Pinnacle West Capital (NYSE:PNW) Given New $95.00 Price Target at Wells Fargo & Company

Pinnacle West Capital (NYSE:PNW) had its price objective hoisted by Wells Fargo & Company from $92.00 to $95.00 in a report published on Wednesday,Benzinga reports. They currently have an equal weight rating on the utilities provider’s stock.

A number of other research analysts also recently weighed in on PNW. Citigroup increased their target price on shares of Pinnacle West Capital from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday, December 4th. Barclays lowered Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $93.00 to $91.00 in a report on Monday, November 18th. KeyCorp upgraded Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 target price on the stock in a research note on Wednesday, December 4th. Jefferies Financial Group cut their price target on Pinnacle West Capital from $106.00 to $104.00 and set a “buy” rating for the company in a research note on Tuesday, January 28th. Finally, Morgan Stanley lowered their price objective on Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating on the stock in a research note on Friday, November 22nd. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $86.58.

Pinnacle West Capital Price Performance

Shares of NYSE PNW opened at $91.67 on Wednesday. The company has a market capitalization of $10.42 billion, a PE ratio of 17.36, a PEG ratio of 3.59 and a beta of 0.57. 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 stock’s 50 day moving average price is $86.53 and its 200-day moving average price is $88.12. Pinnacle West Capital has a twelve month low of $66.77 and a twelve month high of $95.42.

Pinnacle West Capital (NYSE:PNW) last announced its earnings results on Tuesday, February 25th. The utilities provider reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.31) by $0.25. The firm had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.06 billion. Pinnacle West Capital had a return on equity of 9.60% and a net margin of 12.26%. On average, equities analysts anticipate that Pinnacle West Capital will post 5.13 EPS for the current year.

Pinnacle West Capital Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Investors of record on Monday, February 3rd will be given a $0.895 dividend. The ex-dividend date of this dividend is Monday, February 3rd. This represents a $3.58 dividend on an annualized basis and a dividend yield of 3.91%. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 67.80%.

Hedge Funds Weigh In On Pinnacle West Capital

A number of institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in shares of Pinnacle West Capital by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 14,180,909 shares of the utilities provider’s stock worth $1,202,116,000 after purchasing an additional 143,716 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC grew its stake in Pinnacle West Capital by 0.6% in the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,864,993 shares of the utilities provider’s stock worth $581,945,000 after buying an additional 37,768 shares in the last quarter. State Street Corp increased its holdings in shares of Pinnacle West Capital by 0.9% in the 3rd quarter. State Street Corp now owns 6,404,718 shares of the utilities provider’s stock worth $567,394,000 after buying an additional 56,644 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of Pinnacle West Capital by 32.2% during the 4th quarter. Invesco Ltd. now owns 4,298,009 shares of the utilities provider’s stock worth $364,342,000 after acquiring an additional 1,045,788 shares during the last quarter. Finally, Zimmer Partners LP grew its position in Pinnacle West Capital by 5.7% in the third quarter. Zimmer Partners LP now owns 2,899,676 shares of the utilities provider’s stock worth $256,882,000 after acquiring an additional 155,466 shares in the last quarter. 91.51% of the stock is currently 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.