HITE Hedge Asset Management LLC Acquires 66,755 Shares of Pinnacle West Capital Co. (NYSE:PNW)

HITE Hedge Asset Management LLC increased its position in Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 261.2% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 92,311 shares of the utilities provider's stock after purchasing an additional 66,755 shares during the period. HITE Hedge Asset Management LLC owned approximately 0.08% of Pinnacle West Capital worth $8,178,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the business. Tidal Investments LLC purchased a new position in Pinnacle West Capital in the first quarter valued at about $295,000. Cetera Investment Advisers increased its stake in shares of Pinnacle West Capital by 177.0% during the first quarter. Cetera Investment Advisers now owns 29,090 shares of the utilities provider's stock valued at $2,174,000 after buying an additional 18,589 shares during the period. Cetera Advisors LLC purchased a new stake in Pinnacle West Capital in the first quarter worth about $569,000. Butensky & Cohen Financial Security Inc. boosted its position in shares of Pinnacle West Capital by 2.6% in the 2nd quarter. Butensky & Cohen Financial Security Inc. now owns 58,502 shares of the utilities provider's stock worth $4,468,000 after purchasing an additional 1,492 shares in the last quarter. Finally, QRG Capital Management Inc. raised its stake in shares of Pinnacle West Capital by 7.7% in the second quarter. QRG Capital Management Inc. now owns 63,396 shares of the utilities provider's stock worth $4,842,000 after purchasing an additional 4,533 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company's stock.

Pinnacle West Capital Stock Performance

Shares of NYSE:PNW traded down $1.14 during trading on Tuesday, hitting $91.28. 1,020,837 shares of the company traded hands, compared to its average volume of 1,480,906. The stock has a market capitalization of $10.38 billion, a price-to-earnings ratio of 17.29, a PEG ratio of 2.19 and a beta of 0.54. The business's fifty day moving average is $89.43 and its 200-day moving average is $84.70. Pinnacle West Capital Co. has a one year low of $65.20 and a one year high of $95.42. 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 Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Monday, November 4th were issued a $0.895 dividend. This represents a $3.58 annualized dividend and a dividend yield of 3.92%. This is a boost from Pinnacle West Capital's previous quarterly dividend of $0.88. The ex-dividend date of this dividend was Monday, November 4th. Pinnacle West Capital's dividend payout ratio (DPR) is presently 67.80%.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Jefferies Financial Group started coverage on Pinnacle West Capital in a report on Thursday, September 19th. They set a "buy" rating and a $104.00 price target for the company. StockNews.com raised Pinnacle West Capital from a "sell" rating to a "hold" rating in a research report on Monday, August 5th. Wells Fargo & Company lifted 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. Morgan Stanley cut 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, Barclays lowered Pinnacle West Capital from an "overweight" rating to an "equal weight" rating and cut their target price for the company from $93.00 to $91.00 in a research note on Monday, November 18th. Eight investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Pinnacle West Capital currently has an average rating of "Hold" and a consensus target price of $81.88.

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.