HITE Hedge Asset Management LLC Grows Stock Holdings in Pinnacle West Capital Co. (NYSE:PNW)

HITE Hedge Asset Management LLC lifted its position in Pinnacle West Capital Co. (NYSE:PNW) by 261.2% in the 3rd quarter, HoldingsChannel reports. The firm owned 92,311 shares of the utilities provider’s stock after purchasing an additional 66,755 shares during the quarter. HITE Hedge Asset Management LLC’s holdings in Pinnacle West Capital were worth $8,178,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of PNW. Tidal Investments LLC acquired a new position in Pinnacle West Capital in the 1st quarter valued at $295,000. Cetera Investment Advisers boosted its stake 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 valued at $2,174,000 after purchasing an additional 18,589 shares during the period. Cetera Advisors LLC acquired a new position in Pinnacle West Capital during the first quarter worth approximately $569,000. Butensky & Cohen Financial Security Inc. boosted its stake in shares of Pinnacle West Capital by 2.6% during the 2nd quarter. Butensky & Cohen Financial Security Inc. now owns 58,502 shares of the utilities provider’s stock worth $4,468,000 after acquiring an additional 1,492 shares in the last quarter. Finally, QRG Capital Management Inc. grew its holdings in shares of Pinnacle West Capital by 7.7% during the 2nd quarter. QRG Capital Management Inc. now owns 63,396 shares of the utilities provider’s stock worth $4,842,000 after purchasing an additional 4,533 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Analyst Upgrades and Downgrades

PNW has been the subject of several research analyst reports. StockNews.com upgraded shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a research note on Monday, August 5th. Jefferies Financial Group began coverage on shares of Pinnacle West Capital in a research note on Thursday, September 19th. They set a “buy” rating and a $104.00 target price on the stock. Barclays downgraded Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $93.00 to $91.00 in a research report on Monday, November 18th. Wells Fargo & Company raised 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. Finally, Morgan Stanley dropped 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 research note on Friday, November 22nd. Eight analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $81.88.

Pinnacle West Capital Stock Down 1.4 %

PNW opened at $92.40 on Tuesday. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54. Pinnacle West Capital Co. has a 12 month low of $65.20 and a 12 month high of $95.42. The stock has a market capitalization of $10.51 billion, a price-to-earnings ratio of 17.50, a price-to-earnings-growth ratio of 2.22 and a beta of 0.54. The business has a 50-day moving average of $89.43 and a two-hundred day moving average of $84.70.

Pinnacle West Capital Increases Dividend

The company also recently disclosed 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 3.87%. 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 dividend payout ratio (DPR) is presently 67.80%.

About Pinnacle West Capital

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.