Pinnacle West Capital (NYSE:PNW) Reaches New 1-Year High at $85.00

Pinnacle West Capital Co. (NYSE:PNW) reached a new 52-week high during mid-day trading on Friday . The company traded as high as $85.00 and last traded at $84.47, with a volume of 149866 shares. The stock had previously closed at $83.59.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on PNW. Citigroup began coverage on shares of Pinnacle West Capital in a research note on Monday, April 29th. They set a “neutral” rating and a $78.00 target price for the company. Morgan Stanley cut their target price on shares of Pinnacle West Capital from $76.00 to $72.00 and set an “equal weight” rating for the company in a research note on Monday, June 24th. LADENBURG THALM/SH SH upgraded shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and raised their target price for the stock from $74.00 to $83.50 in a research note on Thursday, June 6th. StockNews.com cut shares of Pinnacle West Capital from a “hold” rating to a “sell” rating in a research note on Tuesday, July 9th. Finally, Barclays cut their target price on shares of Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating for the company in a research note on Tuesday, July 2nd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $76.77.

Pinnacle West Capital Stock Up 1.4 %

The company has a current ratio of 0.58, a quick ratio of 0.42 and a debt-to-equity ratio of 1.20. The firm’s 50 day simple moving average is $77.64 and its two-hundred day simple moving average is $73.81. The firm has a market cap of $9.62 billion, a price-to-earnings ratio of 18.32, a PEG ratio of 2.14 and a beta of 0.51.

Pinnacle West Capital (NYSE:PNW) last issued its earnings results on Thursday, May 2nd. The utilities provider reported $0.15 EPS for the quarter, beating the consensus estimate of ($0.02) by $0.17. The company had revenue of $951.71 million during the quarter, compared to analysts’ expectations of $981.82 million. Pinnacle West Capital had a net margin of 11.09% and a return on equity of 8.29%. The business’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.03) EPS. On average, equities analysts forecast that Pinnacle West Capital Co. will post 4.75 EPS for the current year.

Pinnacle West Capital Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Thursday, August 1st will be given a $0.88 dividend. This represents a $3.52 annualized dividend and a dividend yield of 4.15%. The ex-dividend date of this dividend is Thursday, August 1st. Pinnacle West Capital’s payout ratio is presently 76.69%.

Hedge Funds Weigh In On Pinnacle West Capital

Several hedge funds and other institutional investors have recently made changes to their positions in PNW. Capital Research Global Investors raised its position in shares of Pinnacle West Capital by 97.5% in the 1st quarter. Capital Research Global Investors now owns 12,851,930 shares of the utilities provider’s stock valued at $960,425,000 after buying an additional 6,344,121 shares in the last quarter. Lazard Asset Management LLC raised its position in shares of Pinnacle West Capital by 72.7% in the 1st quarter. Lazard Asset Management LLC now owns 6,719,397 shares of the utilities provider’s stock valued at $502,139,000 after buying an additional 2,828,450 shares in the last quarter. Zimmer Partners LP acquired a new position in shares of Pinnacle West Capital in the 1st quarter valued at approximately $198,409,000. Norges Bank bought a new stake in shares of Pinnacle West Capital during the 4th quarter valued at approximately $112,914,000. Finally, Victory Capital Management Inc. grew its holdings in shares of Pinnacle West Capital by 1,267.8% during the 4th quarter. Victory Capital Management Inc. now owns 311,861 shares of the utilities provider’s stock valued at $22,404,000 after purchasing an additional 289,061 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

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.