Blueshift Asset Management LLC Buys New Shares in Pinnacle West Capital Co. (NYSE:PNW)

Blueshift Asset Management LLC purchased a new position in shares of Pinnacle West Capital Co. (NYSE:PNW) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 3,546 shares of the utilities provider’s stock, valued at approximately $314,000.

A number of other hedge funds also recently made changes to their positions in PNW. Blue Trust Inc. raised its position in shares of Pinnacle West Capital by 377.9% in the 2nd 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 period. Cape Investment Advisory Inc. acquired a new stake in Pinnacle West Capital during the first quarter worth about $30,000. Venturi Wealth Management LLC raised its holdings 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 during the period. Prospera Private Wealth LLC acquired a new position in shares of Pinnacle West Capital in the 3rd quarter valued at about $43,000. Finally, Ashton Thomas Private Wealth LLC acquired a new position in shares of Pinnacle West Capital in the 2nd quarter valued at about $52,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Pinnacle West Capital Price Performance

PNW stock opened at $94.52 on Friday. The company has a market capitalization of $10.75 billion, a PE ratio of 17.90, a P/E/G ratio of 2.20 and a beta of 0.52. The company has a quick ratio of 0.54, a current ratio of 0.71 and a debt-to-equity ratio of 1.20. The stock’s 50 day moving average is $89.31 and its two-hundred day moving average is $84.38. Pinnacle West Capital Co. has a 52-week low of $65.20 and a 52-week high of $95.42.

Pinnacle West Capital Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 4th will be issued a $0.895 dividend. The ex-dividend date of this dividend is Monday, November 4th. This is a boost from Pinnacle West Capital’s previous quarterly dividend of $0.88. This represents a $3.58 annualized dividend and a yield of 3.79%. 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.