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

Bridgewater Associates LP increased its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 104.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 101,970 shares of the utilities provider’s stock after purchasing an additional 52,095 shares during the quarter. Bridgewater Associates LP owned 0.09% of Pinnacle West Capital worth $9,034,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. BNP Paribas Financial Markets increased its position in shares of Pinnacle West Capital by 73.3% during the third quarter. BNP Paribas Financial Markets now owns 200,755 shares of the utilities provider’s stock valued at $17,785,000 after acquiring an additional 84,887 shares during the last quarter. Bank of Montreal Can increased its holdings in Pinnacle West Capital by 21.7% in the 3rd quarter. Bank of Montreal Can now owns 247,548 shares of the utilities provider’s stock valued at $21,851,000 after purchasing an additional 44,158 shares during the last quarter. DRW Securities LLC purchased a new stake in shares of Pinnacle West Capital in the 3rd quarter valued at $420,000. Dynamic Technology Lab Private Ltd acquired a new position in Pinnacle West Capital during the 3rd quarter worth about $3,596,000. Finally, Daiwa Securities Group Inc. boosted its holdings in Pinnacle West Capital by 14.7% during the 3rd quarter. Daiwa Securities Group Inc. now owns 5,238 shares of the utilities provider’s stock valued at $464,000 after acquiring an additional 672 shares during the period. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Pinnacle West Capital Stock Performance

Pinnacle West Capital stock opened at $94.52 on Friday. 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 Co. has a one year low of $65.20 and a one year high of $95.42. The stock’s 50 day moving average price is $89.31 and its 200 day moving average price is $84.38. The firm has a market capitalization of $10.75 billion, a PE ratio of 17.90, a price-to-earnings-growth ratio of 2.20 and a beta of 0.52.

Pinnacle West Capital Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 4th will be issued a $0.895 dividend. The ex-dividend date is Monday, November 4th. This represents a $3.58 dividend on an annualized basis and a yield of 3.79%. This is an increase from Pinnacle West Capital’s previous quarterly dividend of $0.88. Pinnacle West Capital’s dividend payout ratio is currently 67.80%.

Analysts Set New Price Targets

A number of brokerages have issued reports on PNW. Wells Fargo & Company boosted their price target on shares of Pinnacle West Capital from $90.00 to $92.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 7th. Morgan Stanley reduced 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 report on Friday, November 22nd. Jefferies Financial Group assumed coverage on shares of Pinnacle West Capital in a research note on Thursday, September 19th. They issued a “buy” rating and a $104.00 price target for the company. Barclays cut Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $93.00 to $91.00 in a research note on Monday, November 18th. Finally, StockNews.com upgraded Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Monday, August 5th. Eight equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently 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.