Pinnacle West Capital (NYSE:PNW) Raised to Neutral at Credit Suisse Group

Credit Suisse Group upgraded shares of Pinnacle West Capital (NYSE:PNWGet Rating) from an underperform rating to a neutral rating in a research note issued to investors on Monday, MarketBeat.com reports. They currently have $73.00 price objective on the utilities provider’s stock, up from their previous price objective of $60.00.

A number of other equities analysts have also issued reports on PNW. StockNews.com started coverage on shares of Pinnacle West Capital in a research report on Wednesday, October 12th. They set a hold rating on the stock. Morgan Stanley lifted their price target on shares of Pinnacle West Capital from $62.00 to $67.00 and gave the stock an equal weight rating in a research note on Friday, November 11th. Wolfe Research upgraded shares of Pinnacle West Capital from an underperform rating to a peer perform rating in a research note on Thursday, November 17th. KeyCorp decreased their price target on shares of Pinnacle West Capital from $62.00 to $56.00 and set an underweight rating on the stock in a research note on Thursday, October 20th. Finally, Mizuho lifted their price target on shares of Pinnacle West Capital from $76.00 to $77.00 and gave the stock a neutral rating in a research note on Tuesday, August 9th. Four analysts have rated the stock with a sell rating and eight have issued a hold rating to the company. According to MarketBeat, the company currently has an average rating of Hold and an average target price of $71.67.

Pinnacle West Capital Trading Up 0.3 %

Shares of PNW stock opened at $76.39 on Monday. Pinnacle West Capital has a 1 year low of $59.03 and a 1 year high of $80.51. The firm’s fifty day simple moving average is $68.26 and its 200 day simple moving average is $72.03. The firm has a market capitalization of $8.64 billion, a P/E ratio of 16.18 and a beta of 0.40. The company has a current ratio of 0.98, a quick ratio of 0.77 and a debt-to-equity ratio of 1.15.

Pinnacle West Capital Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 1st. Stockholders of record on Tuesday, November 1st will be paid a $0.865 dividend. This represents a $3.46 annualized dividend and a dividend yield of 4.53%. The ex-dividend date is Monday, October 31st. This is an increase from Pinnacle West Capital’s previous quarterly dividend of $0.85. Pinnacle West Capital’s payout ratio is currently 73.31%.

Insider Activity

In other news, Director Kathryn L. Munro sold 2,468 shares of the business’s stock in a transaction on Friday, September 9th. The shares were sold at an average price of $76.99, for a total value of $190,011.32. Following the sale, the director now owns 16,180 shares in the company, valued at approximately $1,245,698.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.31% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in shares of Pinnacle West Capital by 1.2% in the third quarter. Vanguard Group Inc. now owns 13,902,237 shares of the utilities provider’s stock valued at $896,834,000 after buying an additional 171,173 shares during the last quarter. Lazard Asset Management LLC raised its holdings in shares of Pinnacle West Capital by 3.7% in the second quarter. Lazard Asset Management LLC now owns 10,202,529 shares of the utilities provider’s stock valued at $746,008,000 after buying an additional 362,357 shares during the last quarter. BlackRock Inc. raised its holdings in shares of Pinnacle West Capital by 1.2% in the third quarter. BlackRock Inc. now owns 9,882,344 shares of the utilities provider’s stock valued at $637,508,000 after buying an additional 119,298 shares during the last quarter. State Street Corp raised its holdings in shares of Pinnacle West Capital by 1.0% in the third quarter. State Street Corp now owns 7,634,622 shares of the utilities provider’s stock valued at $492,509,000 after buying an additional 74,164 shares during the last quarter. Finally, Invesco Ltd. raised its holdings in shares of Pinnacle West Capital by 29.6% in the first quarter. Invesco Ltd. now owns 3,537,942 shares of the utilities provider’s stock valued at $276,313,000 after buying an additional 808,207 shares during the last quarter. 86.21% of the stock is owned by institutional investors.

About Pinnacle West Capital

(Get Rating)

Pinnacle West Capital Corp. is a holding company, which engages in providing energy and energy-related products. It offers regulated retail and wholesale electricity businesses and related activities, such as electricity generation, transmission and distribution through its subsidiary, Arizona Public Service Co The company was founded on February 20, 1985, and is headquartered in Phoenix, AZ.

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Analyst Recommendations for Pinnacle West Capital (NYSE:PNW)

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