Pinnacle West Capital (NYSE:PNW) Reaches New 1-Year High – Time to Buy?

Pinnacle West Capital Co. (NYSE:PNW)’s stock price 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. The stock had previously closed at $91.79.

Analyst Upgrades and Downgrades

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

Pinnacle West Capital Stock Down 0.7 %

The firm has a market capitalization of $10.57 billion, a price-to-earnings ratio of 17.60, a price-to-earnings-growth ratio of 2.19 and a beta of 0.52. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.54 and a current ratio of 0.71. The business’s 50 day moving average is $88.96 and its 200-day moving average is $83.79.

Pinnacle West Capital Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 4th will be paid a $0.895 dividend. The ex-dividend date is Monday, November 4th. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.88. This represents a $3.58 dividend on an annualized basis and a dividend yield of 3.85%. Pinnacle West Capital’s payout ratio is presently 67.80%.

Institutional Investors Weigh In On Pinnacle West Capital

Several hedge funds have recently modified their holdings of PNW. Blue Trust Inc. grew its position in Pinnacle West Capital by 377.9% during the second quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock worth $28,000 after buying an additional 291 shares in the last quarter. Cape Investment Advisory Inc. acquired a new stake in Pinnacle West Capital during the first quarter valued at approximately $30,000. Venturi Wealth Management LLC grew its position in Pinnacle West Capital by 124.6% in the third quarter. Venturi Wealth Management LLC now owns 429 shares of the utilities provider’s stock valued at $38,000 after acquiring an additional 238 shares during the period. Prospera Private Wealth LLC acquired a new position in Pinnacle West Capital during the third quarter worth $43,000. Finally, Ashton Thomas Private Wealth LLC bought a new position in shares of Pinnacle West Capital during the second quarter valued at $52,000. 91.51% of the stock is 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.