Pinnacle West Capital (NYSE:PNW) Hits New 1-Year High at $90.70

Pinnacle West Capital Co. (NYSE:PNW) shares hit a new 52-week high during trading on Friday . The stock traded as high as $90.70 and last traded at $90.70, with a volume of 606100 shares traded. The stock had previously closed at $89.22.

Wall Street Analyst Weigh In

PNW has been the topic of a number of analyst reports. Wells Fargo & Company upped their price target on Pinnacle West Capital from $80.00 to $87.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. StockNews.com upgraded Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Monday, August 5th. Barclays lowered their price target on shares of Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating for the company in a report on Tuesday, July 2nd. Morgan Stanley upped their price objective on shares of Pinnacle West Capital from $72.00 to $78.00 and gave the company an “equal weight” rating in a research note on Friday, August 23rd. Finally, LADENBURG THALM/SH SH upgraded shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $74.00 to $83.50 in a research report on Thursday, June 6th. Eight analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $77.95.

Pinnacle West Capital Stock Up 1.7 %

The company has a current ratio of 0.66, a quick ratio of 0.48 and a debt-to-equity ratio of 1.28. The stock’s 50-day moving average price is $85.00 and its 200-day moving average price is $78.04. The company has a market cap of $10.30 billion, a P/E ratio of 19.64, a PEG ratio of 2.27 and a beta of 0.52.

Pinnacle West Capital (NYSE:PNW) last announced its quarterly earnings results on Thursday, August 1st. The utilities provider reported $1.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.45. The business had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.21 billion. Pinnacle West Capital had a return on equity of 9.75% and a net margin of 12.65%. The company’s quarterly revenue was up 15.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.94 earnings per share. As a group, research analysts forecast that Pinnacle West Capital Co. will post 4.77 EPS for the current year.

Pinnacle West Capital Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 1st were issued a dividend of $0.88 per share. The ex-dividend date of this dividend was Thursday, August 1st. This represents a $3.52 annualized dividend and a yield of 3.88%. Pinnacle West Capital’s payout ratio is 76.69%.

Insider Buying and Selling at Pinnacle West Capital

In other Pinnacle West Capital news, EVP Robert Edgar Smith sold 4,950 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $85.80, for a total transaction of $424,710.00. Following the completion of the sale, the executive vice president now directly owns 6,397 shares of the company’s stock, valued at approximately $548,862.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.23% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of PNW. Intech Investment Management LLC purchased a new position in Pinnacle West Capital during the 1st quarter worth $898,000. Virtu Financial LLC purchased a new position in Pinnacle West Capital during the fourth quarter worth about $977,000. Quantbot Technologies LP bought a new stake in Pinnacle West Capital in the 1st quarter worth about $1,102,000. Natixis purchased a new stake in Pinnacle West Capital in the 1st quarter valued at about $4,064,000. Finally, Capital Research Global Investors lifted its position in shares of Pinnacle West Capital by 116.8% during the 4th quarter. Capital Research Global Investors now owns 6,507,809 shares of the utilities provider’s stock worth $467,521,000 after buying an additional 3,506,181 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

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.