Pinnacle West Capital Co. (NYSE:PNW) Shares Sold by Oppenheimer & Co. Inc.

Oppenheimer & Co. Inc. reduced its position in Pinnacle West Capital Co. (NYSE:PNW) by 10.6% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 5,060 shares of the utilities provider’s stock after selling 599 shares during the period. Oppenheimer & Co. Inc.’s holdings in Pinnacle West Capital were worth $448,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Blue Trust Inc. lifted its stake in Pinnacle West Capital by 377.9% in the second quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock valued at $28,000 after buying an additional 291 shares during the last quarter. Cape Investment Advisory Inc. purchased a new stake in Pinnacle West Capital in the 1st quarter valued at $30,000. Venturi Wealth Management LLC boosted its stake in Pinnacle West Capital by 124.6% during 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. Ashton Thomas Private Wealth LLC purchased a new position in Pinnacle West Capital during the 2nd quarter worth $52,000. Finally, Kennebec Savings Bank acquired a new position in Pinnacle West Capital in the third quarter valued at $64,000. 91.51% of the stock is owned by institutional investors and hedge funds.

Pinnacle West Capital Stock Up 1.8 %

Shares of NYSE PNW opened at $93.49 on Friday. The stock has a market capitalization of $10.63 billion, a price-to-earnings ratio of 17.38, a price-to-earnings-growth ratio of 2.13 and a beta of 0.52. Pinnacle West Capital Co. has a 52 week low of $65.20 and a 52 week high of $93.65. The firm has a 50-day moving average price of $88.88 and a 200 day moving average price of $83.72. 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 Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 4th will be given a dividend of $0.895 per share. This represents a $3.58 dividend on an annualized basis and a dividend yield of 3.83%. This is an increase from Pinnacle West Capital’s previous quarterly dividend of $0.88. The ex-dividend date is Monday, November 4th. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 67.80%.

Wall Street Analysts Forecast Growth

PNW has been the subject of several recent research reports. Morgan Stanley increased their target price on shares of Pinnacle West Capital from $78.00 to $83.00 and gave the stock an “equal weight” rating in a research note on Wednesday, September 25th. Wells Fargo & Company lifted their target price on Pinnacle West Capital from $90.00 to $92.00 and gave the company an “equal weight” rating in a research note 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. Jefferies Financial Group assumed coverage on shares of Pinnacle West Capital in a research report on Thursday, September 19th. They issued a “buy” rating and a $104.00 price objective on the stock. Finally, Barclays downgraded shares of Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $93.00 to $91.00 in a research report on Monday. Eight analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $82.04.

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.