Pinnacle West Capital (NYSE:PNW) Sets New 1-Year High on Better-Than-Expected Earnings

Shares of Pinnacle West Capital Co. (NYSE:PNW) hit a new 52-week high on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $92.07 and last traded at $92.01, with a volume of 710783 shares. The stock had previously closed at $86.71.

The utilities provider reported $3.37 EPS for the quarter, beating analysts’ consensus estimates of $3.35 by $0.02. Pinnacle West Capital had a net margin of 12.65% and a return on equity of 9.75%. The firm had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.68 billion.

Pinnacle West Capital Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 4th will be given a $0.895 dividend. This is an increase from Pinnacle West Capital’s previous quarterly dividend of $0.88. This represents a $3.58 annualized dividend and a dividend yield of 3.90%. The ex-dividend date is Monday, November 4th. Pinnacle West Capital’s dividend payout ratio is currently 67.80%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. StockNews.com upgraded Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Monday, August 5th. Jefferies Financial Group started coverage on shares of Pinnacle West Capital in a research report on Thursday, September 19th. They issued a “buy” rating and a $104.00 target price on the stock. Wells Fargo & Company increased their price target on shares of Pinnacle West Capital from $90.00 to $92.00 and gave the stock an “equal weight” rating in a research note on Thursday. Finally, Morgan Stanley boosted their price objective on shares of Pinnacle West Capital from $78.00 to $83.00 and gave the company an “equal weight” rating in a research note on Wednesday, September 25th. Seven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $80.96.

Institutional Investors Weigh In On Pinnacle West Capital

A number of institutional investors have recently modified their holdings of PNW. Blue Trust Inc. increased its stake in Pinnacle West Capital by 377.9% during the second quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock valued at $28,000 after purchasing an additional 291 shares during the last quarter. Cape Investment Advisory Inc. acquired a new stake in Pinnacle West Capital during the first quarter worth about $30,000. Venturi Wealth Management LLC lifted its holdings in Pinnacle West Capital by 124.6% in the third quarter. Venturi Wealth Management LLC now owns 429 shares of the utilities provider’s stock worth $38,000 after acquiring an additional 238 shares during the last quarter. Prospera Private Wealth LLC acquired a new position in Pinnacle West Capital in the third quarter valued at approximately $43,000. Finally, Ashton Thomas Private Wealth LLC bought a new position in shares of Pinnacle West Capital during the second quarter valued at approximately $52,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Pinnacle West Capital Price Performance

The firm has a market capitalization of $10.43 billion, a price-to-earnings ratio of 17.39, a PEG ratio of 2.13 and a beta of 0.52. 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 business has a 50-day moving average price of $88.43 and a two-hundred day moving average price of $82.73.

Pinnacle West Capital Company Profile

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.