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

Pinnacle West Capital Co. (NYSE:PNW) has earned an average rating of “Hold” from the thirteen brokerages that are presently covering the company, Marketbeat.com reports. Seven research analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $84.65.

Several research firms have recently commented on PNW. Barclays lowered shares of Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $93.00 to $91.00 in a research note on Monday, November 18th. Wells Fargo & Company boosted 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 research note on Thursday, November 7th. KeyCorp raised Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 target price for the company in a research note on Wednesday, December 4th. Citigroup increased their price target on Pinnacle West Capital from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday, December 4th. Finally, Jefferies Financial Group initiated coverage on Pinnacle West Capital in a research report on Thursday, September 19th. They set a “buy” rating and a $104.00 price objective for the company.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Venturi Wealth Management LLC lifted its holdings in Pinnacle West Capital by 124.6% in the third quarter. Venturi Wealth Management LLC now owns 429 shares of the utilities provider’s stock valued at $38,000 after acquiring an additional 238 shares during the period. Prospera Private Wealth LLC purchased a new position in shares of Pinnacle West Capital in the 3rd quarter valued at about $43,000. Ashton Thomas Private Wealth LLC acquired a new stake in shares of Pinnacle West Capital in the second quarter valued at about $52,000. Kennebec Savings Bank purchased a new stake in Pinnacle West Capital during the third quarter worth about $64,000. Finally, Blue Trust Inc. grew its position in Pinnacle West Capital by 193.5% during the third quarter. Blue Trust Inc. now owns 1,080 shares of the utilities provider’s stock worth $96,000 after buying an additional 712 shares during the period. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle West Capital Stock Performance

NYSE:PNW opened at $81.75 on Monday. Pinnacle West Capital has a fifty-two week low of $65.20 and a fifty-two week high of $95.42. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.54 and a current ratio of 0.71. The company has a 50 day moving average price of $88.52 and a 200 day moving average price of $86.54. The stock has a market capitalization of $9.29 billion, a P/E ratio of 15.48, a PEG ratio of 2.10 and a beta of 0.56.

Pinnacle West Capital Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Monday, February 3rd will be issued a $0.895 dividend. This represents a $3.58 dividend on an annualized basis and a dividend yield of 4.38%. The ex-dividend date is Monday, February 3rd. Pinnacle West Capital’s payout ratio is currently 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.