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 stock traded as high as $93.24 and last traded at $93.07, with a volume of 255617 shares traded. The stock had previously closed at $91.79.

Analysts Set New Price Targets

A number of brokerages have issued reports on PNW. 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 report on Monday. Morgan Stanley lifted their price objective on Pinnacle West Capital from $78.00 to $83.00 and gave the stock an “equal weight” rating in a research note on Wednesday, September 25th. Jefferies Financial Group assumed coverage on Pinnacle West Capital in a research report on Thursday, September 19th. They set a “buy” rating and a $104.00 target price for the company. Wells Fargo & Company increased their price objective on shares of Pinnacle West Capital from $90.00 to $92.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 7th. Finally, StockNews.com upgraded Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Monday, August 5th. Eight analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Pinnacle West Capital currently has an average rating of “Hold” and an average target price of $82.04.

Pinnacle West Capital Trading Up 2.0 %

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 company has a market capitalization of $10.64 billion, a PE ratio of 17.38, a P/E/G ratio of 2.13 and a beta of 0.52. The firm’s 50 day simple moving average is $88.88 and its 200-day simple moving average is $83.72.

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 given a $0.895 dividend. This is a boost from Pinnacle West Capital’s previous quarterly dividend of $0.88. This represents a $3.58 dividend on an annualized basis and a yield of 3.82%. The ex-dividend date of this dividend is Monday, November 4th. Pinnacle West Capital’s dividend payout ratio is presently 67.80%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. Blue Trust Inc. lifted its position in Pinnacle West Capital by 377.9% in the second quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock worth $28,000 after purchasing an additional 291 shares during the period. Cape Investment Advisory Inc. acquired a new stake in Pinnacle West Capital in the 1st quarter valued at about $30,000. Venturi Wealth Management LLC boosted its position in shares of Pinnacle West Capital by 124.6% during the 3rd quarter. Venturi Wealth Management LLC now owns 429 shares of the utilities provider’s stock valued at $38,000 after purchasing an additional 238 shares in the last quarter. Prospera Private Wealth LLC bought a new stake in shares of Pinnacle West Capital in the 3rd quarter worth approximately $43,000. Finally, Ashton Thomas Private Wealth LLC bought a new stake in Pinnacle West Capital during the second quarter worth approximately $52,000. 91.51% of the stock is currently owned by institutional investors.

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.