Pinnacle West Capital (NYSE:PNW) Sets New 12-Month High – Here’s What Happened

Shares of Pinnacle West Capital Co. (NYSE:PNW) hit a new 52-week high on Thursday . The company traded as high as $93.24 and last traded at $93.07, with a volume of 255617 shares changing hands. The stock had previously closed at $91.79.

Wall Street Analyst Weigh In

Several research analysts recently commented on PNW shares. Jefferies Financial Group began coverage on shares of Pinnacle West Capital in a report on Thursday, September 19th. They issued a “buy” rating and a $104.00 target price on the stock. StockNews.com upgraded Pinnacle West Capital from a “sell” rating to a “hold” rating in a research note on Monday, August 5th. Morgan Stanley boosted their price objective on Pinnacle West Capital from $78.00 to $83.00 and gave the company an “equal weight” rating in a research report on Wednesday, September 25th. Barclays lowered shares of Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $93.00 to $91.00 in a research report on Monday. Finally, Wells Fargo & Company lifted their price objective 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. Eight equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $82.04.

Pinnacle West Capital Stock Performance

The company has a quick ratio of 0.54, a current ratio of 0.71 and a debt-to-equity ratio of 1.20. The stock has a 50 day simple moving average of $88.88 and a two-hundred day simple moving average of $83.72. The stock has a market capitalization of $10.64 billion, a P/E ratio of 17.38, a P/E/G ratio of 2.13 and a beta of 0.52.

Pinnacle West Capital Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 4th will be paid a $0.895 dividend. The ex-dividend date of this dividend is Monday, November 4th. This is an increase from Pinnacle West Capital’s previous quarterly dividend of $0.88. This represents a $3.58 annualized dividend and a dividend yield of 3.82%. Pinnacle West Capital’s dividend payout ratio is 67.80%.

Institutional Investors Weigh In On Pinnacle West Capital

Hedge funds and other institutional investors have recently made changes to their positions in the business. First Horizon Advisors Inc. boosted its stake in shares of Pinnacle West Capital by 20.9% in the 2nd quarter. First Horizon Advisors Inc. now owns 794 shares of the utilities provider’s stock valued at $61,000 after purchasing an additional 137 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of Pinnacle West Capital by 13.7% in the third quarter. GAMMA Investing LLC now owns 1,147 shares of the utilities provider’s stock worth $102,000 after purchasing an additional 138 shares during the last quarter. Glenmede Trust Co. NA grew its position in shares of Pinnacle West Capital by 2.5% in the 3rd quarter. Glenmede Trust Co. NA now owns 6,695 shares of the utilities provider’s stock valued at $593,000 after buying an additional 163 shares during the last quarter. LRI Investments LLC raised its position in shares of Pinnacle West Capital by 7.0% during the third quarter. LRI Investments LLC now owns 2,498 shares of the utilities provider’s stock worth $227,000 after acquiring an additional 163 shares during the last quarter. Finally, Crossmark Global Holdings Inc. raised its holdings in Pinnacle West Capital by 2.6% during the 3rd quarter. Crossmark Global Holdings Inc. now owns 6,581 shares of the utilities provider’s stock worth $583,000 after purchasing an additional 169 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.