AlphaQuest LLC Purchases 12,737 Shares of Pinnacle West Capital Co. (NYSE:PNW)

AlphaQuest LLC lifted its position in shares of Pinnacle West Capital Co. (NYSE:PNW) by 44.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 41,315 shares of the utilities provider’s stock after acquiring an additional 12,737 shares during the period. Pinnacle West Capital comprises approximately 0.5% of AlphaQuest LLC’s holdings, making the stock its 4th largest holding. AlphaQuest LLC’s holdings in Pinnacle West Capital were worth $3,502,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the company. HITE Hedge Asset Management LLC grew its stake in Pinnacle West Capital by 261.2% during the 3rd quarter. HITE Hedge Asset Management LLC now owns 92,311 shares of the utilities provider’s stock worth $8,178,000 after buying an additional 66,755 shares during the last quarter. XTX Topco Ltd bought a new position in Pinnacle West Capital during the 3rd quarter worth $2,235,000. Principal Financial Group Inc. grew its stake in Pinnacle West Capital by 7.7% during the 3rd quarter. Principal Financial Group Inc. now owns 139,243 shares of the utilities provider’s stock worth $12,336,000 after buying an additional 9,993 shares during the last quarter. Entropy Technologies LP grew its stake in Pinnacle West Capital by 170.1% during the 3rd quarter. Entropy Technologies LP now owns 30,314 shares of the utilities provider’s stock worth $2,686,000 after buying an additional 19,089 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its stake in Pinnacle West Capital by 47.2% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,716 shares of the utilities provider’s stock worth $995,000 after buying an additional 3,758 shares during the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. KeyCorp upgraded 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 note on Wednesday, December 4th. Jefferies Financial Group lowered their price objective on Pinnacle West Capital from $106.00 to $104.00 and set a “buy” rating for the company in a research note on Tuesday, January 28th. Morgan Stanley decreased their price target on 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. Wells Fargo & Company increased their price target on Pinnacle West Capital from $92.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 26th. Finally, Guggenheim reissued a “buy” rating and issued a $100.00 price target on shares of Pinnacle West Capital in a research note on Wednesday, February 26th. Six analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $90.15.

Pinnacle West Capital Trading Up 1.3 %

Shares of PNW stock opened at $91.91 on Friday. The stock has a 50-day simple moving average of $87.62 and a 200 day simple moving average of $88.42. Pinnacle West Capital Co. has a fifty-two week low of $69.50 and a fifty-two week high of $95.42. The stock has a market capitalization of $10.95 billion, a P/E ratio of 17.41, a P/E/G ratio of 3.59 and a beta of 0.53. The company has a quick ratio of 0.54, a current ratio of 0.71 and a debt-to-equity ratio of 1.20.

Pinnacle West Capital (NYSE:PNW) last announced its earnings results on Tuesday, February 25th. The utilities provider reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.25. Pinnacle West Capital had a return on equity of 9.60% and a net margin of 12.26%. The business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.06 billion. On average, sell-side analysts expect that Pinnacle West Capital Co. will post 5.13 earnings per share for the current fiscal year.

Pinnacle West Capital Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Monday, February 3rd were paid a dividend of $0.895 per share. The ex-dividend date was Monday, February 3rd. This represents a $3.58 annualized dividend and a yield of 3.90%. Pinnacle West Capital’s dividend payout ratio is currently 68.58%.

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.