SunTrust Banks Analysts Reduce Earnings Estimates for Pinnacle West Capital Corporation (PNW)

Pinnacle West Capital Corporation (NYSE:PNW) – Equities research analysts at SunTrust Banks lowered their Q3 2017 earnings estimates for shares of Pinnacle West Capital Corporation in a report released on Friday. SunTrust Banks analyst A. Agha now forecasts that the utilities provider will post earnings of $2.23 per share for the quarter, down from their prior estimate of $2.31. SunTrust Banks also issued estimates for Pinnacle West Capital Corporation’s Q4 2017 earnings at $0.29 EPS and Q3 2018 earnings at $2.36 EPS.

A number of other equities analysts have also weighed in on PNW. BMO Capital Markets reissued a “hold” rating and issued a $89.00 target price on shares of Pinnacle West Capital Corporation in a research report on Friday, August 4th. Royal Bank Of Canada reissued a “hold” rating and issued a $89.00 target price on shares of Pinnacle West Capital Corporation in a research report on Monday, July 24th. BidaskClub raised Pinnacle West Capital Corporation from a “sell” rating to a “hold” rating in a research report on Monday, July 24th. Zacks Investment Research raised Pinnacle West Capital Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, July 18th. Finally, Morgan Stanley decreased their target price on Pinnacle West Capital Corporation from $83.00 to $82.00 and set an “underweight” rating for the company in a research report on Monday, May 8th. One analyst has rated the stock with a sell rating and ten have given a hold rating to the company’s stock. Pinnacle West Capital Corporation has a consensus rating of “Hold” and a consensus price target of $81.78.

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Shares of Pinnacle West Capital Corporation (NYSE:PNW) opened at 88.73 on Monday. Pinnacle West Capital Corporation has a 12-month low of $70.86 and a 12-month high of $89.56. The stock has a market cap of $9.90 billion, a P/E ratio of 21.55 and a beta of 0.37. The company’s 50-day moving average is $86.48 and its 200-day moving average is $83.91.

Pinnacle West Capital Corporation (NYSE:PNW) last posted its quarterly earnings data on Thursday, August 3rd. The utilities provider reported $1.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.16 by $0.33. Pinnacle West Capital Corporation had a net margin of 14.37% and a return on equity of 10.20%. The business had revenue of $944.59 million during the quarter, compared to the consensus estimate of $921.79 million. During the same quarter last year, the company posted $1.08 earnings per share. The firm’s quarterly revenue was up 3.2% compared to the same quarter last year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Tuesday, August 1st will be given a dividend of $0.655 per share. This represents a $2.62 annualized dividend and a dividend yield of 2.95%. The ex-dividend date is Friday, July 28th. Pinnacle West Capital Corporation’s payout ratio is currently 57.96%.

In other news, Director Denis A. Cortese sold 1,776 shares of the company’s stock in a transaction dated Thursday, May 11th. The shares were sold at an average price of $83.85, for a total transaction of $148,917.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Barbara M. Gomez sold 1,900 shares of the company’s stock in a transaction dated Tuesday, May 16th. The shares were sold at an average price of $84.00, for a total transaction of $159,600.00. The disclosure for this sale can be found here. Insiders have sold a total of 6,476 shares of company stock valued at $552,986 in the last ninety days. Insiders own 0.70% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in Pinnacle West Capital Corporation by 3.7% in the first quarter. Vanguard Group Inc. now owns 11,277,423 shares of the utilities provider’s stock valued at $940,311,000 after buying an additional 398,486 shares during the last quarter. BlackRock Inc. raised its stake in Pinnacle West Capital Corporation by 3,579.0% in the first quarter. BlackRock Inc. now owns 10,792,256 shares of the utilities provider’s stock valued at $899,860,000 after buying an additional 10,498,905 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Pinnacle West Capital Corporation by 12.7% in the first quarter. JPMorgan Chase & Co. now owns 2,635,293 shares of the utilities provider’s stock valued at $219,732,000 after buying an additional 297,131 shares during the last quarter. American Century Companies Inc. raised its stake in Pinnacle West Capital Corporation by 140.6% in the second quarter. American Century Companies Inc. now owns 2,515,865 shares of the utilities provider’s stock valued at $214,251,000 after buying an additional 1,470,383 shares during the last quarter. Finally, Boston Partners raised its stake in Pinnacle West Capital Corporation by 30,924.3% in the second quarter. Boston Partners now owns 2,052,566 shares of the utilities provider’s stock valued at $174,796,000 after buying an additional 2,045,950 shares during the last quarter. 83.02% of the stock is owned by hedge funds and other institutional investors.

About Pinnacle West Capital Corporation

Pinnacle West Capital Corporation is a holding company that operates through its subsidiaries. The Company operates through regulated electricity segment, which consists of traditional regulated retail and wholesale electricity businesses and related activities, and includes electricity generation, transmission and distribution.

Earnings History and Estimates for Pinnacle West Capital Corporation (NYSE:PNW)

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