Pinnacle West Capital (NYSE:PNW) Downgraded by Barclays to Equal Weight

Barclays lowered shares of Pinnacle West Capital (NYSE:PNW) from an overweight rating to an equal weight rating in a research note published on Monday morning, MarketBeat reports. The firm currently has $91.00 target price on the utilities provider’s stock, down from their prior target price of $93.00.

Other equities research analysts have also issued reports about the stock. Wells Fargo & Company boosted their price objective on shares of Pinnacle West Capital from $90.00 to $92.00 and gave the stock an “equal weight” rating in a report on Thursday, November 7th. StockNews.com raised shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a research note on Monday, August 5th. Jefferies Financial Group initiated coverage on Pinnacle West Capital in a research note on Thursday, September 19th. They set a “buy” rating and a $104.00 price objective on the stock. Finally, Morgan Stanley boosted their target price on Pinnacle West Capital from $78.00 to $83.00 and gave the company an “equal weight” rating in a research note on Wednesday, September 25th. Eight equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $82.04.

Pinnacle West Capital Stock Performance

Shares of NYSE PNW opened at $91.56 on Monday. The stock’s 50-day moving average is $88.75 and its 200 day moving average is $83.44. The stock has a market cap of $10.41 billion, a price-to-earnings ratio of 17.40, a P/E/G ratio of 2.15 and a beta of 0.52. Pinnacle West Capital has a 1-year low of $65.20 and a 1-year high of $93.12. The company has a current ratio of 0.71, a quick ratio of 0.54 and a debt-to-equity ratio of 1.20.

Pinnacle West Capital Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 4th will be given a $0.895 dividend. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.88. This represents a $3.58 dividend on an annualized basis and a dividend yield of 3.91%. The ex-dividend date of this dividend is Monday, November 4th. Pinnacle West Capital’s dividend payout ratio (DPR) is currently 67.80%.

Hedge Funds Weigh In On Pinnacle West Capital

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Intech Investment Management LLC purchased a new position in Pinnacle West Capital during the 1st quarter valued at $898,000. Natixis bought a new position in Pinnacle West Capital in the first quarter worth about $4,064,000. Bank of Montreal Can lifted its holdings in Pinnacle West Capital by 12.6% in the second 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. Entropy Technologies LP boosted its position in Pinnacle West Capital by 170.1% during the 3rd quarter. Entropy Technologies LP now owns 30,314 shares of the utilities provider’s stock valued at $2,686,000 after acquiring an additional 19,089 shares in the last quarter. Finally, Bayesian Capital Management LP grew its holdings in shares of Pinnacle West Capital by 244.6% during the 1st quarter. Bayesian Capital Management LP now owns 22,399 shares of the utilities provider’s stock worth $1,674,000 after acquiring an additional 15,899 shares during the period. 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.