Ltd lifted its stake in shares of Pinnacle West Capital by 2.9% during the 1st quarter. Gulf International Bank UK Ltd now owns 24,940 shares of the utilities provider’s stock worth $2,383,000 after acquiring an additional 706 shares during the last quarter. IFM Investors Pty Ltd lifted its stake in shares of Pinnacle West Capital by 13.7% during the 1st quarter. IFM Investors Pty Ltd now owns 5,670 shares of the utilities provider’s stock worth $542,000 after acquiring an additional 684 shares during the last quarter. City Holding Co. lifted its stake in shares of Pinnacle West Capital by 15.6% during the 1st quarter. City Holding Co. now owns 10,827 shares of the utilities provider’s stock worth $1,035,000 after acquiring an additional 1,465 shares during the last quarter. Finally, Nisa Investment Advisors LLC lifted its stake in shares of Pinnacle West Capital by 11.2% during the 1st quarter. Nisa Investment Advisors LLC now owns 45,876 shares of the utilities provider’s stock worth $4,385,000 after acquiring an additional 4,636 shares during the last quarter. 85.29% of the stock is owned by hedge funds and other institutional investors.

Pinnacle West Capital Company Profile

Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, provides retail and wholesale electric services primarily in the state of Arizona. It generates, transmits, and distributes electricity using coal, nuclear, gas, oil, and solar generating facilities. The company serves approximately 1.2 million customers.

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Analyst Recommendations for Pinnacle West Capital (NYSE:PNW)

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