Pinnacle West Capital (NYSE:PNW) Price Target Cut to $81.00 by Analysts at Morgan Stanley

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

PNW has been the topic of a number of other research reports. StockNews.com upgraded Pinnacle West Capital from a “sell” rating to a “hold” rating in a research note on Monday, August 5th. 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 research note on Thursday, November 7th. Barclays lowered Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $93.00 to $91.00 in a research note on Monday, November 18th. Finally, Jefferies Financial Group began coverage on Pinnacle West Capital in a research note on Thursday, September 19th. They set a “buy” rating and a $104.00 price target on the stock. Eight research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $81.88.

Pinnacle West Capital Stock Performance

PNW stock opened at $92.93 on Friday. The company has a quick ratio of 0.54, a current ratio of 0.71 and a debt-to-equity ratio of 1.20. The business’s fifty day simple moving average is $88.96 and its two-hundred day simple moving average is $83.79. Pinnacle West Capital has a twelve month low of $65.20 and a twelve month high of $94.38. The firm has a market cap of $10.57 billion, a price-to-earnings ratio of 17.60, a PEG ratio of 2.13 and a beta of 0.52.

Pinnacle West Capital Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 4th will be issued a $0.895 dividend. This represents a $3.58 annualized dividend and a yield of 3.85%. The ex-dividend date of this dividend is Monday, November 4th. This is an increase from Pinnacle West Capital’s previous quarterly dividend of $0.88. Pinnacle West Capital’s dividend payout ratio (DPR) is currently 67.80%.

Institutional Investors Weigh In On Pinnacle West Capital

Institutional investors have recently added to or reduced their stakes in the business. Barrow Hanley Mewhinney & Strauss LLC lifted its holdings in shares of Pinnacle West Capital by 24.6% during the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,985,619 shares of the utilities provider’s stock worth $533,562,000 after purchasing an additional 1,379,368 shares during the period. State Street Corp raised its position in Pinnacle West Capital by 0.9% during the third quarter. State Street Corp now owns 6,404,718 shares of the utilities provider’s stock valued at $567,394,000 after acquiring an additional 56,644 shares in the last quarter. Zimmer Partners LP raised its position in Pinnacle West Capital by 5.7% during the third quarter. Zimmer Partners LP now owns 2,899,676 shares of the utilities provider’s stock valued at $256,882,000 after acquiring an additional 155,466 shares in the last quarter. Bank of New York Mellon Corp raised its position in Pinnacle West Capital by 3.9% during the second quarter. Bank of New York Mellon Corp now owns 1,159,942 shares of the utilities provider’s stock valued at $88,596,000 after acquiring an additional 44,029 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in Pinnacle West Capital by 0.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,028,088 shares of the utilities provider’s stock valued at $91,078,000 after acquiring an additional 5,066 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

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.