Morgan Stanley Raises Pinnacle West Capital (NYSE:PNW) Price Target to $67.00

Pinnacle West Capital (NYSE:PNWGet Rating) had its target price lifted by Morgan Stanley from $62.00 to $67.00 in a research note published on Friday morning, MarketBeat Ratings reports. Morgan Stanley currently has an equal weight rating on the utilities provider’s stock.

PNW has been the topic of a number of other research reports. Barclays cut their price target on Pinnacle West Capital from $78.00 to $68.00 and set an underweight rating on the stock in a research note on Monday, July 18th. KeyCorp cut their price target on Pinnacle West Capital from $62.00 to $56.00 and set an underweight rating on the stock in a research note on Thursday, October 20th. Mizuho increased their price target on Pinnacle West Capital from $76.00 to $77.00 and gave the company a neutral rating in a research note on Tuesday, August 9th. TheStreet raised Pinnacle West Capital from a c+ rating to a b rating in a research note on Thursday, August 18th. Finally, StockNews.com assumed coverage on Pinnacle West Capital in a research note on Wednesday, October 12th. They set a hold rating on the stock. Five investment analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. Based on data from MarketBeat.com, Pinnacle West Capital currently has a consensus rating of Hold and an average target price of $68.92.

Pinnacle West Capital Stock Down 0.7 %

Shares of PNW opened at $71.15 on Friday. The business’s fifty day moving average price is $68.46 and its two-hundred day moving average price is $71.90. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.77 and a current ratio of 0.98. The firm has a market capitalization of $8.05 billion, a price-to-earnings ratio of 15.07 and a beta of 0.40. Pinnacle West Capital has a 52 week low of $59.03 and a 52 week high of $80.51.

Pinnacle West Capital Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 1st. Shareholders of record on Tuesday, November 1st will be paid a $0.865 dividend. This is an increase from Pinnacle West Capital’s previous quarterly dividend of $0.85. The ex-dividend date is Monday, October 31st. This represents a $3.46 annualized dividend and a dividend yield of 4.86%. Pinnacle West Capital’s dividend payout ratio (DPR) is currently 73.31%.

Insider Buying and Selling at Pinnacle West Capital

In other Pinnacle West Capital news, Director Kathryn L. Munro sold 2,468 shares of Pinnacle West Capital stock in a transaction dated Friday, September 9th. The stock was sold at an average price of $76.99, for a total value of $190,011.32. Following the sale, the director now owns 16,180 shares of the company’s stock, valued at approximately $1,245,698.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.31% of the company’s stock.

Institutional Trading of Pinnacle West Capital

Several hedge funds and other institutional investors have recently modified their holdings of the company. Janiczek Wealth Management LLC grew its holdings in shares of Pinnacle West Capital by 83.7% in the 2nd quarter. Janiczek Wealth Management LLC now owns 373 shares of the utilities provider’s stock valued at $27,000 after acquiring an additional 170 shares in the last quarter. First Horizon Advisors Inc. grew its holdings in shares of Pinnacle West Capital by 58.1% in the 1st quarter. First Horizon Advisors Inc. now owns 408 shares of the utilities provider’s stock valued at $32,000 after acquiring an additional 150 shares in the last quarter. Prospera Financial Services Inc bought a new position in shares of Pinnacle West Capital in the 1st quarter valued at about $35,000. Addison Advisors LLC grew its holdings in shares of Pinnacle West Capital by 223.5% in the 3rd quarter. Addison Advisors LLC now owns 537 shares of the utilities provider’s stock valued at $35,000 after acquiring an additional 371 shares in the last quarter. Finally, Bessemer Group Inc. grew its holdings in shares of Pinnacle West Capital by 284.0% in the 3rd quarter. Bessemer Group Inc. now owns 672 shares of the utilities provider’s stock valued at $43,000 after acquiring an additional 497 shares in the last quarter. Institutional investors and hedge funds own 86.21% of the company’s stock.

Pinnacle West Capital Company Profile

(Get Rating)

Pinnacle West Capital Corp. is a holding company, which engages in providing energy and energy-related products. It offers regulated retail and wholesale electricity businesses and related activities, such as electricity generation, transmission and distribution through its subsidiary, Arizona Public Service Co The company was founded on February 20, 1985, and is headquartered in Phoenix, AZ.

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