Pinnacle West Capital (NYSE:PNW) Price Target Raised to $91.00

Pinnacle West Capital (NYSE:PNW) had its price target boosted by Morgan Stanley from $89.00 to $91.00 in a research note released on Wednesday,Benzinga reports. Morgan Stanley currently has an equal weight rating on the utilities provider’s stock.

Other research analysts have also recently issued research reports about the stock. Barclays reduced their price target on shares of Pinnacle West Capital from $108.00 to $94.00 and set an “equal weight” rating for the company in a report on Thursday, October 1st. Wall Street Zen upgraded shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Saturday, October 3rd. Citigroup restated a “neutral” rating on shares of Pinnacle West Capital in a report on Thursday, October 8th. TD Cowen reaffirmed a “hold” rating on shares of Pinnacle West Capital in a research report on Wednesday, August 12th. Finally, Truist Financial reduced their target price on shares of Pinnacle West Capital from $101.00 to $99.00 and set a “hold” rating for the company in a research note on Monday, October 5th. Five equities research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Pinnacle West Capital presently has a consensus rating of “Hold” and an average price target of $103.39.

Pinnacle West Capital Price Performance

Shares of PNW opened at $105.98 on Wednesday. The company has a debt-to-equity ratio of 1.38, a quick ratio of 0.41 and a current ratio of 0.59. The stock has a 50 day simple moving average of $97.63 and a 200 day simple moving average of $101.23. Pinnacle West Capital has a 52-week low of $86.18 and a 52-week high of $111.16. The firm has a market capitalization of $12.84 billion, a PE ratio of 20.42, a P/E/G ratio of 3.81 and a beta of 0.43.

Pinnacle West Capital (NYSE:PNW) last posted its earnings results on Tuesday, August 4th. The utilities provider reported $1.43 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.46 by ($0.03). The business had revenue of $1.46 billion for the quarter, compared to the consensus estimate of $1.40 billion. Pinnacle West Capital had a return on equity of 8.99% and a net margin of 11.52%. Pinnacle West Capital’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.58 earnings per share. Pinnacle West Capital has set its FY 2026 guidance at 4.550-4.750 EPS. Sell-side analysts predict that Pinnacle West Capital will post 4.81 EPS for the current fiscal year.

Pinnacle West Capital Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Monday, November 2nd will be given a $0.9250 dividend. The ex-dividend date of this dividend is Monday, November 2nd. This represents a $3.70 dividend on an annualized basis and a yield of 3.5%. This is a boost from Pinnacle West Capital’s previous quarterly dividend of $0.91. Pinnacle West Capital’s payout ratio is 69.73%.

Insider Buying and Selling

In other Pinnacle West Capital news, SVP Jose Luis Esparza, Jr. sold 1,800 shares of the company’s stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $102.01, for a total transaction of $183,618.00. Following the completion of the transaction, the senior vice president owned 4,910 shares of the company’s stock, valued at $500,869.10. This represents a 26.83% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Elizabeth A. Blankenship sold 980 shares of the firm’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $99.17, for a total transaction of $97,186.60. Following the transaction, the chief accounting officer directly owned 10,886 shares of the company’s stock, valued at $1,079,564.62. This represents a 8.26% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.19% of the stock is currently owned by company insiders.

Institutional Trading of Pinnacle West Capital

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Oregon Public Employees Retirement Fund grew its holdings in Pinnacle West Capital by 0.7% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 13,755 shares of the utilities provider’s stock worth $1,386,000 after acquiring an additional 100 shares during the period. Excelsior Advisor Network LLC grew its stake in Pinnacle West Capital by 4.3% in the first quarter. Excelsior Advisor Network LLC now owns 2,625 shares of the utilities provider’s stock valued at $264,000 after acquiring an additional 108 shares during the period. Probity Advisors Inc. increased its stake in Pinnacle West Capital by 1.5% during the 3rd quarter. Probity Advisors Inc. now owns 8,037 shares of the utilities provider’s stock valued at $748,000 after purchasing an additional 118 shares in the last quarter. Everhart Financial Group Inc. increased its position in shares of Pinnacle West Capital by 5.1% during the second quarter. Everhart Financial Group Inc. now owns 2,481 shares of the utilities provider’s stock worth $265,000 after acquiring an additional 120 shares in the last quarter. Finally, JFS Wealth Advisors LLC raised its stake in shares of Pinnacle West Capital by 109.6% in the second quarter. JFS Wealth Advisors LLC now owns 241 shares of the utilities provider’s stock worth $26,000 after purchasing an additional 126 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

About Pinnacle West Capital

Pinnacle West Capital Corporation (NYSE:PNW) is an energy holding company based in Phoenix, Arizona. Its principal subsidiary, Arizona Public Service Company (APS), is an electric utility that generates, transmits and distributes electricity to customers across Arizona.

APS serves residential, commercial, industrial and governmental customers through a diverse power portfolio that includes nuclear, natural gas, coal, solar and other renewable energy resources. The utility is also involved in maintaining and expanding the electric grid, supporting energy-efficiency programs and developing cleaner energy resources.