Pinnacle West Capital (NYSE:PNW) Hits New 52-Week High – Here’s What Happened

Shares of Pinnacle West Capital Co. (NYSE:PNW) reached a new 52-week high on Wednesday . The company 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 Analyst Weigh In

A number of brokerages have commented on PNW. Jefferies Financial Group began coverage on Pinnacle West Capital in a research note on Thursday, September 19th. They issued a “buy” rating and a $104.00 price objective for the company. Barclays downgraded shares of 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. Morgan Stanley lowered their price objective on shares of Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating on the stock in a report on Friday, November 22nd. Wells Fargo & Company lifted their price objective on shares of Pinnacle West Capital from $90.00 to $92.00 and gave the company an “equal weight” rating in a report on Thursday, November 7th. Finally, StockNews.com raised shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Monday, August 5th. Eight investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $81.88.

Pinnacle West Capital Trading Up 1.2 %

The firm has a 50-day moving average price of $89.11 and a 200-day moving average price of $84.24. The company has a current ratio of 0.71, a quick ratio of 0.54 and a debt-to-equity ratio of 1.20. The stock has a market capitalization of $10.79 billion, a PE ratio of 17.77, a price-to-earnings-growth ratio of 2.20 and a beta of 0.52.

Pinnacle West Capital Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders 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 of this dividend is Monday, November 4th. This represents a $3.58 annualized dividend and a yield of 3.77%. Pinnacle West Capital’s payout ratio is currently 67.80%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Barrow Hanley Mewhinney & Strauss LLC grew its holdings in Pinnacle West Capital by 24.6% during the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,985,619 shares of the utilities provider’s stock valued at $533,562,000 after purchasing an additional 1,379,368 shares during the period. State Street Corp lifted its position in shares of Pinnacle West Capital by 0.9% during the 3rd quarter. State Street Corp now owns 6,404,718 shares of the utilities provider’s stock valued at $567,394,000 after buying an additional 56,644 shares during the last quarter. Zimmer Partners LP grew its stake in shares of Pinnacle West Capital by 5.7% during the 3rd quarter. Zimmer Partners LP now owns 2,899,676 shares of the utilities provider’s stock worth $256,882,000 after acquiring an additional 155,466 shares during the period. Bank of New York Mellon Corp increased its holdings in Pinnacle West Capital by 3.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,159,942 shares of the utilities provider’s stock worth $88,596,000 after acquiring an additional 44,029 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in Pinnacle West Capital by 0.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,028,088 shares of the utilities provider’s stock valued at $91,078,000 after acquiring an additional 5,066 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.