MCF Advisors LLC Grows Position in Pinnacle West Capital Co. (NYSE:PNW)

MCF Advisors LLC grew its stake in Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 200.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,154 shares of the utilities provider's stock after buying an additional 4,107 shares during the period. MCF Advisors LLC's holdings in Pinnacle West Capital were worth $522,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PNW. HITE Hedge Asset Management LLC boosted its holdings in shares of 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 valued at $8,178,000 after acquiring an additional 66,755 shares during the period. XTX Topco Ltd acquired a new stake in Pinnacle West Capital during the 3rd quarter worth $2,235,000. Bank of Montreal Can grew its position in Pinnacle West Capital by 12.6% during the 2nd quarter. Bank of Montreal Can now owns 203,390 shares of the utilities provider's stock worth $15,559,000 after purchasing an additional 22,696 shares during the last quarter. Principal Financial Group Inc. grew its position in 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 worth $12,336,000 after purchasing an additional 9,993 shares during the last quarter. Finally, Entropy Technologies LP increased its stake in Pinnacle West Capital by 170.1% in the third quarter. Entropy Technologies LP now owns 30,314 shares of the utilities provider's stock valued at $2,686,000 after purchasing an additional 19,089 shares during the period. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on PNW. Citigroup boosted their target price on Pinnacle West Capital from $85.00 to $95.00 and gave the company a "neutral" rating in a report on Wednesday, December 4th. Wells Fargo & Company boosted their price objective 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. KeyCorp upgraded shares of 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. Morgan Stanley dropped 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 research note on Friday, November 22nd. Finally, Barclays lowered Pinnacle West Capital from an "overweight" rating to an "equal weight" rating and dropped their price objective for the stock from $93.00 to $91.00 in a report on Monday, November 18th. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $84.65.

Pinnacle West Capital Trading Down 1.5 %

Shares of PNW traded down $1.28 on Wednesday, hitting $86.72. 342,038 shares of the stock traded hands, compared to its average volume of 1,001,669. The firm has a market capitalization of $9.86 billion, a P/E ratio of 16.43, a P/E/G ratio of 3.43 and a beta of 0.56. 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 1 year low of $65.20 and a 1 year high of $95.42. The stock's 50 day moving average is $88.02 and its two-hundred day moving average is $87.09.

Pinnacle West Capital Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Monday, February 3rd will be given a $0.895 dividend. This represents a $3.58 dividend on an annualized basis and a dividend yield of 4.13%. The ex-dividend date is Monday, February 3rd. Pinnacle West Capital's dividend payout ratio is currently 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.