Barclays Increases Pinnacle West Capital (NYSE:PNW) Price Target to $76.00

Pinnacle West Capital (NYSE:PNW) had its price objective lifted by Barclays from $75.00 to $76.00 in a report released on Monday, Benzinga reports. They currently have an overweight rating on the utilities provider’s stock.

Other analysts have also issued research reports about the stock. UBS Group raised shares of Pinnacle West Capital from a sell rating to a neutral rating and boosted their price objective for the stock from $68.00 to $71.00 in a research report on Monday, March 11th. Mizuho dropped their price target on shares of Pinnacle West Capital from $77.00 to $75.00 and set a buy rating on the stock in a research report on Wednesday, March 6th. Royal Bank of Canada dropped their price target on shares of Pinnacle West Capital from $83.00 to $80.00 and set a sector perform rating on the stock in a research report on Friday, March 1st. LADENBURG THALM/SH SH started coverage on shares of Pinnacle West Capital in a research report on Wednesday, February 14th. They set a neutral rating and a $69.00 price target on the stock. Finally, Wells Fargo & Company dropped their price target on shares of Pinnacle West Capital from $78.00 to $74.00 and set an equal weight rating on the stock in a research report on Friday, January 26th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of Hold and a consensus target price of $73.00.

Pinnacle West Capital Stock Performance

Shares of PNW stock opened at $72.95 on Monday. The company’s fifty day simple moving average is $70.93 and its 200-day simple moving average is $72.04. The company has a quick ratio of 0.50, a current ratio of 0.67 and a debt-to-equity ratio of 1.20. The firm has a market cap of $8.28 billion, a PE ratio of 16.55, a P/E/G ratio of 2.00 and a beta of 0.49. Pinnacle West Capital has a 12 month low of $65.20 and a 12 month high of $86.03.

Pinnacle West Capital Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Wednesday, May 1st will be paid a $0.88 dividend. This represents a $3.52 annualized dividend and a dividend yield of 4.83%. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 79.82%.

Hedge Funds Weigh In On Pinnacle West Capital

Several institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. grew its stake in shares of Pinnacle West Capital by 1.8% in the first quarter. Vanguard Group Inc. now owns 13,338,202 shares of the utilities provider’s stock valued at $1,041,714,000 after acquiring an additional 241,019 shares in the last quarter. BlackRock Inc. grew its stake in Pinnacle West Capital by 2.7% during the first quarter. BlackRock Inc. now owns 10,307,741 shares of the utilities provider’s stock worth $816,785,000 after buying an additional 273,945 shares in the last quarter. State Street Corp grew its stake in Pinnacle West Capital by 1.0% during the third quarter. State Street Corp now owns 7,634,622 shares of the utilities provider’s stock worth $492,509,000 after buying an additional 74,164 shares in the last quarter. Capital Research Global Investors grew its stake in Pinnacle West Capital by 116.8% during the fourth quarter. Capital Research Global Investors now owns 6,507,809 shares of the utilities provider’s stock worth $467,521,000 after buying an additional 3,506,181 shares in the last quarter. Finally, Invesco Ltd. grew its stake in Pinnacle West Capital by 29.6% during the first quarter. Invesco Ltd. now owns 3,537,942 shares of the utilities provider’s stock worth $276,313,000 after buying an additional 808,207 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

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.