41,622 Shares in Pinnacle West Capital Co. (NYSE:PNW) Purchased by Proficio Capital Partners LLC

Proficio Capital Partners LLC purchased a new position in shares of Pinnacle West Capital Co. (NYSE:PNW) in the fourth quarter, HoldingsChannel.com reports. The institutional investor purchased 41,622 shares of the utilities provider’s stock, valued at approximately $3,528,000.

A number of other large investors have also recently made changes to their positions in the company. HITE Hedge Asset Management LLC lifted its holdings 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 valued at $8,178,000 after buying an additional 66,755 shares in the last quarter. XTX Topco Ltd bought a new stake in Pinnacle West Capital during the 3rd quarter valued at about $2,235,000. Principal Financial Group Inc. lifted its holdings 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 valued at $12,336,000 after buying an additional 9,993 shares in the last quarter. Entropy Technologies LP lifted its holdings 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 valued at $2,686,000 after buying an additional 19,089 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings 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 valued at $995,000 after buying an additional 3,758 shares in the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PNW has been the subject of a number of research analyst reports. 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. Wells Fargo & Company lifted their price objective on shares of Pinnacle West Capital from $92.00 to $95.00 and gave the company an “equal weight” rating in a report on Wednesday, February 26th. Jefferies Financial Group reduced their price target on shares of Pinnacle West Capital from $106.00 to $104.00 and set a “buy” rating for the company in a report on Tuesday, January 28th. Guggenheim restated a “buy” rating and issued a $100.00 price target on shares of Pinnacle West Capital in a report on Wednesday, February 26th. Finally, KeyCorp upgraded shares of Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 price target for the company in a report on Wednesday, December 4th. Six analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $88.77.

Pinnacle West Capital Stock Down 2.5 %

Shares of Pinnacle West Capital stock opened at $91.86 on Wednesday. The firm’s 50 day moving average price is $87.27 and its 200-day moving average price is $88.34. 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 Co. has a 52-week low of $67.74 and a 52-week high of $95.42. The company has a market cap of $10.94 billion, a P/E ratio of 17.40, a PEG ratio of 3.59 and a beta of 0.57.

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

Pinnacle West Capital Dividend Announcement

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

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.