Pinnacle West Capital Corp. (PNW) Sets New 1-Year High at $82.78
Pinnacle West Capital Corp. (NYSE:PNW) shares hit a new 52-week high on Wednesday . The company traded as high as $82.78 and last traded at $82.14, with a volume of 515,136 shares trading hands. The stock had previously closed at $82.56.
A number of research analysts recently weighed in on PNW shares. Barclays PLC lifted their price objective on shares of Pinnacle West Capital Corp. from $70.00 to $74.00 and gave the company an “equal weight” rating in a report on Friday, March 18th. Zacks Investment Research upgraded shares of Pinnacle West Capital Corp. from a “hold” rating to a “buy” rating and set a $82.00 price target for the company in a report on Wednesday, May 18th. SunTrust Banks Inc. boosted their price target on shares of Pinnacle West Capital Corp. from $71.00 to $73.00 and gave the stock a “neutral” rating in a report on Monday, March 14th. Finally, Royal Bank Of Canada reiterated a “sector perfor” rating and set a $69.00 price target (down previously from $73.00) on shares of Pinnacle West Capital Corp. in a report on Monday, June 20th. Three research analysts have rated the stock with a sell rating and five have given a hold rating to the company. The company has an average rating of “Hold” and a consensus target price of $69.11.
The firm has a 50 day moving average of $76.52 and a 200 day moving average of $71.42. The company has a market capitalization of $9.00 billion and a price-to-earnings ratio of 21.21.
Pinnacle West Capital Corp. (NYSE:PNW) last issued its quarterly earnings data on Friday, April 29th. The company reported $0.04 earnings per share for the quarter, missing analysts’ consensus estimates of $0.12 by $0.08. During the same quarter in the prior year, the company posted $0.14 EPS. The company had revenue of $677.20 million for the quarter, compared to analyst estimates of $696.50 million. The firm’s quarterly revenue was up .9% on a year-over-year basis. Analysts expect that Pinnacle West Capital Corp. will post $3.99 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 1st. Investors of record on Monday, August 1st will be paid a dividend of $0.625 per share. This represents a $2.50 dividend on an annualized basis and a dividend yield of 3.09%. The ex-dividend date is Thursday, July 28th.
In related news, Director Denis A. Cortese sold 2,000 shares of Pinnacle West Capital Corp. stock in a transaction dated Friday, May 6th. The shares were sold at an average price of $72.87, for a total transaction of $145,740.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Randall K. Edington sold 6,500 shares of Pinnacle West Capital Corp. stock in a transaction dated Wednesday, May 11th. The shares were sold at an average price of $73.69, for a total transaction of $478,985.00. Following the sale, the executive vice president now owns 9,747 shares in the company, valued at $718,256.43. The disclosure for this sale can be found here.
Other hedge funds and institutional investors have recently added to or reduced their stakes in the company. Morgan Stanley raised its position in Pinnacle West Capital Corp. by 95.2% in the fourth quarter. Morgan Stanley now owns 745,843 shares of the company’s stock worth $48,092,000 after buying an additional 363,693 shares during the last quarter. Vanguard Group Inc. raised its position in Pinnacle West Capital Corp. by 2.6% in the fourth quarter. Vanguard Group Inc. now owns 9,550,910 shares of the company’s stock worth $615,842,000 after buying an additional 242,593 shares during the last quarter. Sei Investments Co. raised its position in Pinnacle West Capital Corp. by 865.5% in the fourth quarter. Sei Investments Co. now owns 83,263 shares of the company’s stock worth $5,369,000 after buying an additional 74,639 shares during the last quarter. Engineers Gate Manager LP purchased a new position in Pinnacle West Capital Corp. during the fourth quarter worth about $2,646,000. Finally, Stevens Capital Management LP purchased a new position in Pinnacle West Capital Corp. during the fourth quarter worth about $2,001,000.
Pinnacle West Capital Corporation is a holding company that operates primarily through its subsidiaries. The Company operates through electricity segment, which consists of traditional regulated retail and wholesale electricity businesses (primarily electric service to Native Load customers) and related activities, and includes electricity generation, transmission and distribution.
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