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

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

Analysts Set New Price Targets

A number of brokerages have recently commented on PNW. BMO Capital Markets reaffirmed a “market perform” rating and set a $99.00 target price on shares of Pinnacle West Capital in a research report on Monday, October 20th. Morgan Stanley reiterated an “underperform” rating on shares of Pinnacle West Capital in a research note on Wednesday, January 21st. UBS Group increased 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. KeyCorp downgraded Pinnacle West Capital from an “overweight” rating to a “sector weight” rating in a research note on Friday, December 12th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Pinnacle West Capital in a research note on Thursday, January 22nd. 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 stock. According to MarketBeat.com, Pinnacle West Capital has a consensus rating of “Hold” and an average price target of $96.42.

Pinnacle West Capital Stock Performance

The stock has a market capitalization of $11.67 billion, a PE ratio of 20.05, a P/E/G ratio of 5.70 and a beta of 0.54. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.49 and a current ratio of 0.67. The firm’s 50 day moving average is $90.46 and its two-hundred day moving average is $90.08.

Pinnacle West Capital Dividend Announcement

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

Institutional Trading of Pinnacle West Capital

Several institutional investors and hedge funds have recently bought and sold shares of the business. Capital Research Global Investors increased its position in Pinnacle West Capital by 5.0% in the 3rd quarter. Capital Research Global Investors now owns 15,853,302 shares of the utilities provider’s stock valued at $1,421,407,000 after acquiring an additional 758,190 shares during the period. Vanguard Group Inc. increased its holdings in shares of Pinnacle West Capital by 2.2% in the second quarter. Vanguard Group Inc. now owns 14,781,290 shares of the utilities provider’s stock valued at $1,322,482,000 after purchasing an additional 316,629 shares during the period. Barrow Hanley Mewhinney & Strauss LLC increased its holdings in shares of Pinnacle West Capital by 8.5% in the third quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 7,223,725 shares of the utilities provider’s stock valued at $647,679,000 after purchasing an additional 568,581 shares during the period. Invesco Ltd. raised its stake in shares of Pinnacle West Capital by 2.5% during the second quarter. Invesco Ltd. now owns 4,248,954 shares of the utilities provider’s stock worth $380,154,000 after purchasing an additional 102,778 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Pinnacle West Capital by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 3,095,691 shares of the utilities provider’s stock worth $274,117,000 after purchasing an additional 27,861 shares during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

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.