2,387 Shares in Pinnacle West Capital Co. (NYSE:PNW) Bought by Longboard Asset Management LP

Longboard Asset Management LP purchased a new position in shares of Pinnacle West Capital Co. (NYSE:PNW) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 2,387 shares of the utilities provider’s stock, valued at approximately $202,000.

Other hedge funds have also recently modified their holdings of the company. HITE Hedge Asset Management LLC lifted its holdings in shares of Pinnacle West Capital by 261.2% during the third quarter. HITE Hedge Asset Management LLC now owns 92,311 shares of the utilities provider’s stock worth $8,178,000 after purchasing an additional 66,755 shares during the period. XTX Topco Ltd acquired a new stake in shares of Pinnacle West Capital during the third quarter worth $2,235,000. Principal Financial Group Inc. lifted its holdings in shares of Pinnacle West Capital by 7.7% during the third quarter. Principal Financial Group Inc. now owns 139,243 shares of the utilities provider’s stock worth $12,336,000 after purchasing an additional 9,993 shares during the period. Entropy Technologies LP lifted its holdings in shares of Pinnacle West Capital by 170.1% during the third quarter. Entropy Technologies LP now owns 30,314 shares of the utilities provider’s stock worth $2,686,000 after purchasing an additional 19,089 shares during the period. Finally, Bridgewater Associates LP lifted its holdings in shares of Pinnacle West Capital by 104.5% during the third quarter. Bridgewater Associates LP now owns 101,970 shares of the utilities provider’s stock worth $9,034,000 after purchasing an additional 52,095 shares during the period. 91.51% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PNW has been the topic of several research analyst reports. Wells Fargo & Company boosted their target price on shares of Pinnacle West Capital from $90.00 to $92.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 7th. Jefferies Financial Group decreased their target price on shares of Pinnacle West Capital from $106.00 to $104.00 and set a “buy” rating on the stock in a research report on Tuesday, January 28th. Morgan Stanley decreased their target price on shares of Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating on the stock in a research report on Friday, November 22nd. Citigroup boosted their target price on shares of Pinnacle West Capital from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 4th. Finally, KeyCorp upgraded shares of Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 target price on the stock in a research report on Wednesday, December 4th. Eight research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Pinnacle West Capital presently has an average rating of “Hold” and an average price target of $85.21.

Pinnacle West Capital Trading Up 0.3 %

NYSE:PNW opened at $87.10 on Wednesday. The company has a market capitalization of $9.90 billion, a PE ratio of 16.50, a price-to-earnings-growth ratio of 3.44 and a beta of 0.57. 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 $65.20 and a 52-week high of $95.42. The stock has a fifty day simple moving average of $86.84 and a 200-day simple moving average of $87.64.

Pinnacle West Capital Dividend Announcement

The company also recently announced 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 annualized dividend and a yield of 4.11%. The ex-dividend date is Monday, February 3rd. Pinnacle West Capital’s payout ratio is 67.80%.

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.