Duality Advisers LP Makes New Investment in Pinnacle West Capital Co. (NYSE:PNW)

Duality Advisers LP acquired a new position in Pinnacle West Capital Co. (NYSE:PNW) during the fourth quarter, HoldingsChannel reports. The firm acquired 19,789 shares of the utilities provider’s stock, valued at approximately $1,422,000.

Several other hedge funds and other institutional investors have also modified their holdings of the company. FMR LLC raised its holdings in Pinnacle West Capital by 1.0% in the third quarter. FMR LLC now owns 1,153,505 shares of the utilities provider’s stock valued at $84,990,000 after buying an additional 11,591 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Pinnacle West Capital by 1.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 963,193 shares of the utilities provider’s stock valued at $70,968,000 after acquiring an additional 9,696 shares in the last quarter. Empower Advisory Group LLC lifted its holdings in shares of Pinnacle West Capital by 1.5% during the 3rd quarter. Empower Advisory Group LLC now owns 886,891 shares of the utilities provider’s stock valued at $65,346,000 after acquiring an additional 12,850 shares in the last quarter. California Public Employees Retirement System boosted its position in Pinnacle West Capital by 4.4% during the 3rd quarter. California Public Employees Retirement System now owns 642,395 shares of the utilities provider’s stock worth $47,332,000 after purchasing an additional 27,082 shares during the period. Finally, Ameriprise Financial Inc. increased its holdings in Pinnacle West Capital by 1.4% in the 3rd quarter. Ameriprise Financial Inc. now owns 595,799 shares of the utilities provider’s stock valued at $43,898,000 after purchasing an additional 8,436 shares in the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Pinnacle West Capital Stock Performance

PNW stock opened at $74.50 on Wednesday. The stock’s 50 day simple moving average is $71.49 and its 200 day simple moving average is $72.11. Pinnacle West Capital Co. has a 12-month low of $65.20 and a 12-month high of $86.03. The firm has a market cap of $8.46 billion, a P/E ratio of 16.89, a P/E/G ratio of 2.09 and a beta of 0.49. 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 firm also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Wednesday, May 1st will be issued a dividend of $0.88 per share. The ex-dividend date is Tuesday, April 30th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 4.72%. Pinnacle West Capital’s dividend payout ratio (DPR) is 79.82%.

Analyst Ratings Changes

A number of research analysts have commented on PNW shares. UBS Group upgraded Pinnacle West Capital from a “sell” rating to a “neutral” rating and boosted their price objective for the stock from $68.00 to $71.00 in a research note on Monday, March 11th. StockNews.com lowered Pinnacle West Capital from a “hold” rating to a “sell” rating in a research report on Thursday, March 14th. LADENBURG THALM/SH SH began coverage on Pinnacle West Capital in a report on Wednesday, February 14th. They issued a “neutral” rating and a $69.00 price target for the company. Bank of America raised shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $71.00 to $80.00 in a research report on Monday, March 18th. Finally, Mizuho lowered their price target on shares of Pinnacle West Capital from $77.00 to $75.00 and set a “buy” rating for the company in a report on Wednesday, March 6th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $73.00.

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.