Wells Fargo & Co downgraded shares of Pinnacle West Capital (NYSE:PNW) from an outperform rating to a market perform rating in a report issued on Monday morning, Marketbeat Ratings reports. They currently have $85.00 price objective on the utilities provider’s stock, down from their prior price objective of $98.00. The analysts noted that the move was a valuation call.
PNW has been the topic of a number of other research reports. Morgan Stanley boosted their price objective on shares of Pinnacle West Capital from $90.00 to $91.00 and gave the stock an underweight rating in a report on Wednesday, December 13th. Zacks Investment Research downgraded shares of Pinnacle West Capital from a hold rating to a sell rating in a report on Monday, January 8th. SunTrust Banks set a $82.00 price objective on shares of Pinnacle West Capital and gave the stock a hold rating in a report on Friday. Bank of America downgraded shares of Pinnacle West Capital from a neutral rating to an underperform rating and set a $84.00 price objective on the stock. in a report on Wednesday, January 3rd. Finally, ValuEngine downgraded shares of Pinnacle West Capital from a buy rating to a hold rating in a report on Tuesday, December 19th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and one has given a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus price target of $84.58.
Pinnacle West Capital (PNW) opened at $80.28 on Monday. Pinnacle West Capital has a one year low of $73.81 and a one year high of $92.48. The company has a current ratio of 0.90, a quick ratio of 0.68 and a debt-to-equity ratio of 0.85. The stock has a market cap of $8,960.75, a PE ratio of 18.42, a PEG ratio of 5.72 and a beta of 0.27.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 1st. Shareholders of record on Thursday, February 1st will be issued a $0.695 dividend. This represents a $2.78 annualized dividend and a dividend yield of 3.46%. The ex-dividend date of this dividend is Wednesday, January 31st. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 63.91%.
In other Pinnacle West Capital news, Chairman Donald E. Brandt sold 24,216 shares of the company’s stock in a transaction dated Friday, January 19th. The shares were sold at an average price of $79.21, for a total value of $1,918,149.36. Following the sale, the chairman now owns 94,358 shares of the company’s stock, valued at $7,474,097.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP David P. Falck sold 4,500 shares of the company’s stock in a transaction dated Thursday, December 14th. The shares were sold at an average price of $89.07, for a total transaction of $400,815.00. Following the completion of the sale, the executive vice president now directly owns 40,838 shares in the company, valued at approximately $3,637,440.66. The disclosure for this sale can be found here. 0.70% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Banced Corp purchased a new stake in shares of Pinnacle West Capital in the fourth quarter valued at about $201,000. Kovack Advisors Inc. purchased a new stake in shares of Pinnacle West Capital in the fourth quarter valued at about $202,000. Krilogy Financial LLC purchased a new stake in shares of Pinnacle West Capital in the third quarter valued at about $211,000. Newport Wealth Strategies Inc. purchased a new stake in shares of Pinnacle West Capital in the fourth quarter valued at about $238,000. Finally, IBM Retirement Fund purchased a new stake in shares of Pinnacle West Capital in the fourth quarter valued at about $281,000. 82.05% of the stock is currently owned by institutional investors.
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Pinnacle West Capital Company Profile
Pinnacle West Capital Corporation is a holding company that operates through its subsidiaries. The Company operates through regulated electricity segment, which consists of traditional regulated retail and wholesale electricity businesses and related activities, and includes electricity generation, transmission and distribution.
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