Pinnacle West Capital (NYSE:PNW) Given New $92.00 Price Target at Wells Fargo & Company

Pinnacle West Capital (NYSE:PNW) had its price target upped by Wells Fargo & Company from $90.00 to $92.00 in a research report report published on Thursday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the utilities provider’s stock.

PNW has been the topic of several other reports. Morgan Stanley lifted their price objective on Pinnacle West Capital from $78.00 to $83.00 and gave the company an “equal weight” rating in a research report on Wednesday, September 25th. StockNews.com raised Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Monday, August 5th. Finally, Jefferies Financial Group began coverage on shares of Pinnacle West Capital in a report on Thursday, September 19th. They issued a “buy” rating and a $104.00 price objective for the company. Seven analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $80.96.

Pinnacle West Capital Trading Up 2.9 %

Shares of NYSE PNW traded up $2.59 during trading hours on Thursday, hitting $91.81. The company’s stock had a trading volume of 1,860,323 shares, compared to its average volume of 1,146,579. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.48 and a current ratio of 0.66. The stock has a market cap of $10.43 billion, a price-to-earnings ratio of 16.90, a P/E/G ratio of 2.13 and a beta of 0.52. Pinnacle West Capital has a 12 month low of $65.20 and a 12 month high of $92.59. The business has a 50-day simple moving average of $88.34 and a 200-day simple moving average of $82.61.

Pinnacle West Capital (NYSE:PNW) last posted its earnings results on Wednesday, November 6th. The utilities provider reported $3.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.35 by $0.02. The company had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.68 billion. Pinnacle West Capital had a return on equity of 9.75% and a net margin of 12.65%. On average, analysts anticipate that Pinnacle West Capital will post 4.9 earnings per share for the current fiscal year.

Pinnacle West Capital Increases Dividend

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

Hedge Funds Weigh In On Pinnacle West Capital

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Blue Trust Inc. boosted its stake in Pinnacle West Capital by 377.9% in the second quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock valued at $28,000 after acquiring an additional 291 shares in the last quarter. Cape Investment Advisory Inc. acquired a new stake in Pinnacle West Capital in the first quarter valued at approximately $30,000. Venturi Wealth Management LLC boosted its stake 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 in the last quarter. Prospera Private Wealth LLC acquired a new stake in Pinnacle West Capital in the third quarter valued at approximately $43,000. Finally, Ashton Thomas Private Wealth LLC acquired a new stake in Pinnacle West Capital in the second quarter valued at approximately $52,000. 91.51% of the stock is currently owned by institutional investors.

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.