Watershed Asset Management L.L.C. Purchases New Holdings in Pinnacle West Capital Co. (NYSE:PNW)

Watershed Asset Management L.L.C. purchased a new stake in Pinnacle West Capital Co. (NYSE:PNW) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 3,144 shares of the utilities provider’s stock, valued at approximately $226,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Financial Gravity Asset Management Inc. boosted its stake in Pinnacle West Capital by 338.3% in the third quarter. Financial Gravity Asset Management Inc. now owns 355 shares of the utilities provider’s stock valued at $26,000 after acquiring an additional 274 shares during the last quarter. BOK Financial Private Wealth Inc. bought a new position in Pinnacle West Capital in the fourth quarter valued at approximately $26,000. Tobam boosted its stake in Pinnacle West Capital by 2,620.0% in the fourth quarter. Tobam now owns 408 shares of the utilities provider’s stock valued at $29,000 after acquiring an additional 393 shares during the last quarter. Blue Trust Inc. boosted its stake in Pinnacle West Capital by 985.7% in the fourth quarter. Blue Trust Inc. now owns 532 shares of the utilities provider’s stock valued at $39,000 after acquiring an additional 483 shares during the last quarter. Finally, First Command Advisory Services Inc. bought a new position in shares of Pinnacle West Capital during the third quarter worth $52,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on PNW. Wells Fargo & Company reduced their price target on shares of Pinnacle West Capital from $78.00 to $74.00 and set an “equal weight” rating on the stock in a research report on Friday, January 26th. Bank of America raised shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $71.00 to $80.00 in a research report on Monday, March 18th. StockNews.com lowered shares of Pinnacle West Capital from a “hold” rating to a “sell” rating in a report on Thursday, March 14th. Morgan Stanley raised their price objective on shares of Pinnacle West Capital from $69.00 to $70.00 and gave the stock an “equal weight” rating in a report on Thursday, March 21st. Finally, Mizuho dropped their price objective on shares of Pinnacle West Capital from $77.00 to $75.00 and set a “buy” rating on the stock in a report on Wednesday, March 6th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, Pinnacle West Capital presently has a consensus rating of “Hold” and an average target price of $73.00.

Pinnacle West Capital Stock Performance

Shares of Pinnacle West Capital stock traded up $0.04 during trading on Wednesday, hitting $74.54. 931,855 shares of the stock were exchanged, compared to its average volume of 1,345,864. The stock has a market capitalization of $8.46 billion, a price-to-earnings ratio of 16.89, a price-to-earnings-growth ratio of 2.09 and a beta of 0.49. The company has a fifty day moving average price of $71.49 and a 200-day moving average price of $72.11. Pinnacle West Capital Co. has a 1-year low of $65.20 and a 1-year high of $86.03. The company has a current ratio of 0.67, a quick ratio of 0.50 and a debt-to-equity ratio of 1.20.

Pinnacle West Capital Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Wednesday, May 1st will be paid a dividend of $0.88 per share. The ex-dividend date is Tuesday, April 30th. This represents a $3.52 annualized dividend and a dividend yield of 4.72%. Pinnacle West Capital’s dividend payout ratio is presently 79.82%.

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.