Brokerages Set Pinnacle West Capital Co. (NYSE:PNW) Target Price at $80.96

Shares of Pinnacle West Capital Co. (NYSE:PNW) have been assigned an average rating of “Hold” from the twelve ratings firms that are presently covering the firm, MarketBeat Ratings reports. Seven investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average 1 year target price among brokers that have covered the stock in the last year is $82.04.

A number of analysts have recently commented on PNW shares. StockNews.com upgraded Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Monday, August 5th. Barclays lowered Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $93.00 to $91.00 in a research report on Monday. Morgan Stanley boosted their price objective on Pinnacle West Capital from $78.00 to $83.00 and gave the company an “equal weight” rating in a research note on Wednesday, September 25th. Jefferies Financial Group initiated coverage on shares of Pinnacle West Capital in a research report on Thursday, September 19th. They set a “buy” rating and a $104.00 target price on the stock. Finally, Wells Fargo & Company upped their price target on shares of Pinnacle West Capital from $90.00 to $92.00 and gave the company an “equal weight” rating in a research report on Thursday, November 7th.

Pinnacle West Capital Price Performance

Shares of NYSE:PNW opened at $93.49 on Friday. Pinnacle West Capital has a 12 month low of $65.20 and a 12 month high of $93.65. The firm has a market capitalization of $10.63 billion, a P/E ratio of 17.71, a P/E/G ratio of 2.13 and a beta of 0.52. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54. The company’s fifty day moving average price is $88.88 and its 200 day moving average price is $83.72.

Pinnacle West Capital Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 4th will be given a dividend of $0.895 per share. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.88. This represents a $3.58 annualized dividend and a dividend yield of 3.83%. The ex-dividend date is Monday, November 4th. Pinnacle West Capital’s payout ratio is presently 67.80%.

Hedge Funds Weigh In On Pinnacle West Capital

Large investors have recently made changes to their positions in the stock. Capital Research Global Investors raised its holdings in Pinnacle West Capital by 97.5% during the first quarter. Capital Research Global Investors now owns 12,851,930 shares of the utilities provider’s stock worth $960,425,000 after purchasing an additional 6,344,121 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its position in shares of Pinnacle West Capital by 24.6% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,985,619 shares of the utilities provider’s stock valued at $533,562,000 after buying an additional 1,379,368 shares in the last quarter. Lazard Asset Management LLC raised its stake in shares of Pinnacle West Capital by 72.7% during the 1st quarter. Lazard Asset Management LLC now owns 6,719,397 shares of the utilities provider’s stock worth $502,139,000 after buying an additional 2,828,450 shares during the last quarter. State Street Corp raised its stake in shares of Pinnacle West Capital by 0.9% during the 3rd quarter. State Street Corp now owns 6,404,718 shares of the utilities provider’s stock worth $567,394,000 after buying an additional 56,644 shares during the last quarter. Finally, Zimmer Partners LP boosted its position in shares of Pinnacle West Capital by 5.7% in the 3rd quarter. Zimmer Partners LP now owns 2,899,676 shares of the utilities provider’s stock worth $256,882,000 after buying an additional 155,466 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

About Pinnacle West Capital

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.