Pinnacle West Capital (NYSE:PNW) Stock Rating Lowered by Barclays

Barclays lowered shares of Pinnacle West Capital (NYSE:PNW) from an overweight rating to an equal weight rating in a report published on Monday, MarketBeat reports. The brokerage currently has $91.00 price objective on the utilities provider’s stock, down from their prior price objective of $93.00.

Other equities analysts have also recently issued research reports about the stock. Wells Fargo & Company lifted their target price on shares of Pinnacle West Capital from $90.00 to $92.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 7th. Morgan Stanley lifted their price target on Pinnacle West Capital from $78.00 to $83.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 25th. Jefferies Financial Group began coverage on Pinnacle West Capital in a research note on Thursday, September 19th. They issued a “buy” rating and a $104.00 price objective for the company. Finally, StockNews.com upgraded Pinnacle West Capital from a “sell” rating to a “hold” rating in a research note on Monday, August 5th. Eight analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $82.04.

Pinnacle West Capital Stock Performance

NYSE PNW opened at $91.79 on Monday. 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 fifty day simple moving average of $88.82 and a 200 day simple moving average of $83.67. Pinnacle West Capital has a 12-month low of $65.20 and a 12-month high of $93.12. The company has a market cap of $10.44 billion, a P/E ratio of 17.38, a PEG ratio of 2.15 and a beta of 0.52.

Pinnacle West Capital Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 4th will be paid a dividend of $0.895 per share. This represents a $3.58 annualized dividend and a yield of 3.90%. This is a boost from Pinnacle West Capital’s previous quarterly dividend of $0.88. The ex-dividend date of this dividend is Monday, November 4th. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 67.80%.

Institutional Investors Weigh In On Pinnacle West Capital

Several large investors have recently bought and sold shares of the business. Orion Portfolio Solutions LLC increased its position in shares of Pinnacle West Capital by 21.1% during the 1st quarter. Orion Portfolio Solutions LLC now owns 15,272 shares of the utilities provider’s stock valued at $1,141,000 after purchasing an additional 2,658 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp increased its position in Pinnacle West Capital by 2.2% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 45,955 shares of the utilities provider’s stock valued at $3,403,000 after acquiring an additional 968 shares during the last quarter. Intech Investment Management LLC purchased a new stake in shares of Pinnacle West Capital in the first quarter valued at $898,000. O Shaughnessy Asset Management LLC lifted its holdings in shares of Pinnacle West Capital by 20.3% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 40,503 shares of the utilities provider’s stock worth $3,027,000 after acquiring an additional 6,826 shares during the last quarter. Finally, UniSuper Management Pty Ltd boosted its stake in shares of Pinnacle West Capital by 1,294.4% during the 1st quarter. UniSuper Management Pty Ltd now owns 12,299 shares of the utilities provider’s stock worth $919,000 after purchasing an additional 11,417 shares during the period. Institutional investors own 91.51% of the company’s stock.

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.