Pinnacle West Capital Co. (NYSE:PNW) Given Consensus Rating of “Moderate Buy” by Brokerages

Pinnacle West Capital Co. (NYSE:PNW) has earned a consensus recommendation of “Moderate Buy” from the twelve analysts that are currently covering the firm, MarketBeat reports. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $80.96.

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

Pinnacle West Capital Trading Up 1.1 %

NYSE:PNW opened at $91.88 on Friday. The company has a 50 day simple moving average of $88.75 and a two-hundred day simple moving average of $83.32. The company has a market cap of $10.45 billion, a PE ratio of 17.40, a price-to-earnings-growth ratio of 2.13 and a beta of 0.52. 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 has a 12 month low of $65.20 and a 12 month high of $93.12.

Pinnacle West Capital Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 4th will be given a dividend of $0.895 per share. This is an increase from Pinnacle West Capital’s previous quarterly dividend of $0.88. The ex-dividend date is Monday, November 4th. This represents a $3.58 dividend on an annualized basis and a yield of 3.90%. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 67.80%.

Hedge Funds Weigh In On Pinnacle West Capital

Large investors have recently modified their holdings of the business. Capital Research Global Investors lifted its position in shares of Pinnacle West Capital by 97.5% during the first 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 stake in Pinnacle West Capital by 72.7% during the 1st quarter. Lazard Asset Management LLC now owns 6,719,397 shares of the utilities provider’s stock worth $502,139,000 after purchasing an additional 2,828,450 shares in the last quarter. Zimmer Partners LP purchased a new stake in Pinnacle West Capital during the 1st quarter worth about $198,409,000. Barrow Hanley Mewhinney & Strauss LLC raised its position 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 purchasing an additional 1,379,368 shares in the last quarter. Finally, International Assets Investment Management LLC grew its position in shares of Pinnacle West Capital by 152,118.2% during the third quarter. International Assets Investment Management LLC now owns 258,771 shares of the utilities provider’s stock worth $22,925,000 after buying an additional 258,601 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Pinnacle West Capital Company Profile

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.