Adage Capital Partners GP L.L.C. Acquires 186,600 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Adage Capital Partners GP L.L.C. lifted its position in shares of Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 65.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 471,183 shares of the utilities provider's stock after purchasing an additional 186,600 shares during the period. Adage Capital Partners GP L.L.C. owned 0.41% of Pinnacle West Capital worth $39,942,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. Fuller & Thaler Asset Management Inc. boosted its stake in shares of Pinnacle West Capital by 5.1% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 34,905 shares of the utilities provider's stock worth $2,959,000 after acquiring an additional 1,706 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in Pinnacle West Capital by 0.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 156,588 shares of the utilities provider's stock valued at $13,274,000 after purchasing an additional 559 shares during the last quarter. Yaupon Capital Management LP boosted its position in Pinnacle West Capital by 16.0% during the fourth quarter. Yaupon Capital Management LP now owns 290,354 shares of the utilities provider's stock worth $24,613,000 after purchasing an additional 40,063 shares during the period. Hsbc Holdings PLC increased its holdings in shares of Pinnacle West Capital by 31.6% in the fourth quarter. Hsbc Holdings PLC now owns 556,894 shares of the utilities provider's stock valued at $47,160,000 after purchasing an additional 133,852 shares during the last quarter. Finally, Stifel Financial Corp raised its position in shares of Pinnacle West Capital by 15.9% in the fourth quarter. Stifel Financial Corp now owns 163,084 shares of the utilities provider's stock valued at $13,825,000 after purchasing an additional 22,319 shares during the period. Institutional investors and hedge funds own 91.51% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. UBS Group upped their price target on shares of Pinnacle West Capital from $96.00 to $99.00 and gave the company a "neutral" rating in a research note on Friday, March 21st. Jefferies Financial Group lowered their target price on Pinnacle West Capital from $106.00 to $104.00 and set a "buy" rating on the stock in a research note on Tuesday, January 28th. Morgan Stanley boosted their price target on Pinnacle West Capital from $84.00 to $88.00 and gave the company an "equal weight" rating in a research note on Thursday, March 20th. Barclays upped their price objective on Pinnacle West Capital from $87.00 to $94.00 and gave the company an "equal weight" rating in a report on Tuesday, April 1st. Finally, Wells Fargo & Company lifted their target price on Pinnacle West Capital from $92.00 to $95.00 and gave the stock an "equal weight" rating in a report on Wednesday, February 26th. Seven analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $95.50.

Pinnacle West Capital Stock Up 0.9 %

PNW stock traded up $0.85 during mid-day trading on Monday, reaching $94.60. 756,523 shares of the company traded hands, compared to its average volume of 1,098,752. The company has a quick ratio of 0.54, a current ratio of 0.71 and a debt-to-equity ratio of 1.20. The firm's 50 day moving average price is $92.64 and its 200 day moving average price is $89.58. The stock has a market cap of $11.28 billion, a price-to-earnings ratio of 17.92, a P/E/G ratio of 3.59 and a beta of 0.42. Pinnacle West Capital Co. has a fifty-two week low of $72.78 and a fifty-two week high of $96.50.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last posted its earnings results on Tuesday, February 25th. The utilities provider reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.31) by $0.25. The firm had revenue of $1.10 billion for the quarter, compared to analysts' expectations of $1.06 billion. Pinnacle West Capital had a net margin of 12.26% and a return on equity of 9.60%. As a group, equities research 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 announced a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Monday, May 5th will be given a $0.895 dividend. This represents a $3.58 dividend on an annualized basis and a yield of 3.78%. The ex-dividend date of this dividend is Monday, May 5th. Pinnacle West Capital's dividend 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.