JPMorgan Chase – Pinnacle West Capital Co. (NYSE:PNW) Receives Consensus Rating of “Hold” from Analysts
Pinnacle West Capital Co. (NYSE:PNW) has been given an average recommendation of “Hold” by the thirteen ratings firms that are covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, six have issued a hold recommendation and five have given a buy recommendation to the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $86.67.
A number of research firms have recently commented on PNW. Siebert Williams Shank raised Pinnacle West Capital from a “hold” rating to a “buy” rating and cut their target price for the company from $97.00 to $92.00 in a research note on Monday, March 1st. Barclays upped their target price on Pinnacle West Capital from $89.00 to $103.00 and gave the company an “overweight” rating in a research note on Wednesday, November 18th. Morgan Stanley cut their target price on Pinnacle West Capital from $78.00 to $77.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 25th. Credit Suisse Group reaffirmed a “neutral” rating and set a $81.00 target price (down previously from $86.00) on shares of Pinnacle West Capital in a research note on Wednesday, March 3rd. Finally, Zacks Investment Research cut Pinnacle West Capital from a “buy” rating to a “hold” rating and set a $85.00 target price on the stock. in a research note on Friday, December 11th.
A number of hedge funds have recently modified their holdings of PNW. Norges Bank purchased a new position in Pinnacle West Capital in the fourth quarter valued at about $108,051,000. Morgan Stanley grew its stake in Pinnacle West Capital by 159.6% in the fourth quarter. Morgan Stanley now owns 618,912 shares of the utilities provider’s stock valued at $49,482,000 after purchasing an additional 380,486 shares during the last quarter. AJO LP grew its stake in Pinnacle West Capital by 60.6% in the third quarter. AJO LP now owns 944,447 shares of the utilities provider’s stock valued at $70,407,000 after purchasing an additional 356,488 shares during the last quarter. JPMorgan Chase & Co. grew its stake in Pinnacle West Capital by 62.5% in the fourth quarter. JPMorgan Chase & Co. now owns 726,809 shares of the utilities provider’s stock valued at $58,109,000 after purchasing an additional 279,556 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA grew its stake in Pinnacle West Capital by 10.6% in the third quarter. Massachusetts Financial Services Co. MA now owns 2,721,342 shares of the utilities provider’s stock valued at $202,876,000 after purchasing an additional 261,536 shares during the last quarter. 82.78% of the stock is currently owned by institutional investors.
Shares of NYSE PNW opened at $76.30 on Monday. The business’s 50 day moving average is $76.03 and its two-hundred day moving average is $78.41. The company has a debt-to-equity ratio of 1.06, a current ratio of 1.17 and a quick ratio of 0.90. Pinnacle West Capital has a 1-year low of $60.05 and a 1-year high of $99.71. The stock has a market capitalization of $8.60 billion, a P/E ratio of 13.58, a PEG ratio of 4.47 and a beta of 0.25.
Pinnacle West Capital (NYSE:PNW) last issued its quarterly earnings data on Tuesday, February 23rd. The utilities provider reported ($0.17) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.04 by ($0.21). Pinnacle West Capital had a return on equity of 11.16% and a net margin of 18.03%. As a group, equities research analysts anticipate that Pinnacle West Capital will post 5.08 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, March 1st. Shareholders of record on Monday, February 1st were issued a dividend of $0.83 per share. The ex-dividend date of this dividend was Friday, January 29th. This represents a $3.32 dividend on an annualized basis and a yield of 4.35%. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.19. Pinnacle West Capital’s dividend payout ratio is currently 69.60%.
About Pinnacle West Capital
Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, provides retail and wholesale electric services primarily in the state of Arizona. The company generates, transmits, and distributes electricity using coal, nuclear, gas, oil, and solar generating facilities. Its transmission facilities consist of approximately 6,192 pole miles of overhead lines and approximately 49 miles of underground lines; and distribution facilities comprise approximately 11,191 miles of overhead lines and approximately 22,092 miles of underground primary cable.
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