Pinnacle West Capital Co. (NYSE:PNW) Shares Sold by Fmr LLC

Fmr LLC reduced its position in Pinnacle West Capital Co. (NYSE:PNW) by 0.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 669,872 shares of the utilities provider’s stock after selling 2,500 shares during the period. Fmr LLC’s holdings in Pinnacle West Capital were worth $59,344,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. Bank of Montreal Can raised its position in shares of Pinnacle West Capital by 21.7% in the third quarter. Bank of Montreal Can now owns 247,548 shares of the utilities provider’s stock worth $21,851,000 after acquiring an additional 44,158 shares during the period. DRW Securities LLC purchased a new position in shares of Pinnacle West Capital in the 3rd quarter valued at about $420,000. Dynamic Technology Lab Private Ltd acquired a new position in Pinnacle West Capital in the 3rd quarter worth about $3,596,000. Daiwa Securities Group Inc. boosted its position in Pinnacle West Capital by 14.7% during the third quarter. Daiwa Securities Group Inc. now owns 5,238 shares of the utilities provider’s stock worth $464,000 after purchasing an additional 672 shares in the last quarter. Finally, Crewe Advisors LLC grew its holdings in Pinnacle West Capital by 39.2% in the third quarter. Crewe Advisors LLC now owns 1,100 shares of the utilities provider’s stock valued at $97,000 after purchasing an additional 310 shares during the period. 91.51% of the stock is owned by hedge funds and other institutional investors.

Pinnacle West Capital Price Performance

NYSE:PNW opened at $91.59 on Friday. Pinnacle West Capital Co. has a one year low of $65.20 and a one year high of $95.42. The stock has a market cap of $10.41 billion, a PE ratio of 17.35, a P/E/G ratio of 2.16 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 stock has a 50 day moving average price of $89.68 and a 200 day moving average price of $84.99.

Pinnacle West Capital Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Monday, November 4th were issued a dividend of $0.895 per share. This represents a $3.58 annualized dividend and a dividend yield of 3.91%. The ex-dividend date was Monday, November 4th. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.88. Pinnacle West Capital’s payout ratio is currently 67.80%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on PNW. Barclays downgraded Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $93.00 to $91.00 in a research note on Monday, November 18th. KeyCorp raised shares of Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 price objective on the stock in a report on Wednesday. Morgan Stanley cut 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 research note on Friday, November 22nd. Jefferies Financial Group began coverage on shares of 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. Finally, Wells Fargo & Company boosted their price objective on Pinnacle West Capital from $90.00 to $92.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 7th. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus 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.