Pinnacle West Capital (NYSE:PNW) Upgraded at KeyCorp

KeyCorp upgraded shares of Pinnacle West Capital (NYSE:PNW) from a sector weight rating to an overweight rating in a report issued on Wednesday morning, MarketBeat reports. KeyCorp currently has $101.00 target price on the utilities provider’s stock. KeyCorp also issued estimates for Pinnacle West Capital’s Q4 2024 earnings at ($0.11) EPS, FY2024 earnings at $5.21 EPS, FY2026 earnings at $5.33 EPS, FY2027 earnings at $5.71 EPS and FY2028 earnings at $6.06 EPS.

PNW has been the subject of several other reports. Barclays cut Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $93.00 to $91.00 in a report on Monday, November 18th. Morgan Stanley reduced their price target on shares of Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating on the stock in a research report on Friday, November 22nd. Wells Fargo & Company lifted their target price on Pinnacle West Capital from $90.00 to $92.00 and gave the company an “equal weight” rating in a research report on Thursday, November 7th. Finally, Jefferies Financial Group initiated coverage on shares of Pinnacle West Capital in a report on Thursday, September 19th. They set a “buy” rating and a $104.00 price target for the company. Eight equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, Pinnacle West Capital has a consensus rating of “Hold” and a consensus price target of $84.65.

Pinnacle West Capital Stock Performance

PNW opened at $91.59 on Wednesday. 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 has a 50 day moving average of $89.68 and a 200-day moving average of $84.99. Pinnacle West Capital has a 12-month low of $65.20 and a 12-month high of $95.42. The stock has a market cap of $10.41 billion, a price-to-earnings ratio of 17.35, a PEG ratio of 2.16 and a beta of 0.54.

Pinnacle West Capital Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Monday, November 4th were issued a dividend of $0.895 per share. This is an increase from Pinnacle West Capital’s previous quarterly dividend of $0.88. This represents a $3.58 dividend on an annualized basis and a yield of 3.91%. The ex-dividend date was Monday, November 4th. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 67.80%.

Institutional Investors Weigh In On Pinnacle West Capital

Several institutional investors and hedge funds have recently made changes to their positions in PNW. Barrow Hanley Mewhinney & Strauss LLC lifted its stake in Pinnacle West Capital by 24.6% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,985,619 shares of the utilities provider’s stock valued at $533,562,000 after buying an additional 1,379,368 shares during the period. International Assets Investment Management LLC lifted its position in shares of Pinnacle West Capital by 152,118.2% during the 3rd quarter. International Assets Investment Management LLC now owns 258,771 shares of the utilities provider’s stock valued at $22,925,000 after acquiring an additional 258,601 shares during the period. Yaupon Capital Management LP bought a new position in Pinnacle West Capital during the third quarter worth $22,173,000. Assenagon Asset Management S.A. acquired a new stake in Pinnacle West Capital in the third quarter worth $18,652,000. Finally, Dimensional Fund Advisors LP increased its stake in Pinnacle West Capital by 31.2% in the second quarter. Dimensional Fund Advisors LP now owns 845,137 shares of the utilities provider’s stock valued at $64,550,000 after purchasing an additional 200,816 shares in the last quarter. Institutional investors 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.