Pinnacle West Capital Co. (NYSE:PNW) Shares Purchased by HITE Hedge Asset Management LLC

HITE Hedge Asset Management LLC boosted its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 261.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 92,311 shares of the utilities provider’s stock after purchasing an additional 66,755 shares during the period. HITE Hedge Asset Management LLC owned about 0.08% of Pinnacle West Capital worth $8,178,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Blue Trust Inc. raised 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 worth $28,000 after buying an additional 291 shares during the last quarter. Venturi Wealth Management LLC boosted its stake in shares of Pinnacle West Capital by 124.6% during the third quarter. Venturi Wealth Management LLC now owns 429 shares of the utilities provider’s stock valued at $38,000 after purchasing an additional 238 shares during the period. Prospera Private Wealth LLC acquired a new position in shares of Pinnacle West Capital during the third quarter valued at about $43,000. Ashton Thomas Private Wealth LLC purchased a new position in shares of Pinnacle West Capital during the 2nd quarter valued at approximately $52,000. Finally, First Horizon Advisors Inc. increased its position in shares of Pinnacle West Capital by 20.9% during the 2nd quarter. First Horizon Advisors Inc. now owns 794 shares of the utilities provider’s stock worth $61,000 after purchasing an additional 137 shares during the last quarter. 91.51% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

PNW has been the topic of several research reports. Wells Fargo & Company upped their target price on Pinnacle West Capital from $90.00 to $92.00 and gave the company an “equal weight” rating in a report on Thursday, November 7th. Barclays lowered shares of Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $93.00 to $91.00 in a research note on Monday, November 18th. Jefferies Financial Group began coverage on Pinnacle West Capital in a report on Thursday, September 19th. They set a “buy” rating and a $104.00 price objective on the stock. StockNews.com raised shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a research note on Monday, August 5th. Finally, Morgan Stanley cut their target price on Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating for the company in a research note on Friday, November 22nd. Eight equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $81.88.

Pinnacle West Capital Stock Down 1.4 %

Shares of PNW opened at $92.40 on Tuesday. Pinnacle West Capital Co. has a 52 week low of $65.20 and a 52 week high of $95.42. The firm has a market capitalization of $10.51 billion, a price-to-earnings ratio of 17.50, a PEG ratio of 2.22 and a beta of 0.54. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.54 and a current ratio of 0.71. The business’s fifty day moving average price is $89.43 and its two-hundred day moving average price is $84.70.

Pinnacle West Capital Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Monday, November 4th were given a dividend of $0.895 per share. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.88. This represents a $3.58 annualized dividend and a yield of 3.87%. The ex-dividend date was Monday, November 4th. Pinnacle West Capital’s dividend payout ratio (DPR) is currently 67.80%.

Pinnacle West Capital 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.