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

Pinnacle West Capital Co. (NYSE:PNW)’s share price 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 changing hands. The stock had previously closed at $93.80.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Morgan Stanley dropped their target price on Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating on the stock in a research report on Friday, November 22nd. StockNews.com raised Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Monday, August 5th. Wells Fargo & Company lifted their target price 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. 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 price target on the stock. Finally, Barclays cut shares of Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $93.00 to $91.00 in a research note on Monday, November 18th. Eight equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $81.88.

Pinnacle West Capital Trading Up 1.2 %

The stock has a 50 day moving average of $89.11 and a 200 day moving average of $84.24. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54. The firm has a market cap of $10.79 billion, a P/E ratio of 17.77, a PEG ratio of 2.20 and a beta of 0.52.

Pinnacle West Capital Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 4th will be given 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 dividend on an annualized basis and a yield of 3.77%. Pinnacle West Capital’s payout ratio is presently 67.80%.

Hedge Funds Weigh In On Pinnacle West Capital

Several institutional investors and hedge funds have recently made changes to their positions in the business. Synovus Financial Corp increased its holdings in shares of Pinnacle West Capital by 3.1% in the third quarter. Synovus Financial Corp now owns 7,585 shares of the utilities provider’s stock worth $672,000 after buying an additional 229 shares during the period. Tidal Investments LLC grew its position in Pinnacle West Capital by 7.6% during the 3rd quarter. Tidal Investments LLC now owns 2,881 shares of the utilities provider’s stock worth $255,000 after acquiring an additional 203 shares during the last quarter. Sanctuary Advisors LLC increased its stake in Pinnacle West Capital by 61.5% in the 3rd quarter. Sanctuary Advisors LLC now owns 8,151 shares of the utilities provider’s stock worth $757,000 after purchasing an additional 3,104 shares during the period. Virtu Financial LLC bought a new stake in Pinnacle West Capital in the third quarter valued at approximately $882,000. Finally, Fortem Financial Group LLC purchased a new stake in shares of Pinnacle West Capital during the third quarter valued at approximately $495,000. Institutional investors own 91.51% of the company’s stock.

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.