Pinnacle West Capital (NYSE:PNW) Coverage Initiated by Analysts at Citigroup

Citigroup initiated coverage on shares of Pinnacle West Capital (NYSE:PNW) in a research note issued to investors on Monday, Marketbeat reports. The brokerage issued a neutral rating and a $78.00 price target on the utilities provider’s stock.

Other equities analysts also recently issued reports about the stock. Morgan Stanley upped their price target on shares of Pinnacle West Capital from $69.00 to $70.00 and gave the company an equal weight rating in a research note on Thursday, March 21st. Royal Bank of Canada reduced their price target on Pinnacle West Capital from $83.00 to $80.00 and set a sector perform rating on the stock in a research report on Friday, March 1st. Guggenheim raised Pinnacle West Capital from a neutral rating to a buy rating and set a $78.00 price objective for the company in a report on Monday, January 22nd. Wells Fargo & Company reduced their target price on Pinnacle West Capital from $78.00 to $74.00 and set an equal weight rating on the stock in a report on Friday, January 26th. Finally, StockNews.com downgraded Pinnacle West Capital from a hold rating to a sell rating in a research note on Thursday, March 14th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of Hold and an average target price of $73.42.

Pinnacle West Capital Price Performance

NYSE:PNW opened at $74.95 on Monday. Pinnacle West Capital has a 12-month low of $65.20 and a 12-month high of $86.03. The firm has a market capitalization of $8.51 billion, a price-to-earnings ratio of 17.00, a P/E/G ratio of 2.11 and a beta of 0.49. The stock’s 50 day moving average price is $72.21 and its two-hundred day moving average price is $72.11. The company has a quick ratio of 0.50, a current ratio of 0.67 and a debt-to-equity ratio of 1.20.

Pinnacle West Capital Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Wednesday, May 1st will be issued a $0.88 dividend. The ex-dividend date of this dividend is Tuesday, April 30th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 4.70%. Pinnacle West Capital’s dividend payout ratio (DPR) is currently 79.82%.

Institutional Investors Weigh In On Pinnacle West Capital

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Addison Advisors LLC lifted its stake in shares of Pinnacle West Capital by 16.6% in the 3rd quarter. Addison Advisors LLC now owns 1,014 shares of the utilities provider’s stock valued at $75,000 after acquiring an additional 144 shares during the last quarter. MCF Advisors LLC raised its position in Pinnacle West Capital by 9.2% in the fourth quarter. MCF Advisors LLC now owns 2,070 shares of the utilities provider’s stock valued at $149,000 after purchasing an additional 174 shares during the last quarter. Newbridge Financial Services Group Inc. boosted its stake in shares of Pinnacle West Capital by 70.6% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 481 shares of the utilities provider’s stock valued at $35,000 after purchasing an additional 199 shares in the last quarter. Atria Wealth Solutions Inc. grew its holdings in shares of Pinnacle West Capital by 4.9% during the fourth quarter. Atria Wealth Solutions Inc. now owns 4,921 shares of the utilities provider’s stock worth $354,000 after purchasing an additional 229 shares during the last quarter. Finally, Prime Capital Investment Advisors LLC increased its stake in shares of Pinnacle West Capital by 6.1% in the fourth quarter. Prime Capital Investment Advisors LLC now owns 4,083 shares of the utilities provider’s stock valued at $293,000 after buying an additional 233 shares during the period. 91.51% of the stock is owned by institutional investors.

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.