Brokerages Set Pinnacle West Capital Co. (NYSE:PNW) PT at $84.65

Pinnacle West Capital Co. (NYSE:PNW) has been assigned a consensus rating of “Hold” from the thirteen brokerages that are covering the stock, MarketBeat reports. Seven research analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $84.65.

PNW has been the topic of several recent analyst reports. Barclays lowered Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $93.00 to $91.00 in a research report on Monday, November 18th. Jefferies Financial Group started coverage on shares of Pinnacle West Capital in a report on Thursday, September 19th. They set a “buy” rating and a $104.00 price objective on the stock. Morgan Stanley lowered their target price on shares of Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating for the company in a research note on Friday, November 22nd. Citigroup boosted their target price on shares of Pinnacle West Capital from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 4th. Finally, Wells Fargo & Company raised their price target on shares of Pinnacle West Capital from $90.00 to $92.00 and gave the stock an “equal weight” rating in a report on Thursday, November 7th.

Institutional Investors Weigh In On Pinnacle West Capital

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PNW. Fortem Financial Group LLC increased its holdings in shares of Pinnacle West Capital by 2.2% during the 4th quarter. Fortem Financial Group LLC now owns 5,717 shares of the utilities provider’s stock valued at $485,000 after purchasing an additional 124 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Pinnacle West Capital by 13.7% during the third quarter. GAMMA Investing LLC now owns 1,147 shares of the utilities provider’s stock worth $102,000 after buying an additional 138 shares in the last quarter. Glenmede Trust Co. NA grew its position in Pinnacle West Capital by 2.5% during the third quarter. Glenmede Trust Co. NA now owns 6,695 shares of the utilities provider’s stock valued at $593,000 after buying an additional 163 shares during the period. LRI Investments LLC increased its holdings in Pinnacle West Capital by 7.0% in the third quarter. LRI Investments LLC now owns 2,498 shares of the utilities provider’s stock valued at $227,000 after buying an additional 163 shares in the last quarter. Finally, Crossmark Global Holdings Inc. raised its position in shares of Pinnacle West Capital by 2.6% in the third quarter. Crossmark Global Holdings Inc. now owns 6,581 shares of the utilities provider’s stock worth $583,000 after acquiring an additional 169 shares during the period. 91.51% of the stock is owned by institutional investors and hedge funds.

Pinnacle West Capital Stock Performance

Shares of PNW stock opened at $83.41 on Monday. Pinnacle West Capital has a 12-month low of $65.20 and a 12-month high of $95.42. The business’s fifty day simple moving average is $88.78 and its 200-day simple moving average is $86.54. The company has a current ratio of 0.71, a quick ratio of 0.54 and a debt-to-equity ratio of 1.20. The company has a market cap of $9.48 billion, a PE ratio of 15.80, a PEG ratio of 2.10 and a beta of 0.56.

Pinnacle West Capital Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Investors of record on Monday, February 3rd will be given a dividend of $0.895 per share. The ex-dividend date of this dividend is Monday, February 3rd. This represents a $3.58 dividend on an annualized basis and a yield of 4.29%. Pinnacle West Capital’s dividend payout ratio is presently 67.80%.

Pinnacle West Capital Company Profile

Pinnacle West Capital Corporation, through its subsidiary, 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. Its transmission facilities include overhead lines and underground lines; and distribution facilities consist of overhead lines and underground primary cables.