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

Pinnacle West Capital Corporation (NYSE:PNW)’s stock price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $100.65 and last traded at $100.14, with a volume of 1103708 shares. The stock had previously closed at $99.60.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on PNW. KeyCorp downgraded Pinnacle West Capital from an “overweight” rating to a “sector weight” rating in a research report on Friday, December 12th. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $103.00 price objective on shares of Pinnacle West Capital in a research report on Friday, January 23rd. Jefferies Financial Group restated a “buy” rating and issued a $115.00 target price on shares of Pinnacle West Capital in a research report on Tuesday, November 4th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Pinnacle West Capital in a report on Thursday, January 22nd. Finally, Morgan Stanley set a $96.00 price objective on shares of Pinnacle West Capital in a research note on Friday. Four research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $97.33.

Pinnacle West Capital Trading Up 0.5%

The business’s 50 day simple moving average is $92.25 and its two-hundred day simple moving average is $90.49. The stock has a market cap of $11.99 billion, a P/E ratio of 20.56, a PEG ratio of 5.89 and a beta of 0.54. The company has a quick ratio of 0.49, a current ratio of 0.67 and a debt-to-equity ratio of 1.28.

Pinnacle West Capital Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 2nd. Shareholders of record on Monday, February 2nd will be issued a $0.91 dividend. This represents a $3.64 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend is Monday, February 2nd. Pinnacle West Capital’s dividend payout ratio is presently 74.74%.

Institutional Trading of Pinnacle West Capital

Hedge funds and other institutional investors have recently made changes to their positions in the company. Gateway Investment Advisers LLC lifted its stake in Pinnacle West Capital by 0.3% in the third quarter. Gateway Investment Advisers LLC now owns 44,998 shares of the utilities provider’s stock valued at $4,035,000 after buying an additional 114 shares during the period. Empowered Funds LLC grew its position in shares of Pinnacle West Capital by 3.8% during the 4th quarter. Empowered Funds LLC now owns 3,166 shares of the utilities provider’s stock worth $281,000 after buying an additional 116 shares during the period. MassMutual Private Wealth & Trust FSB increased its stake in shares of Pinnacle West Capital by 27.5% in the 3rd quarter. MassMutual Private Wealth & Trust FSB now owns 542 shares of the utilities provider’s stock valued at $49,000 after acquiring an additional 117 shares in the last quarter. Mesirow Financial Investment Management Inc. increased its stake in shares of Pinnacle West Capital by 0.9% in the 2nd quarter. Mesirow Financial Investment Management Inc. now owns 13,516 shares of the utilities provider’s stock valued at $1,209,000 after acquiring an additional 122 shares in the last quarter. Finally, Stratos Wealth Partners LTD. lifted its position in shares of Pinnacle West Capital by 2.9% during the 4th quarter. Stratos Wealth Partners LTD. now owns 4,711 shares of the utilities provider’s stock valued at $418,000 after acquiring an additional 131 shares during the period. 91.51% of the stock is currently owned by institutional investors.

About Pinnacle West Capital

Pinnacle West Capital Corporation is a publicly traded utility holding company headquartered in Phoenix, Arizona. Through its principal subsidiary, Arizona Public Service Company (APS), Pinnacle West generates, transmits and distributes electricity to more than one million residential, commercial and industrial customers across central and southern Arizona. The company’s regulated operations focus on delivering safe, reliable power while meeting evolving environmental standards.

The company’s diversified generation portfolio includes natural gas–fired plants, the nuclear-powered Palo Verde Generating Station—the largest nuclear facility in the United States by net output—plus growing investments in solar and battery storage projects.