Clean Energy Transition LLP Buys New Stake in Pinnacle West Capital Co. (NYSE:PNW)

Clean Energy Transition LLP purchased a new position in shares of Pinnacle West Capital Co. (NYSE:PNW) in the third quarter, Holdings Channel reports. The fund purchased 40,842 shares of the utilities provider’s stock, valued at approximately $3,618,000. Pinnacle West Capital comprises 0.2% of Clean Energy Transition LLP’s holdings, making the stock its 10th largest holding.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Blue Trust Inc. raised its position in shares of Pinnacle West Capital by 377.9% during the 2nd quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock worth $28,000 after buying an additional 291 shares in the last quarter. Venturi Wealth Management LLC lifted its position in Pinnacle West Capital by 124.6% in the third quarter. Venturi Wealth Management LLC now owns 429 shares of the utilities provider’s stock worth $38,000 after purchasing an additional 238 shares during the period. Prospera Private Wealth LLC bought a new position in Pinnacle West Capital during the 3rd quarter valued at $43,000. Ashton Thomas Private Wealth LLC acquired a new position in shares of Pinnacle West Capital during the 2nd quarter valued at $52,000. Finally, First Horizon Advisors Inc. raised its stake in shares of Pinnacle West Capital by 20.9% in the 2nd quarter. First Horizon Advisors Inc. now owns 794 shares of the utilities provider’s stock worth $61,000 after buying an additional 137 shares in the last quarter. Institutional investors own 91.51% of the company’s stock.

Pinnacle West Capital Trading Down 0.9 %

Shares of NYSE PNW opened at $93.70 on Monday. The firm has a market capitalization of $10.65 billion, a PE ratio of 17.75, a PEG ratio of 2.22 and a beta of 0.52. Pinnacle West Capital Co. has a one year low of $65.20 and a one year high of $95.42. The company has a current ratio of 0.71, a quick ratio of 0.54 and a debt-to-equity ratio of 1.20. The business has a 50-day moving average price of $89.38 and a two-hundred day moving average price of $84.60.

Pinnacle West Capital Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors 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 an increase 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 payout ratio is presently 67.80%.

Analysts Set New Price Targets

A number of research firms recently issued reports on PNW. Wells Fargo & Company lifted their target price on Pinnacle West Capital from $90.00 to $92.00 and gave the stock an “equal weight” rating in a report 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 for the company in a research note on Friday, November 22nd. Jefferies Financial Group initiated coverage on Pinnacle West Capital in a report on Thursday, September 19th. They issued a “buy” rating and a $104.00 price target on the stock. Barclays cut Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $93.00 to $91.00 in a report on Monday, November 18th. Finally, StockNews.com raised Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Monday, August 5th. Eight investment 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 company currently has a consensus rating of “Hold” and a consensus target price 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.