Pinnacle West Capital Co. (NYSE:PNW) Given Average Rating of “Hold” by Brokerages

Pinnacle West Capital Co. (NYSE:PNW) has been given an average recommendation of “Hold” by the thirteen brokerages that are currently covering the firm, Marketbeat.com reports. Seven analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $84.65.

A number of equities research analysts have weighed in on the stock. Morgan Stanley reduced their target price on shares of Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating on the stock in a report on Friday, November 22nd. Jefferies Financial Group assumed coverage on shares of Pinnacle West Capital in a research note on Thursday, September 19th. They issued a “buy” rating and a $104.00 price objective on the stock. 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 report on Wednesday, December 4th. Wells Fargo & Company lifted their target price on Pinnacle West Capital from $90.00 to $92.00 and gave the stock an “equal weight” rating in a report on Thursday, November 7th. Finally, Barclays cut Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $93.00 to $91.00 in a research note on Monday, November 18th.

Hedge Funds Weigh In On Pinnacle West Capital

A number of institutional investors and hedge funds have recently modified their holdings of the business. Blue Trust Inc. lifted its position in shares of Pinnacle West Capital by 377.9% during the 2nd quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock valued at $28,000 after acquiring an additional 291 shares during the period. Venturi Wealth Management LLC raised its holdings in shares of Pinnacle West Capital by 124.6% during the third quarter. Venturi Wealth Management LLC now owns 429 shares of the utilities provider’s stock valued at $38,000 after purchasing an additional 238 shares during the period. Prospera Private Wealth LLC acquired a new position in shares of Pinnacle West Capital during the third quarter valued at about $43,000. Ashton Thomas Private Wealth LLC bought a new position in shares of Pinnacle West Capital during the 2nd quarter worth about $52,000. Finally, First Horizon Advisors Inc. grew its stake in shares of Pinnacle West Capital by 20.9% in the 2nd quarter. First Horizon Advisors Inc. now owns 794 shares of the utilities provider’s stock valued at $61,000 after buying an additional 137 shares during the period. 91.51% of the stock is currently owned by institutional investors.

Pinnacle West Capital Stock Performance

NYSE:PNW opened at $84.03 on Thursday. The stock’s 50-day moving average is $89.59 and its 200-day moving average is $85.64. The stock has a market cap of $9.55 billion, a P/E ratio of 15.91, a price-to-earnings-growth ratio of 2.10 and a beta of 0.54. Pinnacle West Capital has a 1-year low of $65.20 and a 1-year high of $95.42. The company has a current ratio of 0.71, a quick ratio of 0.54 and a debt-to-equity ratio of 1.20.

Pinnacle West Capital Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Monday, February 3rd will be issued a $0.895 dividend. 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 4.26%. 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.