Morgan Stanley Cuts Pinnacle West Capital (NYSE:PNW) Price Target to $81.00

Pinnacle West Capital (NYSE:PNW) had its price objective cut by Morgan Stanley from $82.00 to $81.00 in a report released on Friday,Benzinga reports. They currently have an equal weight rating on the utilities provider’s stock.

Other research analysts also recently issued reports about the company. Barclays downgraded Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $93.00 to $91.00 in a report on Monday, November 18th. Jefferies Financial Group began coverage on Pinnacle West Capital in a research note on Thursday, September 19th. They issued a “buy” rating and a $104.00 price objective on the stock. Wells Fargo & Company boosted their price objective on 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. Finally, StockNews.com raised Pinnacle West Capital from a “sell” rating to a “hold” rating in a research note on Monday, August 5th. Eight analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $81.88.

Pinnacle West Capital Trading Down 0.7 %

Shares of PNW stock opened at $92.93 on Friday. The firm has a market capitalization of $10.57 billion, a P/E ratio of 17.60, a P/E/G ratio of 2.19 and a beta of 0.52. Pinnacle West Capital has a twelve month low of $65.20 and a twelve month high of $94.38. The stock’s fifty day simple moving average is $89.01 and its 200 day simple moving average is $83.96. The company has a quick ratio of 0.54, a current ratio of 0.71 and a debt-to-equity ratio of 1.20.

Pinnacle West Capital Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 4th will be given a $0.895 dividend. This represents a $3.58 dividend on an annualized basis and a yield of 3.85%. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.88. The ex-dividend date of this dividend is Monday, November 4th. Pinnacle West Capital’s payout ratio is presently 67.80%.

Institutional Trading of Pinnacle West Capital

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PNW. First Horizon Advisors Inc. increased its holdings in Pinnacle West Capital by 20.9% during the 2nd quarter. First Horizon Advisors Inc. now owns 794 shares of the utilities provider’s stock worth $61,000 after purchasing an additional 137 shares in the last quarter. GAMMA Investing LLC increased its holdings in Pinnacle West Capital by 13.7% during the 3rd quarter. GAMMA Investing LLC now owns 1,147 shares of the utilities provider’s stock worth $102,000 after purchasing an additional 138 shares in the last quarter. Glenmede Trust Co. NA increased its holdings in Pinnacle West Capital by 2.5% during the 3rd quarter. Glenmede Trust Co. NA now owns 6,695 shares of the utilities provider’s stock worth $593,000 after purchasing an additional 163 shares in the last quarter. LRI Investments LLC increased its holdings in Pinnacle West Capital by 7.0% during the 3rd quarter. LRI Investments LLC now owns 2,498 shares of the utilities provider’s stock worth $227,000 after purchasing an additional 163 shares in the last quarter. Finally, Crossmark Global Holdings Inc. increased its holdings in Pinnacle West Capital by 2.6% during the 3rd quarter. Crossmark Global Holdings Inc. now owns 6,581 shares of the utilities provider’s stock worth $583,000 after purchasing an additional 169 shares in the last quarter. 91.51% of the stock is owned by institutional investors.

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.