Pinnacle West Capital Co. (NYSE:PNW) Shares Bought by Bridgewater Associates LP

Bridgewater Associates LP lifted its holdings in Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 104.5% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 101,970 shares of the utilities provider's stock after purchasing an additional 52,095 shares during the period. Bridgewater Associates LP owned about 0.09% of Pinnacle West Capital worth $9,034,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of PNW. First Horizon Advisors Inc. grew its holdings in Pinnacle West Capital by 20.9% in the second quarter. First Horizon Advisors Inc. now owns 794 shares of the utilities provider's stock worth $61,000 after purchasing an additional 137 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Pinnacle West Capital by 13.7% in the 3rd quarter. GAMMA Investing LLC now owns 1,147 shares of the utilities provider's stock valued at $102,000 after purchasing an additional 138 shares during the last quarter. Crossmark Global Holdings Inc. boosted its stake in Pinnacle West Capital by 2.6% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 6,581 shares of the utilities provider's stock worth $583,000 after purchasing an additional 169 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its position in Pinnacle West Capital by 0.9% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 21,724 shares of the utilities provider's stock worth $1,659,000 after purchasing an additional 199 shares during the last quarter. Finally, Private Advisor Group LLC grew its position in Pinnacle West Capital by 2.2% during the 3rd quarter. Private Advisor Group LLC now owns 9,392 shares of the utilities provider's stock worth $832,000 after purchasing an additional 203 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company's stock.

Pinnacle West Capital Stock Performance

NYSE PNW traded down $0.68 during mid-day trading on Friday, reaching $93.84. 507,868 shares of the stock were exchanged, compared to its average volume of 1,164,630. The business's 50 day moving average is $89.31 and its 200-day moving average is $84.38. Pinnacle West Capital Co. has a 1 year low of $65.20 and a 1 year high of $95.42. The company has a market capitalization of $10.67 billion, a P/E ratio of 17.90, a P/E/G ratio of 2.24 and a beta of 0.52. 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 Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 4th will be given a dividend of $0.895 per share. The ex-dividend date of this dividend is Monday, November 4th. This is a boost from Pinnacle West Capital's previous quarterly dividend of $0.88. This represents a $3.58 dividend on an annualized basis and a yield of 3.82%. Pinnacle West Capital's dividend payout ratio is currently 67.80%.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. StockNews.com raised shares of Pinnacle West Capital from a "sell" rating to a "hold" rating in a research report on Monday, August 5th. 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. Barclays downgraded shares of Pinnacle West Capital from an "overweight" rating to an "equal weight" rating and dropped their target price for the stock from $93.00 to $91.00 in a research report on Monday, November 18th. Morgan Stanley dropped 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. Finally, Jefferies Financial Group initiated coverage on shares of Pinnacle West Capital in a report on Thursday, September 19th. They issued a "buy" rating and a $104.00 price objective on the stock. Eight equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $81.88.

Pinnacle West Capital 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.