Kennebec Savings Bank Sells 165 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Kennebec Savings Bank decreased its position in Pinnacle West Capital Co. (NYSE:PNW) by 22.9% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 555 shares of the utilities provider’s stock after selling 165 shares during the period. Kennebec Savings Bank’s holdings in Pinnacle West Capital were worth $46,000 as of its most recent filing with the SEC.

Other hedge funds have also recently modified their holdings of the company. HITE Hedge Asset Management LLC boosted its position in Pinnacle West Capital by 261.2% in 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 last quarter. XTX Topco Ltd purchased a new position in Pinnacle West Capital in the third quarter valued at about $2,235,000. Principal Financial Group Inc. grew its position in shares of 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 acquiring an additional 9,993 shares during the period. Entropy Technologies LP increased its stake in shares of Pinnacle West Capital by 170.1% during the 3rd 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 last quarter. Finally, Bridgewater Associates LP raised its holdings in shares of Pinnacle West Capital by 104.5% in the 3rd 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. Institutional investors own 91.51% of the company’s stock.

Analyst Ratings Changes

PNW has been the subject of a number of recent research reports. Jefferies Financial Group decreased their target price on Pinnacle West Capital from $106.00 to $104.00 and set a “buy” rating for the company in a research report on Tuesday. Wells Fargo & Company upped their price target on shares of 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. 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 report on Monday, November 18th. KeyCorp upgraded Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 target price for the company in a research note on Wednesday, December 4th. Finally, Morgan Stanley lowered their price target on shares of Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating on the stock in a report on Friday, November 22nd. Eight analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $85.21.

Pinnacle West Capital Stock Performance

Shares of PNW stock opened at $87.15 on Friday. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.54 and a current ratio of 0.71. Pinnacle West Capital Co. has a fifty-two week low of $65.20 and a fifty-two week high of $95.42. The company has a market capitalization of $9.91 billion, a P/E ratio of 16.50, a PEG ratio of 3.40 and a beta of 0.56. The stock has a 50 day moving average price of $87.34 and a two-hundred day moving average price of $87.44.

Pinnacle West Capital Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Monday, February 3rd will be paid a dividend of $0.895 per share. This represents a $3.58 annualized dividend and a dividend yield of 4.11%. The ex-dividend date of this dividend is Monday, February 3rd. Pinnacle West Capital’s dividend payout ratio (DPR) is 67.80%.

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.