Pinnacle West Capital (NYSE:PNW) Hits New 1-Year High at $89.49

Pinnacle West Capital Co. (NYSE:PNW - Get Free Report) reached a new 52-week high during trading on Thursday . The company traded as high as $89.49 and last traded at $89.01, with a volume of 95639 shares trading hands. The stock had previously closed at $88.55.

Analyst Ratings Changes

Several brokerages have recently weighed in on PNW. Wells Fargo & Company increased their price objective on shares of Pinnacle West Capital from $80.00 to $87.00 and gave the stock an "equal weight" rating in a report on Friday, August 2nd. StockNews.com upgraded shares of Pinnacle West Capital from a "sell" rating to a "hold" rating in a report on Monday, August 5th. Barclays dropped their price objective on 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 lifted their target price on Pinnacle West Capital from $72.00 to $78.00 and gave the company an "equal weight" rating in a report on Friday, August 23rd. Finally, LADENBURG THALM/SH SH raised Pinnacle West Capital from a "neutral" rating to a "buy" rating and boosted their price target for the company from $74.00 to $83.50 in a research report on Thursday, June 6th. Eight investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $77.95.

Pinnacle West Capital Trading Down 0.1 %

The business has a 50 day moving average price of $83.43 and a 200-day moving average price of $77.29. The firm has a market cap of $10.05 billion, a price-to-earnings ratio of 19.27, a price-to-earnings-growth ratio of 2.23 and a beta of 0.50. The company has a quick ratio of 0.48, a current ratio of 0.66 and a debt-to-equity ratio of 1.28.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last posted its quarterly earnings data on Thursday, August 1st. The utilities provider reported $1.76 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.31 by $0.45. The company had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.21 billion. Pinnacle West Capital had a net margin of 12.65% and a return on equity of 9.75%. The business's quarterly revenue was up 15.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.94 earnings per share. As a group, research analysts expect that Pinnacle West Capital Co. will post 4.75 EPS for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Thursday, August 1st were given a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a dividend yield of 3.98%. The ex-dividend date of this dividend was Thursday, August 1st. Pinnacle West Capital's payout ratio is 76.69%.

Insider Buying and Selling

In other news, EVP Robert Edgar Smith sold 4,950 shares of the firm's stock in a transaction that occurred on Friday, August 9th. The shares were 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 owns 6,397 shares of the company's stock, valued at $548,862.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.23% of the company's stock.

Institutional Investors Weigh In On Pinnacle West Capital

A number of institutional investors have recently made changes to their positions in PNW. Capital Research Global Investors lifted its stake in Pinnacle West Capital by 97.5% in the first quarter. Capital Research Global Investors now owns 12,851,930 shares of the utilities provider's stock valued at $960,425,000 after buying an additional 6,344,121 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC boosted its stake in Pinnacle West Capital by 24.6% during the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,985,619 shares of the utilities provider's stock valued at $533,562,000 after purchasing an additional 1,379,368 shares during the period. Lazard Asset Management LLC grew its position in Pinnacle West Capital by 72.7% in the 1st quarter. Lazard Asset Management LLC now owns 6,719,397 shares of the utilities provider's stock worth $502,139,000 after purchasing an additional 2,828,450 shares during the last quarter. Zimmer Partners LP acquired a new stake in shares of Pinnacle West Capital in the first quarter valued at approximately $198,409,000. Finally, Norges Bank bought a new stake in shares of Pinnacle West Capital during the fourth quarter valued at approximately $112,914,000. 91.51% of the stock is currently owned by 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.