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

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

A number of other analysts also recently commented on the stock. Bank of America upgraded shares of Pinnacle West Capital from a neutral rating to a buy rating and boosted their target price for the stock from $71.00 to $80.00 in a report on Monday, March 18th. Mizuho dropped their target price on shares of Pinnacle West Capital from $77.00 to $75.00 and set a buy rating on the stock in a report on Wednesday, March 6th. Royal Bank of Canada dropped their target price on shares of Pinnacle West Capital from $83.00 to $80.00 and set a sector perform rating on the stock in a report on Friday, March 1st. UBS Group upgraded shares of Pinnacle West Capital from a sell rating to a neutral rating and boosted their target price for the stock from $68.00 to $71.00 in a report on Monday, March 11th. Finally, Wells Fargo & Company dropped their target price on shares of Pinnacle West Capital from $78.00 to $74.00 and set an equal weight rating on the stock in a report on Friday, January 26th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of Hold and a consensus price target of $73.00.

Pinnacle West Capital Stock Up 1.1 %

NYSE PNW opened at $71.97 on Monday. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.67 and a quick ratio of 0.50. The company’s 50 day simple moving average is $70.83 and its 200 day simple moving average is $72.04. Pinnacle West Capital has a 12 month low of $65.20 and a 12 month high of $86.03. The company has a market capitalization of $8.17 billion, a P/E ratio of 16.32, a PEG ratio of 2.02 and a beta of 0.49.

Pinnacle West Capital Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Wednesday, May 1st will be given a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a yield of 4.89%. Pinnacle West Capital’s payout ratio is presently 79.82%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Treasurer of the State of North Carolina grew its position in Pinnacle West Capital by 0.3% during the second quarter. Treasurer of the State of North Carolina now owns 49,483 shares of the utilities provider’s stock valued at $4,031,000 after purchasing an additional 130 shares in the last quarter. Addison Advisors LLC grew its position in Pinnacle West Capital by 16.6% during the third quarter. Addison Advisors LLC now owns 1,014 shares of the utilities provider’s stock valued at $75,000 after purchasing an additional 144 shares in the last quarter. Eaton Vance Management grew its position in Pinnacle West Capital by 1.9% during the first quarter. Eaton Vance Management now owns 7,921 shares of the utilities provider’s stock valued at $619,000 after purchasing an additional 146 shares in the last quarter. Verity Asset Management Inc. grew its position in Pinnacle West Capital by 5.3% during the second quarter. Verity Asset Management Inc. now owns 3,122 shares of the utilities provider’s stock valued at $254,000 after purchasing an additional 158 shares in the last quarter. Finally, MCF Advisors LLC grew its position in Pinnacle West Capital by 10.0% during the third quarter. MCF Advisors LLC now owns 1,896 shares of the utilities provider’s stock valued at $140,000 after purchasing an additional 173 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.