Pinnacle West Capital (NYSE:PNW) Sets New 52-Week High – Time to Buy?

Pinnacle West Capital Corporation (NYSE:PNW) shares reached a new 52-week high during trading on Thursday . The company traded as high as $97.34 and last traded at $97.1830, with a volume of 39404 shares traded. The stock had previously closed at $96.02.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. UBS Group raised their price target on Pinnacle West Capital from $94.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 17th. Jefferies Financial Group reissued a “buy” rating and issued a $115.00 target price on shares of Pinnacle West Capital in a research note on Tuesday, November 4th. Zacks Research upgraded Pinnacle West Capital from a “strong sell” rating to a “hold” rating in a research report on Monday, November 10th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Pinnacle West Capital in a research note on Thursday, January 22nd. Finally, Wells Fargo & Company cut their price target on shares of Pinnacle West Capital from $92.00 to $91.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 20th. Four 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. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $96.42.

Pinnacle West Capital Stock Up 2.2%

The company has a market capitalization of $11.90 billion, a P/E ratio of 20.42, a P/E/G ratio of 5.83 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. The firm has a fifty day simple moving average of $90.88 and a 200-day simple moving average of $90.20.

Pinnacle West Capital Announces Dividend

The business 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. The ex-dividend date of this dividend is Monday, February 2nd. This represents a $3.64 dividend on an annualized basis and a yield of 3.7%. Pinnacle West Capital’s payout ratio is presently 74.74%.

Institutional Investors Weigh In On Pinnacle West Capital

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Caldwell Trust Co bought a new position in Pinnacle West Capital during the 2nd quarter worth about $27,000. CYBER HORNET ETFs LLC acquired a new position in shares of Pinnacle West Capital during the second quarter worth about $27,000. Bayforest Capital Ltd bought a new position in shares of Pinnacle West Capital during the third quarter worth about $29,000. Quent Capital LLC acquired a new stake in Pinnacle West Capital in the 3rd quarter valued at approximately $30,000. Finally, MUFG Securities EMEA plc acquired a new stake in Pinnacle West Capital in the 2nd quarter valued at approximately $32,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

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.