Pinnacle West Capital (NYSE:PNW) Hits New 52-Week High – Should You Buy?

Shares of Pinnacle West Capital Co. (NYSE:PNW) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $94.40 and last traded at $94.40, with a volume of 44066 shares. The stock had previously closed at $93.80.

Analyst Ratings Changes

PNW has been the subject of several research reports. Wells Fargo & Company boosted their price objective on Pinnacle West Capital from $90.00 to $92.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 7th. Barclays downgraded Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $93.00 to $91.00 in a research note on Monday, November 18th. Jefferies Financial Group assumed coverage on Pinnacle West Capital in a report on Thursday, September 19th. They issued a “buy” rating and a $104.00 price objective on the stock. Morgan Stanley dropped their target price on shares of Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating for the company in a report on Friday, November 22nd. Finally, StockNews.com raised shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a research note on Monday, August 5th. Eight investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $81.88.

Pinnacle West Capital Stock Up 0.8 %

The firm has a 50-day moving average of $89.31 and a two-hundred day moving average of $84.38. The company has a quick ratio of 0.54, a current ratio of 0.71 and a debt-to-equity ratio of 1.20. The company has a market capitalization of $10.75 billion, a PE ratio of 17.90, a price-to-earnings-growth ratio of 2.20 and a beta of 0.52.

Pinnacle West Capital Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 4th will be paid a dividend of $0.895 per share. This represents a $3.58 annualized dividend and a yield of 3.79%. The ex-dividend date of this dividend is Monday, November 4th. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.88. Pinnacle West Capital’s dividend payout ratio (DPR) is 67.80%.

Institutional Investors Weigh In On Pinnacle West Capital

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Blue Trust Inc. boosted its position in shares of Pinnacle West Capital by 377.9% during the 2nd quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock worth $28,000 after purchasing an additional 291 shares during the period. Cape Investment Advisory Inc. purchased a new position in shares of Pinnacle West Capital during the first quarter worth $30,000. Venturi Wealth Management LLC grew its stake in shares of 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 buying an additional 238 shares in the last quarter. Prospera Private Wealth LLC purchased a new stake in shares of Pinnacle West Capital in the 3rd quarter valued at $43,000. Finally, Ashton Thomas Private Wealth LLC acquired a new position in Pinnacle West Capital during the 2nd quarter worth about $52,000. 91.51% of the stock is owned by hedge funds and other 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.