Pinnacle West Capital (NYSE:PNW) Price Target Raised to $92.00

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

A number of other research firms have also issued reports on PNW. Jefferies Financial Group began coverage on Pinnacle West Capital in a report on Thursday, September 19th. They set a “buy” rating and a $104.00 price target on the stock. StockNews.com raised Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Monday, August 5th. Finally, Morgan Stanley increased 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. Seven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $80.96.

Pinnacle West Capital Price Performance

PNW stock opened at $91.81 on Thursday. The company has a quick ratio of 0.48, a current ratio of 0.66 and a debt-to-equity ratio of 1.28. Pinnacle West Capital has a fifty-two week low of $65.20 and a fifty-two week high of $92.59. The business has a 50 day moving average price of $88.43 and a 200 day moving average price of $82.78. The stock has a market cap of $10.43 billion, a price-to-earnings ratio of 17.39, a PEG ratio of 2.24 and a beta of 0.52.

Pinnacle West Capital Increases Dividend

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

Institutional Trading of Pinnacle West Capital

A number of hedge funds have recently bought and sold shares of the company. Blue Trust Inc. increased its position in Pinnacle West Capital by 377.9% during the second quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock worth $28,000 after purchasing an additional 291 shares during the last quarter. Cape Investment Advisory Inc. acquired a new stake in shares of Pinnacle West Capital during the 1st quarter worth $30,000. Venturi Wealth Management LLC raised its position in shares of Pinnacle West Capital by 124.6% in the 3rd quarter. Venturi Wealth Management LLC now owns 429 shares of the utilities provider’s stock worth $38,000 after buying an additional 238 shares during the period. Prospera Private Wealth LLC acquired a new position in Pinnacle West Capital in the third quarter valued at $43,000. Finally, Ashton Thomas Private Wealth LLC purchased a new stake in Pinnacle West Capital during the second quarter valued at about $52,000. Institutional investors and hedge funds 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.