Pinnacle West Capital (NYSE:PNW) Now Covered by Citigroup

Citigroup started coverage on shares of Pinnacle West Capital (NYSE:PNW) in a research report report published on Monday, Marketbeat.com reports. The brokerage issued a neutral rating and a $78.00 price objective on the utilities provider’s stock.

Several other research analysts have also issued reports on PNW. UBS Group raised shares of Pinnacle West Capital from a sell rating to a neutral rating and increased their target price for the stock from $68.00 to $71.00 in a research note on Monday, March 11th. Barclays upped their price objective on shares of Pinnacle West Capital from $75.00 to $76.00 and gave the stock an overweight rating in a report on Monday, April 15th. Mizuho lowered their price objective on shares of Pinnacle West Capital from $77.00 to $75.00 and set a buy rating on the stock in a report on Wednesday, March 6th. Guggenheim upgraded shares of Pinnacle West Capital from a neutral rating to a buy rating and set a $78.00 target price for the company in a report on Monday, January 22nd. Finally, Evercore ISI lowered their target price on shares of Pinnacle West Capital from $76.00 to $69.00 and set an in-line rating for the company in a report on Monday, March 4th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the stock. According to MarketBeat, Pinnacle West Capital currently has an average rating of Hold and an average target price of $73.42.

Pinnacle West Capital Stock Up 1.6 %

Shares of NYSE PNW opened at $74.89 on Monday. The firm has a market cap of $8.50 billion, a PE ratio of 16.98, a P/E/G ratio of 2.08 and a beta of 0.49. Pinnacle West Capital has a 12-month low of $65.20 and a 12-month high of $86.03. The company’s fifty day simple moving average is $72.02 and its 200 day simple moving average is $72.11. The company has a quick ratio of 0.50, a current ratio of 0.67 and a debt-to-equity ratio of 1.20.

Pinnacle West Capital Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Wednesday, May 1st will be paid a $0.88 dividend. The ex-dividend date of this dividend is Tuesday, April 30th. This represents a $3.52 annualized dividend and a dividend yield of 4.70%. Pinnacle West Capital’s payout ratio is 79.82%.

Hedge Funds Weigh In On Pinnacle West Capital

Large investors have recently modified their holdings of the business. abrdn plc increased its stake in shares of Pinnacle West Capital by 120.0% in the fourth quarter. abrdn plc now owns 58,335 shares of the utilities provider’s stock worth $4,191,000 after purchasing an additional 31,821 shares in the last quarter. Comerica Bank purchased a new position in Pinnacle West Capital during the third quarter valued at approximately $4,620,000. Duality Advisers LP purchased a new position in Pinnacle West Capital during the fourth quarter valued at approximately $1,422,000. Pacer Advisors Inc. grew its stake in Pinnacle West Capital by 604.2% during the fourth quarter. Pacer Advisors Inc. now owns 50,631 shares of the utilities provider’s stock valued at $3,637,000 after acquiring an additional 43,441 shares in the last quarter. Finally, Financial Counselors Inc. grew its stake in Pinnacle West Capital by 37.5% during the fourth quarter. Financial Counselors Inc. now owns 172,558 shares of the utilities provider’s stock valued at $12,397,000 after acquiring an additional 47,035 shares in the last quarter. Hedge funds and other institutional investors 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.