KeyCorp Raises Pinnacle West Capital (NYSE:PNW) Price Target to $64.00

Pinnacle West Capital (NYSE:PNWGet Rating) had its price objective raised by KeyCorp from $62.00 to $64.00 in a research note issued to investors on Wednesday, MarketBeat Ratings reports. They currently have an underweight rating on the utilities provider’s stock. KeyCorp also issued estimates for Pinnacle West Capital’s Q1 2022 earnings at $0.06 EPS, Q2 2022 earnings at $1.36 EPS, Q3 2022 earnings at $2.64 EPS, Q4 2022 earnings at ($0.05) EPS, FY2022 earnings at $4.01 EPS, FY2023 earnings at $4.26 EPS, FY2024 earnings at $4.38 EPS, FY2025 earnings at $4.50 EPS and FY2026 earnings at $4.64 EPS.

PNW has been the topic of several other research reports. Morgan Stanley upped their price objective on Pinnacle West Capital from $67.00 to $71.00 and gave the stock an equal weight rating in a report on Tuesday, March 22nd. Royal Bank of Canada upped their price objective on Pinnacle West Capital from $76.00 to $80.00 and gave the stock a sector perform rating in a report on Monday, April 4th. StockNews.com began coverage on Pinnacle West Capital in a report on Thursday, March 31st. They set a hold rating on the stock. Wells Fargo & Company upped their price objective on Pinnacle West Capital from $68.00 to $75.00 and gave the stock an equal weight rating in a report on Monday, February 28th. Finally, UBS Group downgraded Pinnacle West Capital from a neutral rating to a sell rating and cut their price target for the company from $72.00 to $64.00 in a research note on Wednesday, January 5th. Six analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, Pinnacle West Capital presently has a consensus rating of Hold and a consensus target price of $74.75.

Shares of PNW opened at $77.32 on Wednesday. The company has a market capitalization of $8.74 billion, a P/E ratio of 14.14 and a beta of 0.28. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.88 and a quick ratio of 0.67. Pinnacle West Capital has a one year low of $62.78 and a one year high of $88.54. The business’s 50 day simple moving average is $74.45 and its 200-day simple moving average is $70.49.

Pinnacle West Capital (NYSE:PNWGet Rating) last announced its earnings results on Friday, February 25th. The utilities provider reported $0.24 EPS for the quarter, topping the consensus estimate of $0.07 by $0.17. Pinnacle West Capital had a return on equity of 10.38% and a net margin of 16.27%. The business had revenue of $798.90 million for the quarter, compared to the consensus estimate of $659.68 million. During the same period in the previous year, the business earned ($0.17) EPS. Pinnacle West Capital’s revenue was up 7.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Pinnacle West Capital will post 3.96 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 1st. Investors of record on Monday, May 2nd will be given a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a dividend yield of 4.40%. The ex-dividend date is Friday, April 29th. Pinnacle West Capital’s dividend payout ratio is currently 62.16%.

Several institutional investors and hedge funds have recently added to or reduced their stakes in PNW. Amundi Pioneer Asset Management Inc. increased its position in shares of Pinnacle West Capital by 63.8% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 162,326 shares of the utilities provider’s stock valued at $15,515,000 after buying an additional 63,204 shares in the last quarter. Morgan Stanley increased its holdings in Pinnacle West Capital by 79.1% during the 2nd quarter. Morgan Stanley now owns 727,344 shares of the utilities provider’s stock worth $59,620,000 after purchasing an additional 321,287 shares in the last quarter. Bank of America Corp DE increased its holdings in Pinnacle West Capital by 102.0% during the 2nd quarter. Bank of America Corp DE now owns 941,610 shares of the utilities provider’s stock worth $77,184,000 after purchasing an additional 475,526 shares in the last quarter. State of New Jersey Common Pension Fund D increased its holdings in Pinnacle West Capital by 2.9% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 62,408 shares of the utilities provider’s stock worth $4,516,000 after purchasing an additional 1,753 shares in the last quarter. Finally, Signaturefd LLC increased its holdings in Pinnacle West Capital by 48.5% during the 3rd quarter. Signaturefd LLC now owns 551 shares of the utilities provider’s stock worth $40,000 after purchasing an additional 180 shares in the last quarter. Institutional investors and hedge funds own 80.03% of the company’s stock.

About Pinnacle West Capital (Get Rating)

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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