Pinnacle West Capital (NYSE:PNW) Stock Rating Lowered by Barclays

Barclays lowered shares of Pinnacle West Capital (NYSE:PNW) from an overweight rating to an equal weight rating in a research note released on Monday morning, MarketBeat reports. They currently have $91.00 target price on the utilities provider’s stock, down from their previous target price of $93.00.

Several other equities analysts also recently commented on PNW. Jefferies Financial Group assumed coverage on Pinnacle West Capital in a research report on Thursday, September 19th. They set a “buy” rating and a $104.00 target price for the company. StockNews.com raised shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Monday, August 5th. Morgan Stanley boosted their price target on shares of 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. Finally, Wells Fargo & Company lifted their target price on shares of Pinnacle West Capital from $90.00 to $92.00 and gave the company an “equal weight” rating in a research note on Thursday, November 7th. Eight equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Pinnacle West Capital has an average rating of “Hold” and a consensus price target of $82.04.

Pinnacle West Capital Stock Performance

NYSE PNW opened at $93.49 on Monday. The stock has a market cap of $10.63 billion, a P/E ratio of 17.71, a PEG ratio of 2.13 and a beta of 0.52. The company has a quick ratio of 0.54, a current ratio of 0.71 and a debt-to-equity ratio of 1.20. Pinnacle West Capital has a twelve month low of $65.20 and a twelve month high of $93.65. The company’s 50-day simple moving average is $88.88 and its 200 day simple moving average is $83.72.

Pinnacle West Capital Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 4th will be issued a dividend of $0.895 per share. This is a boost from Pinnacle West Capital’s previous quarterly dividend of $0.88. This represents a $3.58 annualized dividend and a yield of 3.83%. The ex-dividend date of this dividend is Monday, November 4th. Pinnacle West Capital’s payout ratio is currently 67.80%.

Institutional Investors Weigh In On Pinnacle West Capital

Institutional investors have recently modified their holdings of the business. Virtu Financial LLC bought a new position in shares of Pinnacle West Capital in the 3rd quarter worth $882,000. Fortem Financial Group LLC acquired a new position in shares of Pinnacle West Capital during the 3rd quarter worth about $495,000. Toronto Dominion Bank raised its position in shares of Pinnacle West Capital by 15.9% in the 3rd quarter. Toronto Dominion Bank now owns 51,534 shares of the utilities provider’s stock valued at $4,565,000 after acquiring an additional 7,087 shares during the period. Coldstream Capital Management Inc. boosted its stake in Pinnacle West Capital by 10.6% during the 3rd quarter. Coldstream Capital Management Inc. now owns 3,110 shares of the utilities provider’s stock worth $276,000 after acquiring an additional 299 shares during the last quarter. Finally, M&T Bank Corp grew its holdings in Pinnacle West Capital by 10.4% during the third quarter. M&T Bank Corp now owns 10,134 shares of the utilities provider’s stock valued at $898,000 after purchasing an additional 958 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

About Pinnacle West Capital

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.