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 trimmed by Morgan Stanley from $82.00 to $81.00 in a report released on Friday,Benzinga reports. The firm currently has an equal weight rating on the utilities provider’s stock.

Several other research firms also recently issued reports on PNW. StockNews.com upgraded Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Monday, August 5th. 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 on the stock. Wells Fargo & Company increased their target price 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. Finally, Barclays downgraded Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $93.00 to $91.00 in a research report on Monday, November 18th. Eight equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $81.88.

Pinnacle West Capital Price Performance

Pinnacle West Capital stock opened at $92.93 on Friday. Pinnacle West Capital has a 12 month low of $65.20 and a 12 month high of $94.38. The company has a current ratio of 0.71, a quick ratio of 0.54 and a debt-to-equity ratio of 1.20. The business’s 50 day simple moving average is $89.01 and its 200 day simple moving average is $83.96. The company has a market cap of $10.57 billion, a price-to-earnings ratio of 17.60, a PEG ratio of 2.19 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 paid 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 dividend on an annualized basis and a dividend yield of 3.85%. The ex-dividend date of this dividend is Monday, November 4th. Pinnacle West Capital’s dividend payout ratio (DPR) is 67.80%.

Institutional Trading of Pinnacle West Capital

A number of institutional investors have recently modified their holdings of PNW. Zimmer Partners LP purchased a new stake in shares of Pinnacle West Capital during the first quarter worth about $198,409,000. Barrow Hanley Mewhinney & Strauss LLC boosted its holdings in shares of Pinnacle West Capital by 24.6% during the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,985,619 shares of the utilities provider’s stock worth $533,562,000 after purchasing an additional 1,379,368 shares during the period. International Assets Investment Management LLC lifted its holdings in Pinnacle West Capital by 152,118.2% in the third quarter. International Assets Investment Management LLC now owns 258,771 shares of the utilities provider’s stock worth $22,925,000 after buying an additional 258,601 shares during the period. Yaupon Capital Management LP purchased a new stake in Pinnacle West Capital in the third quarter worth about $22,173,000. Finally, Assenagon Asset Management S.A. purchased a new stake in Pinnacle West Capital in the third quarter worth about $18,652,000. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

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.