Pinnacle West Capital (NYSE:PNW) Hits New 1-Year High – Here’s What Happened

Pinnacle West Capital Corporation (NYSE:PNW)’s share price reached a new 52-week high during trading on Wednesday . The stock traded as high as $100.55 and last traded at $98.8030, with a volume of 1821715 shares traded. The stock had previously closed at $99.39.

Analyst Ratings Changes

PNW has been the subject of a number of research reports. Jefferies Financial Group restated a “buy” rating and set a $115.00 target price on shares of Pinnacle West Capital in a research report on Tuesday, November 4th. KeyCorp downgraded Pinnacle West Capital from an “overweight” rating to a “sector weight” rating in a research report on Friday, December 12th. Barclays reduced their target price on Pinnacle West Capital from $95.00 to $90.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 15th. Wells Fargo & Company cut their price target on Pinnacle West Capital from $92.00 to $91.00 and set an “equal weight” rating for the company in a report on Tuesday, January 20th. Finally, Morgan Stanley restated an “underperform” rating on shares of Pinnacle West Capital in a research report on Wednesday, January 21st. Four equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $96.42.

Pinnacle West Capital Trading Down 0.6%

The business has a 50 day simple moving average of $91.36 and a two-hundred day simple moving average of $90.33. The company has a current ratio of 0.67, a quick ratio of 0.49 and a debt-to-equity ratio of 1.28. The company has a market cap of $11.83 billion, a PE ratio of 20.29, a price-to-earnings-growth ratio of 5.95 and a beta of 0.54.

Pinnacle West Capital Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 2nd. Shareholders of record on Monday, February 2nd will be paid a $0.91 dividend. This represents a $3.64 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date of this dividend is Monday, February 2nd. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 74.74%.

Institutional Investors Weigh In On Pinnacle West Capital

Several hedge funds have recently modified their holdings of PNW. Norges Bank acquired a new position in Pinnacle West Capital during the fourth quarter worth approximately $140,468,000. Capital Research Global Investors increased its holdings in shares of Pinnacle West Capital by 5.0% during the 3rd quarter. Capital Research Global Investors now owns 15,853,302 shares of the utilities provider’s stock worth $1,421,407,000 after buying an additional 758,190 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its holdings in shares of Pinnacle West Capital by 8.5% during the 3rd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 7,223,725 shares of the utilities provider’s stock worth $647,679,000 after buying an additional 568,581 shares during the last quarter. Assenagon Asset Management S.A. raised its position in shares of Pinnacle West Capital by 133.4% in the 4th quarter. Assenagon Asset Management S.A. now owns 920,687 shares of the utilities provider’s stock worth $81,665,000 after buying an additional 526,212 shares during the period. Finally, Squarepoint Ops LLC boosted its holdings in Pinnacle West Capital by 54.1% in the fourth quarter. Squarepoint Ops LLC now owns 1,106,609 shares of the utilities provider’s stock valued at $98,156,000 after acquiring an additional 388,325 shares during the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Pinnacle West Capital Company Profile

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.