Old Port Advisors Lowers Stake in Pinnacle West Capital Co. (NYSE:PNW)

Old Port Advisors cut its stake in Pinnacle West Capital Co. (NYSE:PNW) by 3.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,144 shares of the utilities provider’s stock after selling 170 shares during the quarter. Old Port Advisors’ holdings in Pinnacle West Capital were worth $351,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. Commonwealth Equity Services LLC raised its holdings in Pinnacle West Capital by 6.4% in the second quarter. Commonwealth Equity Services LLC now owns 43,009 shares of the utilities provider’s stock worth $3,285,000 after purchasing an additional 2,589 shares in the last quarter. Van ECK Associates Corp raised its stake in shares of Pinnacle West Capital by 9.1% during the 2nd quarter. Van ECK Associates Corp now owns 29,301 shares of the utilities provider’s stock worth $2,238,000 after acquiring an additional 2,433 shares in the last quarter. Natixis Advisors LLC lifted its position in Pinnacle West Capital by 12.0% during the second quarter. Natixis Advisors LLC now owns 22,879 shares of the utilities provider’s stock valued at $1,747,000 after acquiring an additional 2,456 shares during the last quarter. National Bank of Canada FI boosted its stake in Pinnacle West Capital by 22.4% in the second quarter. National Bank of Canada FI now owns 31,298 shares of the utilities provider’s stock valued at $2,370,000 after acquiring an additional 5,721 shares in the last quarter. Finally, Victory Capital Management Inc. grew its holdings in Pinnacle West Capital by 11.5% in the second quarter. Victory Capital Management Inc. now owns 457,634 shares of the utilities provider’s stock worth $34,954,000 after purchasing an additional 47,282 shares during the last quarter. 91.51% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently commented on PNW shares. Barclays lowered Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $93.00 to $91.00 in a report on Monday, November 18th. Wells Fargo & Company increased their price target 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. Morgan Stanley dropped their price target 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. KeyCorp raised shares of Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 price objective for the company in a research report on Wednesday, December 4th. Finally, Jefferies Financial Group started coverage on shares of Pinnacle West Capital in a research report on Thursday, September 19th. They set a “buy” rating and a $104.00 target price on the stock. Eight analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $84.65.

Pinnacle West Capital Stock Down 0.5 %

NYSE:PNW opened at $84.31 on Friday. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54. The company’s fifty day moving average price is $89.05 and its 200-day moving average price is $86.21. Pinnacle West Capital Co. has a 1-year low of $65.20 and a 1-year high of $95.42. The firm has a market capitalization of $9.59 billion, a P/E ratio of 15.97, a PEG ratio of 2.10 and a beta of 0.54.

Pinnacle West Capital Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Monday, February 3rd will be given a dividend of $0.895 per share. This represents a $3.58 annualized dividend and a yield of 4.25%. The ex-dividend date of this dividend is Monday, February 3rd. Pinnacle West Capital’s dividend payout ratio 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.