Pinnacle West Capital (NYSE:PNW) Price Target Cut to $81.00 by Analysts at Morgan Stanley

Pinnacle West Capital (NYSE:PNW) had its price objective cut by Morgan Stanley from $82.00 to $81.00 in a research note published on Friday morning,Benzinga reports. They currently have an equal weight rating on the utilities provider’s stock.

Other analysts have also recently issued reports about the company. Barclays cut Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $93.00 to $91.00 in a research report on Monday, November 18th. Wells Fargo & Company boosted their price target on Pinnacle West Capital from $90.00 to $92.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 7th. StockNews.com upgraded Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Monday, August 5th. Finally, Jefferies Financial Group started coverage on Pinnacle West Capital in a research report on Thursday, September 19th. They set a “buy” rating and a $104.00 price target for the company. Eight research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $81.88.

Pinnacle West Capital Stock Down 0.7 %

Pinnacle West Capital stock opened at $92.93 on Friday. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54. Pinnacle West Capital has a 12 month low of $65.20 and a 12 month high of $94.38. The stock has a market capitalization of $10.57 billion, a PE ratio of 17.60, a price-to-earnings-growth ratio of 2.13 and a beta of 0.52. The business has a 50 day simple moving average of $88.96 and a 200-day simple moving average of $83.79.

Pinnacle West Capital Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 4th will be paid a $0.895 dividend. This represents a $3.58 annualized dividend and a dividend yield of 3.85%. The ex-dividend date of this dividend is Monday, November 4th. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.88. Pinnacle West Capital’s dividend payout ratio is 67.80%.

Hedge Funds Weigh In On Pinnacle West Capital

Large investors have recently modified their holdings of the business. Blue Trust Inc. raised its holdings in shares of Pinnacle West Capital by 377.9% in the 2nd quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock valued at $28,000 after buying an additional 291 shares during the period. Cape Investment Advisory Inc. purchased a new stake in shares of Pinnacle West Capital in the 1st quarter valued at $30,000. Venturi Wealth Management LLC raised its holdings 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 valued at $38,000 after buying an additional 238 shares during the period. Prospera Private Wealth LLC purchased a new stake in shares of Pinnacle West Capital in the 3rd quarter valued at $43,000. Finally, Ashton Thomas Private Wealth LLC purchased a new stake in shares of Pinnacle West Capital in the 2nd quarter valued at $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.