Jefferies Financial Group Cuts Pinnacle West Capital (NYSE:PNW) Price Target to $104.00

Pinnacle West Capital (NYSE:PNW) had its target price lowered by Jefferies Financial Group from $106.00 to $104.00 in a report released on Tuesday morning,Benzinga reports. Jefferies Financial Group currently has a buy rating on the utilities provider’s stock.

A number of other equities research analysts have also recently issued reports on the stock. KeyCorp raised shares of Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 target price on the stock in a report on Wednesday, December 4th. Wells Fargo & Company increased their price objective on Pinnacle West Capital from $90.00 to $92.00 and gave the stock an “equal weight” rating in a report on Thursday, November 7th. Citigroup lifted their target price on Pinnacle West Capital from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Wednesday, December 4th. Morgan Stanley lowered their price target on shares of Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating on the stock in a report on Friday, November 22nd. Finally, Barclays cut shares of Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $93.00 to $91.00 in a research note on Monday, November 18th. Eight equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $85.21.

Pinnacle West Capital Stock Down 1.0 %

Shares of NYSE:PNW opened at $86.62 on Tuesday. The company has a market capitalization of $9.85 billion, a PE ratio of 16.40, a price-to-earnings-growth ratio of 3.40 and a beta of 0.56. Pinnacle West Capital has a 1 year low of $65.20 and a 1 year high of $95.42. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54. The business has a fifty day moving average price of $87.46 and a two-hundred day moving average price of $87.45.

Pinnacle West Capital Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Investors of record on Monday, February 3rd will be issued a $0.895 dividend. This represents a $3.58 annualized dividend and a yield of 4.13%. The ex-dividend date is Monday, February 3rd. Pinnacle West Capital’s dividend payout ratio is currently 67.80%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Public Sector Pension Investment Board lifted its stake in Pinnacle West Capital by 13.5% in the 2nd quarter. Public Sector Pension Investment Board now owns 19,303 shares of the utilities provider’s stock worth $1,474,000 after purchasing an additional 2,295 shares in the last quarter. Millennium Management LLC increased its holdings in shares of Pinnacle West Capital by 75.3% in the second quarter. Millennium Management LLC now owns 237,744 shares of the utilities provider’s stock worth $18,159,000 after purchasing an additional 102,134 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Pinnacle West Capital by 30.4% in the second quarter. The Manufacturers Life Insurance Company now owns 243,715 shares of the utilities provider’s stock worth $18,615,000 after buying an additional 56,818 shares in the last quarter. Creative Planning boosted its stake in Pinnacle West Capital by 36.9% during the second quarter. Creative Planning now owns 23,444 shares of the utilities provider’s stock valued at $1,791,000 after buying an additional 6,322 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its holdings in Pinnacle West Capital by 7.5% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 6,325 shares of the utilities provider’s stock valued at $483,000 after buying an additional 440 shares in the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

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.