Pinnacle West Capital (NYSE:PNW) Price Target Lowered to $104.00 at Jefferies Financial Group

Pinnacle West Capital (NYSE:PNW) had its target price decreased by Jefferies Financial Group from $106.00 to $104.00 in a research note issued to investors on Tuesday,Benzinga reports. Jefferies Financial Group currently has a buy rating on the utilities provider’s stock.

Several other equities research analysts also recently commented on PNW. Barclays downgraded Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $93.00 to $91.00 in a report on Monday, November 18th. KeyCorp raised shares of Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 price objective for the company in a research note on Wednesday, December 4th. Citigroup raised their target price on shares of Pinnacle West Capital from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Wednesday, December 4th. Wells Fargo & Company boosted their price target on shares of Pinnacle West Capital from $90.00 to $92.00 and gave the company an “equal weight” rating in a report on Thursday, November 7th. Finally, Morgan Stanley reduced their price target on shares of Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating for the company in a research report on Friday, November 22nd. Eight research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $85.21.

Pinnacle West Capital Stock Performance

Shares of NYSE PNW opened at $86.62 on Tuesday. Pinnacle West Capital has a 1 year low of $65.20 and a 1 year high of $95.42. The firm has a market cap of $9.85 billion, a P/E ratio of 16.40, a PEG ratio of 3.40 and a beta of 0.56. The stock has a fifty day moving average price of $87.46 and a two-hundred day moving average price of $87.45. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.54 and a current ratio of 0.71.

Pinnacle West Capital Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Investors of record on Monday, February 3rd will be given a dividend of $0.895 per share. The ex-dividend date of this dividend is Monday, February 3rd. This represents a $3.58 annualized dividend and a yield of 4.13%. Pinnacle West Capital’s dividend payout ratio is presently 67.80%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of PNW. Empowered Funds LLC bought a new stake in shares of Pinnacle West Capital in the 4th quarter valued at $346,000. Apollon Wealth Management LLC grew its holdings in Pinnacle West Capital by 3.3% in the fourth quarter. Apollon Wealth Management LLC now owns 8,085 shares of the utilities provider’s stock worth $685,000 after purchasing an additional 259 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in Pinnacle West Capital by 2.0% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 16,412 shares of the utilities provider’s stock valued at $1,391,000 after purchasing an additional 327 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of Pinnacle West Capital by 14.6% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,284 shares of the utilities provider’s stock valued at $363,000 after purchasing an additional 545 shares during the period. Finally, YANKCOM Partnership bought a new position in shares of Pinnacle West Capital during the 4th quarter worth about $29,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

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.