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

Barclays downgraded shares of Pinnacle West Capital (NYSE:PNW) from an overweight rating to an equal weight rating in a report released on Monday morning, MarketBeat.com reports. They currently have $91.00 price target on the utilities provider’s stock, down from their previous price target of $93.00.

A number of other brokerages have also issued reports on PNW. Jefferies Financial Group began coverage on Pinnacle West Capital in a research report on Thursday, September 19th. They set a “buy” rating and a $104.00 target price on the stock. StockNews.com raised shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Monday, August 5th. Wells Fargo & Company raised 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 research note on Thursday, November 7th. Finally, Morgan Stanley increased their target price on Pinnacle West Capital from $78.00 to $83.00 and gave the company an “equal weight” rating in a report on Wednesday, September 25th. Eight equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $82.04.

Pinnacle West Capital Trading Up 1.8 %

Shares of NYSE:PNW opened at $93.49 on Monday. The stock has a market capitalization of $10.63 billion, a price-to-earnings ratio of 17.71, a PEG ratio of 2.13 and a beta of 0.52. Pinnacle West Capital has a 1-year low of $65.20 and a 1-year high of $93.65. The company has a 50 day moving average price of $88.88 and a 200 day moving average price of $83.72. 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 Increases Dividend

The company also recently declared 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. The ex-dividend date is Monday, November 4th. This represents a $3.58 dividend on an annualized basis and a dividend yield of 3.83%. Pinnacle West Capital’s dividend payout ratio (DPR) is currently 67.80%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Blue Trust Inc. boosted its stake in Pinnacle West Capital by 377.9% during the 2nd quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock valued at $28,000 after purchasing an additional 291 shares during the period. Cape Investment Advisory Inc. acquired a new stake in shares of Pinnacle West Capital in the first quarter worth $30,000. Venturi Wealth Management LLC increased its position in Pinnacle West Capital by 124.6% during the third quarter. Venturi Wealth Management LLC now owns 429 shares of the utilities provider’s stock worth $38,000 after acquiring an additional 238 shares during the period. Prospera Private Wealth LLC acquired a new position in Pinnacle West Capital during the 3rd quarter valued at $43,000. Finally, Ashton Thomas Private Wealth LLC bought a new stake in Pinnacle West Capital in the 2nd quarter valued at $52,000. Institutional investors and hedge funds 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.