Pinnacle West Capital (NYSE:PNW) Upgraded to “Buy” at Guggenheim

Guggenheim upgraded shares of Pinnacle West Capital (NYSE:PNWFree Report) from a neutral rating to a buy rating in a research note released on Monday morning, Marketbeat reports. They currently have $78.00 target price on the utilities provider’s stock.

A number of other brokerages also recently weighed in on PNW. StockNews.com raised shares of Pinnacle West Capital from a sell rating to a hold rating in a report on Friday, November 10th. Bank of America cut their price target on shares of Pinnacle West Capital from $78.00 to $69.00 in a report on Monday, October 9th. Morgan Stanley boosted their price target on shares of Pinnacle West Capital from $71.00 to $73.00 and gave the stock an equal weight rating in a report on Tuesday, November 21st. Barclays dropped their price objective on shares of Pinnacle West Capital from $81.00 to $77.00 and set an overweight rating on the stock in a report on Thursday, September 28th. Finally, KeyCorp raised shares of Pinnacle West Capital from an underweight rating to a sector weight rating in a report on Thursday, October 5th. Five analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of Hold and an average target price of $75.38.

View Our Latest Analysis on Pinnacle West Capital

Pinnacle West Capital Stock Up 2.6 %

Shares of NYSE PNW opened at $69.99 on Monday. The company’s 50 day moving average price is $72.70 and its 200-day moving average price is $75.56. The company has a market capitalization of $7.94 billion, a P/E ratio of 16.66, a price-to-earnings-growth ratio of 3.62 and a beta of 0.49. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.85 and a current ratio of 1.10. Pinnacle West Capital has a 52-week low of $67.35 and a 52-week high of $86.03.

Pinnacle West Capital (NYSE:PNWGet Free Report) last announced its quarterly earnings results on Thursday, November 2nd. The utilities provider reported $3.50 EPS for the quarter, beating analysts’ consensus estimates of $3.33 by $0.17. The business had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.54 billion. Pinnacle West Capital had a net margin of 10.13% and a return on equity of 7.68%. Equities analysts forecast that Pinnacle West Capital will post 4.29 earnings per share for the current year.

Pinnacle West Capital Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 1st. Stockholders of record on Thursday, February 1st will be given a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a dividend yield of 5.03%. The ex-dividend date is Wednesday, January 31st. Pinnacle West Capital’s payout ratio is currently 83.81%.

Insider Activity

In related news, EVP Robert Edgar Smith sold 1,610 shares of the business’s stock in a transaction that occurred on Friday, December 8th. The stock was sold at an average price of $75.95, for a total transaction of $122,279.50. Following the completion of the transaction, the executive vice president now directly owns 9,178 shares in the company, valued at approximately $697,069.10. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 0.31% of the company’s stock.

Institutional Trading of Pinnacle West Capital

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Newbridge Financial Services Group Inc. increased its stake in Pinnacle West Capital by 67.4% in the second quarter. Newbridge Financial Services Group Inc. now owns 308 shares of the utilities provider’s stock worth $25,000 after purchasing an additional 124 shares during the period. Financial Gravity Asset Management Inc. increased its stake in Pinnacle West Capital by 338.3% in the third quarter. Financial Gravity Asset Management Inc. now owns 355 shares of the utilities provider’s stock worth $26,000 after purchasing an additional 274 shares during the period. Blue Trust Inc. increased its stake in Pinnacle West Capital by 985.7% in the fourth quarter. Blue Trust Inc. now owns 532 shares of the utilities provider’s stock worth $39,000 after purchasing an additional 483 shares during the period. Pacific Center for Financial Services purchased a new stake in Pinnacle West Capital in the first quarter worth $40,000. Finally, International Assets Investment Management LLC purchased a new stake in Pinnacle West Capital in the third quarter worth $44,000. Hedge funds and other institutional investors own 84.95% of the company’s stock.

Pinnacle West Capital Company Profile

(Get Free Report)

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 engages in the generation, transmission, and distribution of electricity using coal, nuclear, gas, oil, and solar generating facilities.

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