Pinnacle West Capital Co. (NYSE:PNW) Given Consensus Recommendation of “Hold” by Brokerages

Pinnacle West Capital Co. (NYSE:PNW) has received an average recommendation of “Hold” from the thirteen brokerages that are presently covering the company, MarketBeat reports. Seven equities research analysts have rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $84.65.

Several brokerages have recently issued reports on PNW. KeyCorp raised Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 price target on the stock in a research note on Wednesday, December 4th. Wells Fargo & Company raised 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. Morgan Stanley dropped their price target on shares of Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating for the company in a research note on Friday, November 22nd. Citigroup increased their price objective on shares of Pinnacle West Capital from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Wednesday, December 4th. Finally, Jefferies Financial Group began coverage on shares of Pinnacle West Capital in a report on Thursday, September 19th. They set a “buy” rating and a $104.00 target price for the company.

Institutional Investors Weigh In On Pinnacle West Capital

Several large investors have recently made changes to their positions in PNW. Barrow Hanley Mewhinney & Strauss LLC lifted its stake in Pinnacle West Capital by 24.6% in the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,985,619 shares of the utilities provider’s stock valued at $533,562,000 after acquiring an additional 1,379,368 shares in the last quarter. International Assets Investment Management LLC lifted its position in shares of 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 purchasing an additional 258,601 shares in the last quarter. Yaupon Capital Management LP acquired a new position in Pinnacle West Capital during the third quarter worth $22,173,000. Assenagon Asset Management S.A. bought a new position in Pinnacle West Capital in the third quarter valued at $18,652,000. Finally, Dimensional Fund Advisors LP increased its stake in Pinnacle West Capital by 31.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 845,137 shares of the utilities provider’s stock valued at $64,550,000 after buying an additional 200,816 shares during the last quarter. Institutional investors own 91.51% of the company’s stock.

Pinnacle West Capital Trading Down 1.5 %

PNW opened at $88.94 on Thursday. Pinnacle West Capital has a 1-year low of $65.20 and a 1-year high of $95.42. The firm has a 50-day moving average price of $89.69 and a two-hundred day moving average price of $85.31. The stock has a market capitalization of $10.11 billion, a PE ratio of 16.84, a PEG ratio of 2.17 and a beta of 0.54. The company has a current ratio of 0.71, a quick ratio of 0.54 and a debt-to-equity ratio of 1.20.

Pinnacle West Capital Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Investors of record on Monday, February 3rd will be given a $0.895 dividend. This represents a $3.58 annualized dividend and a dividend yield of 4.03%. Pinnacle West Capital’s dividend payout ratio is presently 67.80%.

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.