Watershed Asset Management L.L.C. Invests $226,000 in Pinnacle West Capital Co. (NYSE:PNW)

Watershed Asset Management L.L.C. bought a new stake in Pinnacle West Capital Co. (NYSE:PNW) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 3,144 shares of the utilities provider’s stock, valued at approximately $226,000.

A number of other large investors have also recently bought and sold shares of PNW. Comerica Bank acquired a new position in Pinnacle West Capital in the 3rd quarter valued at $4,620,000. Duality Advisers LP acquired a new position in Pinnacle West Capital in the 4th quarter valued at about $1,422,000. Pacer Advisors Inc. grew its position in Pinnacle West Capital by 604.2% in the 4th quarter. Pacer Advisors Inc. now owns 50,631 shares of the utilities provider’s stock valued at $3,637,000 after acquiring an additional 43,441 shares in the last quarter. Financial Counselors Inc. grew its position in Pinnacle West Capital by 37.5% in the 4th quarter. Financial Counselors Inc. now owns 172,558 shares of the utilities provider’s stock valued at $12,397,000 after acquiring an additional 47,035 shares in the last quarter. Finally, Hudson Bay Capital Management LP boosted its stake in shares of Pinnacle West Capital by 254.3% in the 3rd quarter. Hudson Bay Capital Management LP now owns 115,160 shares of the utilities provider’s stock valued at $8,485,000 after buying an additional 82,660 shares during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on PNW. Royal Bank of Canada decreased their target price on Pinnacle West Capital from $83.00 to $80.00 and set a “sector perform” rating for the company in a research note on Friday, March 1st. Bank of America raised Pinnacle West Capital from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $71.00 to $80.00 in a report on Monday, March 18th. UBS Group raised Pinnacle West Capital from a “sell” rating to a “neutral” rating and upped their target price for the company from $68.00 to $71.00 in a report on Monday, March 11th. Evercore ISI lowered their target price on Pinnacle West Capital from $76.00 to $69.00 and set an “in-line” rating on the stock in a report on Monday, March 4th. Finally, Guggenheim upgraded Pinnacle West Capital from a “neutral” rating to a “buy” rating and set a $78.00 price objective on the stock in a research report on Monday, January 22nd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $73.00.

Pinnacle West Capital Stock Performance

Pinnacle West Capital stock traded up $0.04 during mid-day trading on Wednesday, hitting $74.54. 931,855 shares of the company’s stock traded hands, compared to its average volume of 1,345,864. The firm has a 50 day moving average price of $71.49 and a 200 day moving average price of $72.11. The company has a quick ratio of 0.50, a current ratio of 0.67 and a debt-to-equity ratio of 1.20. The company has a market cap of $8.46 billion, a PE ratio of 16.89, a price-to-earnings-growth ratio of 2.09 and a beta of 0.49. Pinnacle West Capital Co. has a one year low of $65.20 and a one year high of $86.03.

Pinnacle West Capital Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Wednesday, May 1st will be paid a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a yield of 4.72%. The ex-dividend date of this dividend is Tuesday, April 30th. Pinnacle West Capital’s payout ratio is currently 79.82%.

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.