Old Port Advisors Sells 170 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Old Port Advisors cut its holdings in Pinnacle West Capital Co. (NYSE:PNW) by 3.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,144 shares of the utilities provider’s stock after selling 170 shares during the period. Old Port Advisors’ holdings in Pinnacle West Capital were worth $351,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Venturi Wealth Management LLC increased its holdings in shares of Pinnacle West Capital by 124.6% in the third 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 last quarter. Prospera Private Wealth LLC bought a new stake in Pinnacle West Capital in the 3rd quarter worth approximately $43,000. Ashton Thomas Private Wealth LLC purchased a new stake in shares of Pinnacle West Capital during the 2nd quarter worth approximately $52,000. Kennebec Savings Bank bought a new position in shares of Pinnacle West Capital during the 3rd quarter valued at approximately $64,000. Finally, Blue Trust Inc. increased its position in Pinnacle West Capital by 193.5% in the third quarter. Blue Trust Inc. now owns 1,080 shares of the utilities provider’s stock worth $96,000 after purchasing an additional 712 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors.

Pinnacle West Capital Trading Down 0.5 %

Shares of NYSE PNW opened at $84.31 on Friday. Pinnacle West Capital Co. has a twelve month low of $65.20 and a twelve month high of $95.42. The firm has a market cap of $9.59 billion, a PE ratio of 15.97, a price-to-earnings-growth ratio of 2.10 and a beta of 0.54. The business has a fifty day simple moving average of $89.05 and a two-hundred day simple moving average of $86.21. 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 Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Investors of record on Monday, February 3rd will be paid a $0.895 dividend. This represents a $3.58 dividend on an annualized basis and a yield of 4.25%. The ex-dividend date is Monday, February 3rd. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 67.80%.

Analysts Set New Price Targets

PNW has been the subject of several recent research reports. Jefferies Financial Group started coverage on Pinnacle West Capital in a research report on Thursday, September 19th. They issued a “buy” rating and a $104.00 price target for the company. KeyCorp upgraded Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 target price for the company in a report on Wednesday, December 4th. Barclays downgraded Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $93.00 to $91.00 in a research report on Monday, November 18th. Citigroup increased their target price on shares of Pinnacle West Capital from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Wednesday, December 4th. Finally, Morgan Stanley dropped their price target 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 research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target 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.