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

Pinnacle West Capital Co. (NYSE:PNW)’s stock price reached a new 52-week high during mid-day trading 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.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Barclays lowered Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $93.00 to $91.00 in a research report on Monday, November 18th. Jefferies Financial Group initiated coverage on shares of Pinnacle West Capital in a research report on Thursday, September 19th. They issued a “buy” rating and a $104.00 price objective for the company. Wells Fargo & Company raised their price target 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. StockNews.com upgraded Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Monday, August 5th. Finally, Morgan Stanley decreased their price target on Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating on the stock in a report on Friday. Eight equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $81.88.

Pinnacle West Capital Price Performance

The company has a market cap of $10.57 billion, a P/E ratio of 17.60, a P/E/G ratio of 2.19 and a beta of 0.52. The company’s 50-day moving average price is $88.96 and its 200-day moving average price is $83.79. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54.

Pinnacle West Capital Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 4th will be paid a $0.895 dividend. This is an increase 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 3.85%. Pinnacle West Capital’s dividend payout ratio (DPR) is currently 67.80%.

Institutional Trading of Pinnacle West Capital

A number of hedge funds and other institutional investors have recently made changes to their positions in PNW. Blue Trust Inc. boosted its stake in shares of Pinnacle West Capital by 377.9% during the 2nd 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 last quarter. Cape Investment Advisory Inc. bought a new stake in shares of Pinnacle West Capital during the 1st quarter worth approximately $30,000. Venturi Wealth Management LLC boosted 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 buying an additional 238 shares during the last quarter. Prospera Private Wealth LLC bought a new position in shares of Pinnacle West Capital in the third quarter valued at $43,000. Finally, Ashton Thomas Private Wealth LLC acquired a new position in Pinnacle West Capital during the second quarter worth $52,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

About Pinnacle West Capital

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.