Short Interest in Pinnacle West Capital Co. (NYSE:PNW) Decreases By 14.2%

Pinnacle West Capital Co. (NYSE:PNW) saw a large decrease in short interest during the month of December. As of December 31st, there was short interest totalling 3,500,000 shares, a decrease of 14.2% from the December 15th total of 4,080,000 shares. Based on an average daily trading volume, of 1,240,000 shares, the short-interest ratio is presently 2.8 days.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. KeyCorp upgraded Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 price target on the stock in a research note on Wednesday, December 4th. Jefferies Financial Group assumed coverage on Pinnacle West Capital in a research note on Thursday, September 19th. They issued a “buy” rating and a $104.00 price target on the stock. Barclays downgraded Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $93.00 to $91.00 in a research note on Monday, November 18th. Morgan Stanley cut their target price on Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating on the stock in a research note on Friday, November 22nd. Finally, Wells Fargo & Company increased their target price on Pinnacle West Capital from $90.00 to $92.00 and gave the company an “equal weight” rating in a research note on Thursday, November 7th. Eight research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, Pinnacle West Capital presently has an average rating of “Hold” and an average price target of $84.65.

Hedge Funds Weigh In On Pinnacle West Capital

Several hedge funds and other institutional investors have recently modified their holdings of the company. Venturi Wealth Management LLC raised its holdings in Pinnacle West Capital by 124.6% in the 3rd quarter. Venturi Wealth Management LLC now owns 429 shares of the utilities provider’s stock worth $38,000 after purchasing an additional 238 shares during the period. Prospera Private Wealth LLC bought a new position in Pinnacle West Capital in the 3rd quarter worth $43,000. Roble Belko & Company Inc bought a new position in Pinnacle West Capital in the 4th quarter worth $42,000. Kennebec Savings Bank bought a new position in Pinnacle West Capital in the 3rd quarter worth $64,000. Finally, MassMutual Private Wealth & Trust FSB raised its holdings in Pinnacle West Capital by 27.2% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 899 shares of the utilities provider’s stock worth $76,000 after purchasing an additional 192 shares during the period. 91.51% of the stock is owned by institutional investors.

Pinnacle West Capital Price Performance

NYSE PNW opened at $86.52 on Friday. The business’s fifty day moving average price is $88.23 and its 200-day moving average price is $86.78. The stock has a market capitalization of $9.84 billion, a price-to-earnings ratio of 16.39, a PEG ratio of 3.24 and a beta of 0.56. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54. Pinnacle West Capital has a 1-year low of $65.20 and a 1-year high of $95.42.

Pinnacle West Capital Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Monday, February 3rd will be issued a dividend of $0.895 per share. The ex-dividend date of this dividend is Monday, February 3rd. This represents a $3.58 annualized dividend and a dividend yield of 4.14%. Pinnacle West Capital’s payout ratio is 67.80%.

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.