Pinnacle West Capital (NYSE:PNW) Upgraded by Wolfe Research to Peer Perform

Wolfe Research upgraded shares of Pinnacle West Capital (NYSE:PNWGet Rating) from an underperform rating to a peer perform rating in a research note published on Thursday, MarketBeat reports.

Several other analysts also recently issued reports on the stock. Guggenheim decreased their price objective on shares of Pinnacle West Capital from $60.00 to $54.00 in a research note on Monday, October 24th. Credit Suisse Group raised their target price on shares of Pinnacle West Capital from $57.00 to $60.00 and gave the stock an underperform rating in a research report on Friday, November 4th. Mizuho raised their target price on shares of Pinnacle West Capital from $76.00 to $77.00 and gave the stock a neutral rating in a research report on Tuesday, August 9th. KeyCorp reduced their target price on shares of Pinnacle West Capital from $62.00 to $56.00 and set an underweight rating on the stock in a research report on Thursday, October 20th. Finally, StockNews.com began coverage on shares of Pinnacle West Capital in a research report on Wednesday, October 12th. They set a hold rating on the stock. Five research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of Hold and a consensus price target of $70.25.

Pinnacle West Capital Stock Up 2.0 %

Shares of NYSE PNW opened at $73.73 on Thursday. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.98 and a quick ratio of 0.77. The company has a market cap of $8.34 billion, a P/E ratio of 15.62 and a beta of 0.40. Pinnacle West Capital has a 1 year low of $59.03 and a 1 year high of $80.51. The firm has a 50-day simple moving average of $68.22 and a two-hundred day simple moving average of $71.94.

Pinnacle West Capital Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 1st. Investors of record on Tuesday, November 1st will be issued a dividend of $0.865 per share. This represents a $3.46 annualized dividend and a yield of 4.69%. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.85. The ex-dividend date of this dividend is Monday, October 31st. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 73.31%.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Pinnacle West Capital

Several institutional investors and hedge funds have recently bought and sold shares of PNW. State Street Corp grew its holdings in Pinnacle West Capital by 18.4% in the first quarter. State Street Corp now owns 6,911,753 shares of the utilities provider’s stock worth $539,808,000 after purchasing an additional 1,072,235 shares during the last quarter. Envestnet Asset Management Inc. lifted its stake in shares of Pinnacle West Capital by 823.5% during the second quarter. Envestnet Asset Management Inc. now owns 1,109,566 shares of the utilities provider’s stock worth $81,131,000 after buying an additional 989,421 shares during the period. Invesco Ltd. lifted its stake in shares of Pinnacle West Capital by 29.6% during the first quarter. Invesco Ltd. now owns 3,537,942 shares of the utilities provider’s stock worth $276,313,000 after buying an additional 808,207 shares during the period. Cincinnati Financial Corp lifted its stake in shares of Pinnacle West Capital by 188.9% during the first quarter. Cincinnati Financial Corp now owns 729,460 shares of the utilities provider’s stock worth $56,971,000 after buying an additional 477,000 shares during the period. Finally, Lazard Asset Management LLC lifted its stake in shares of Pinnacle West Capital by 3.7% during the second quarter. Lazard Asset Management LLC now owns 10,202,529 shares of the utilities provider’s stock worth $746,008,000 after buying an additional 362,357 shares during the period. 86.21% of the stock is owned by hedge funds and other institutional investors.

About Pinnacle West Capital

(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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Analyst Recommendations for Pinnacle West Capital (NYSE:PNW)

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