Pinnacle West Capital Co. (NYSE:PNW) Given Average Recommendation of “Moderate Buy” by Analysts

Pinnacle West Capital Co. (NYSE:PNW) has been given a consensus recommendation of “Moderate Buy” by the twelve research firms that are covering the firm, Marketbeat.com reports. Six equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average 1-year target price among brokers that have covered the stock in the last year is $80.96.

A number of brokerages recently weighed in on PNW. Wells Fargo & Company boosted their price target on shares of Pinnacle West Capital from $90.00 to $92.00 and gave the company an “equal weight” rating in a research report on Thursday, November 7th. Jefferies Financial Group initiated coverage on Pinnacle West Capital in a research report on Thursday, September 19th. They set a “buy” rating and a $104.00 price target on the stock. Morgan Stanley raised their target price on shares of Pinnacle West Capital from $78.00 to $83.00 and gave the stock an “equal weight” rating in a research report on Wednesday, September 25th. Finally, StockNews.com upgraded shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Monday, August 5th.

Hedge Funds Weigh In On Pinnacle West Capital

A number of institutional investors have recently made changes to their positions in the stock. Capital Research Global Investors increased its position in Pinnacle West Capital by 97.5% during the 1st quarter. Capital Research Global Investors now owns 12,851,930 shares of the utilities provider’s stock worth $960,425,000 after purchasing an additional 6,344,121 shares in the last quarter. Lazard Asset Management LLC grew its holdings in shares of Pinnacle West Capital by 72.7% during the first quarter. Lazard Asset Management LLC now owns 6,719,397 shares of the utilities provider’s stock worth $502,139,000 after buying an additional 2,828,450 shares in the last quarter. Zimmer Partners LP purchased a new position in shares of Pinnacle West Capital during the first quarter valued at approximately $198,409,000. Barrow Hanley Mewhinney & Strauss LLC grew 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 worth $533,562,000 after acquiring an additional 1,379,368 shares during the period. Finally, International Assets Investment Management LLC raised its holdings in Pinnacle West Capital by 152,118.2% in the 3rd quarter. International Assets Investment Management LLC now owns 258,771 shares of the utilities provider’s stock valued at $22,925,000 after acquiring an additional 258,601 shares during the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Pinnacle West Capital Price Performance

PNW stock opened at $91.88 on Friday. The stock has a market cap of $10.45 billion, a price-to-earnings ratio of 17.40, a PEG ratio of 2.13 and a beta of 0.52. Pinnacle West Capital has a fifty-two week low of $65.20 and a fifty-two week high of $93.12. The company has a quick ratio of 0.54, a current ratio of 0.71 and a debt-to-equity ratio of 1.20. The business has a 50 day moving average price of $88.75 and a 200 day moving average price of $83.32.

Pinnacle West Capital Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 4th will be issued a $0.895 dividend. This represents a $3.58 annualized dividend and a dividend yield of 3.90%. The ex-dividend date is Monday, November 4th. This is an increase from Pinnacle West Capital’s previous quarterly dividend of $0.88. Pinnacle West Capital’s dividend payout ratio is 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.