40,842 Shares in Pinnacle West Capital Co. (NYSE:PNW) Purchased by Clean Energy Transition LLP

Clean Energy Transition LLP purchased a new stake in Pinnacle West Capital Co. (NYSE:PNW) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 40,842 shares of the utilities provider’s stock, valued at approximately $3,618,000. Pinnacle West Capital accounts for 0.2% of Clean Energy Transition LLP’s holdings, making the stock its 10th biggest position.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Price T Rowe Associates Inc. MD grew its stake in shares of Pinnacle West Capital by 2.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 150,298 shares of the utilities provider’s stock valued at $11,232,000 after buying an additional 2,892 shares during the period. Tidal Investments LLC acquired a new position in shares of Pinnacle West Capital during the 1st quarter valued at $295,000. Cetera Investment Advisers boosted its position in Pinnacle West Capital by 177.0% during the 1st quarter. Cetera Investment Advisers now owns 29,090 shares of the utilities provider’s stock worth $2,174,000 after purchasing an additional 18,589 shares during the period. Cetera Advisors LLC acquired a new stake in shares of Pinnacle West Capital in the first quarter valued at about $569,000. Finally, NovaPoint Capital LLC grew its position in Pinnacle West Capital by 9.0% in the second quarter. NovaPoint Capital LLC now owns 8,621 shares of the utilities provider’s stock valued at $658,000 after acquiring an additional 712 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Pinnacle West Capital Stock Performance

Shares of PNW stock opened at $93.70 on Monday. Pinnacle West Capital Co. has a 52 week low of $65.20 and a 52 week high of $95.42. The company has a market cap of $10.65 billion, a P/E ratio of 17.75, a PEG ratio of 2.22 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 business has a 50 day moving average of $89.38 and a two-hundred day moving average of $84.60.

Pinnacle West Capital Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 4th will be given a $0.895 dividend. The ex-dividend date is Monday, November 4th. This is an increase from Pinnacle West Capital’s previous quarterly dividend of $0.88. This represents a $3.58 annualized dividend and a yield of 3.82%. Pinnacle West Capital’s dividend payout ratio (DPR) is currently 67.80%.

Analyst Ratings Changes

A number of research firms recently weighed in on PNW. Barclays lowered shares of Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $93.00 to $91.00 in a report on Monday, November 18th. Jefferies Financial Group started coverage on 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. 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 research report on Thursday, November 7th. Morgan Stanley decreased their price objective 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, StockNews.com upgraded shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a research note on Monday, August 5th. Eight equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Pinnacle West Capital has an average rating of “Hold” and an average target price of $81.88.

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.