GAMMA Investing LLC Raises Stock Position in Pinnacle West Capital Co. (NYSE:PNW)

GAMMA Investing LLC grew its position in shares of Pinnacle West Capital Co. (NYSE:PNW) by 31.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,513 shares of the utilities provider’s stock after buying an additional 366 shares during the quarter. GAMMA Investing LLC’s holdings in Pinnacle West Capital were worth $128,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of PNW. Venturi Wealth Management LLC increased its stake in shares of 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 in the last quarter. Prospera Private Wealth LLC purchased a new position in Pinnacle West Capital during the third quarter valued at $43,000. Ashton Thomas Private Wealth LLC bought a new stake in Pinnacle West Capital during the second quarter valued at about $52,000. Kennebec Savings Bank purchased a new stake in Pinnacle West Capital in the third quarter worth about $64,000. Finally, Blue Trust Inc. raised its stake in shares of Pinnacle West Capital by 193.5% in the third quarter. Blue Trust Inc. now owns 1,080 shares of the utilities provider’s stock worth $96,000 after buying an additional 712 shares during the period. 91.51% of the stock is owned by institutional investors.

Pinnacle West Capital Price Performance

Shares of NYSE PNW opened at $83.41 on Friday. Pinnacle West Capital Co. has a fifty-two week low of $65.20 and a fifty-two week high of $95.42. The company has a market cap of $9.48 billion, a PE ratio of 15.80, a P/E/G ratio of 2.10 and a beta of 0.56. 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 has a 50-day simple moving average of $88.69 and a two-hundred day simple moving average of $86.52.

Pinnacle West Capital Announces Dividend

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 issued a $0.895 dividend. The ex-dividend date is Monday, February 3rd. This represents a $3.58 dividend on an annualized basis and a dividend yield of 4.29%. Pinnacle West Capital’s dividend payout ratio is currently 67.80%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on PNW. Jefferies Financial Group started coverage on Pinnacle West Capital in a research note on Thursday, September 19th. They set a “buy” rating and a $104.00 price objective for the company. Citigroup upped their price target on shares of Pinnacle West Capital from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 4th. Wells Fargo & Company raised their price objective on shares of Pinnacle West Capital from $90.00 to $92.00 and gave the company an “equal weight” rating in a research report on Thursday, November 7th. Morgan Stanley dropped their target price on shares of Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating for the company in a report on Friday, November 22nd. Finally, KeyCorp raised Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 price target on the stock in a report on Wednesday, December 4th. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $84.65.

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.