Pinnacle West Capital (NYSE:PNW) Given New $92.00 Price Target at Wells Fargo & Company

Pinnacle West Capital (NYSE:PNW) had its price objective upped by Wells Fargo & Company from $90.00 to $92.00 in a research note published on Thursday morning,Benzinga reports. They currently have an equal weight rating on the utilities provider’s stock.

PNW has been the subject of a number of other research reports. Jefferies Financial Group started coverage on shares of Pinnacle West Capital in a report on Thursday, September 19th. They issued a “buy” rating and a $104.00 price objective for the company. Morgan Stanley lifted 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. Finally, StockNews.com upgraded shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Monday, August 5th. Seven research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, Pinnacle West Capital presently has an average rating of “Hold” and a consensus price target of $80.96.

Pinnacle West Capital Stock Performance

Shares of NYSE:PNW traded up $2.59 on Thursday, hitting $91.81. 1,860,323 shares of the company were exchanged, compared to its average volume of 1,146,579. The company has a current ratio of 0.66, a quick ratio of 0.48 and a debt-to-equity ratio of 1.28. The stock’s 50 day moving average price is $88.34 and its 200 day moving average price is $82.61. Pinnacle West Capital has a 1-year low of $65.20 and a 1-year high of $92.59. The firm has a market capitalization of $10.43 billion, a P/E ratio of 16.90, a price-to-earnings-growth ratio of 2.13 and a beta of 0.52.

Pinnacle West Capital (NYSE:PNW) last issued its earnings results on Wednesday, November 6th. The utilities provider reported $3.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.35 by $0.02. Pinnacle West Capital had a net margin of 12.65% and a return on equity of 9.75%. The firm had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.68 billion. Sell-side analysts predict that Pinnacle West Capital will post 4.9 EPS for the current year.

Pinnacle West Capital Increases Dividend

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

Institutional Investors Weigh In On Pinnacle West Capital

Large investors have recently added to or reduced their stakes in the business. Intech Investment Management LLC purchased a new stake in Pinnacle West Capital during the 1st quarter worth approximately $898,000. Quantbot Technologies LP purchased a new stake in Pinnacle West Capital during the 1st quarter worth approximately $1,102,000. Natixis purchased a new stake in Pinnacle West Capital during the 1st quarter worth approximately $4,064,000. Sei Investments Co. increased its stake in Pinnacle West Capital by 15.6% during the 1st quarter. Sei Investments Co. now owns 228,555 shares of the utilities provider’s stock worth $17,080,000 after buying an additional 30,924 shares during the period. Finally, Bank of Montreal Can increased its stake in Pinnacle West Capital by 12.6% during the 2nd quarter. Bank of Montreal Can now owns 203,390 shares of the utilities provider’s stock worth $15,559,000 after buying an additional 22,696 shares during the period. 91.51% of the stock is owned by hedge funds and other 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.