Pinnacle West Capital (NYSE:PNW) Reaches New 12-Month High – Here’s Why

Pinnacle West Capital Co. (NYSE:PNW) shares hit a new 52-week high on Wednesday . The stock traded as high as $94.40 and last traded at $94.40, with a volume of 44066 shares. The stock had previously closed at $93.80.

Wall Street Analysts Forecast Growth

Several equities analysts have commented 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 lifted their target price on Pinnacle West Capital from $90.00 to $92.00 and gave the company an “equal weight” rating in a report on Thursday, November 7th. Jefferies Financial Group started coverage on Pinnacle West Capital in a research note on Thursday, September 19th. They set a “buy” rating and a $104.00 target price for the company. Barclays lowered Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $93.00 to $91.00 in a research report on Monday, November 18th. Finally, Morgan Stanley lowered their price objective on Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating for the company in a research report on Friday, November 22nd. Eight equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, Pinnacle West Capital has an average rating of “Hold” and a consensus target price of $81.88.

Pinnacle West Capital Price Performance

The stock’s 50-day moving average is $89.31 and its 200 day moving average is $84.38. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.54 and a current ratio of 0.71. The stock has a market capitalization of $10.75 billion, a PE ratio of 17.90, a P/E/G ratio of 2.20 and a beta of 0.52.

Pinnacle West Capital Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 4th will be issued a dividend of $0.895 per share. 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 annualized dividend and a dividend yield of 3.79%. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 67.80%.

Institutional Trading of Pinnacle West Capital

Several institutional investors and hedge funds have recently made changes to their positions in the company. Blue Trust Inc. increased its position in Pinnacle West Capital by 377.9% during the second quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock worth $28,000 after buying an additional 291 shares during the period. Cape Investment Advisory Inc. purchased a new position in shares of Pinnacle West Capital during the first quarter worth approximately $30,000. Venturi Wealth Management LLC increased its holdings in shares of Pinnacle West Capital by 124.6% in the 3rd quarter. Venturi Wealth Management LLC now owns 429 shares of the utilities provider’s stock valued at $38,000 after acquiring an additional 238 shares during the period. Prospera Private Wealth LLC purchased a new stake in Pinnacle West Capital in the 3rd quarter valued at $43,000. Finally, Ashton Thomas Private Wealth LLC acquired a new stake in Pinnacle West Capital during the 2nd quarter worth $52,000. 91.51% of the stock is owned by hedge funds and other 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.