Yaupon Capital Management LP Invests $22.17 Million in Pinnacle West Capital Co. (NYSE:PNW)

Yaupon Capital Management LP acquired a new stake in Pinnacle West Capital Co. (NYSE:PNW) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 250,291 shares of the utilities provider’s stock, valued at approximately $22,173,000. Pinnacle West Capital comprises approximately 1.2% of Yaupon Capital Management LP’s investment portfolio, making the stock its 29th biggest holding. Yaupon Capital Management LP owned about 0.22% of Pinnacle West Capital at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Blue Trust Inc. raised its position in shares of Pinnacle West Capital by 377.9% in the second quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock valued at $28,000 after buying an additional 291 shares during the last quarter. Venturi Wealth Management LLC raised its holdings in Pinnacle West Capital by 124.6% in the 3rd quarter. Venturi Wealth Management LLC now owns 429 shares of the utilities provider’s stock valued at $38,000 after acquiring an additional 238 shares during the last quarter. Prospera Private Wealth LLC purchased a new position in Pinnacle West Capital in the 3rd quarter worth approximately $43,000. Ashton Thomas Private Wealth LLC acquired a new position in shares of Pinnacle West Capital during the 2nd quarter worth approximately $52,000. Finally, First Horizon Advisors Inc. grew its position in shares of Pinnacle West Capital by 20.9% in the second quarter. First Horizon Advisors Inc. now owns 794 shares of the utilities provider’s stock valued at $61,000 after purchasing an additional 137 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Analyst Upgrades and Downgrades

PNW has been the topic of a number of recent research reports. Wells Fargo & Company upped their target price on Pinnacle West Capital from $90.00 to $92.00 and gave the company an “equal weight” rating in a report on Thursday, November 7th. Barclays lowered shares of Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $93.00 to $91.00 in a report on Monday, November 18th. Jefferies Financial Group initiated coverage on shares of Pinnacle West Capital in a research note on Thursday, September 19th. They set a “buy” rating and a $104.00 target price on the stock. Citigroup boosted their target price on shares of Pinnacle West Capital from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Wednesday. Finally, KeyCorp upgraded shares of Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 price target for the company in a report on Wednesday. Eight research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $84.65.

Pinnacle West Capital Stock Down 0.9 %

Shares of NYSE PNW opened at $91.59 on Friday. Pinnacle West Capital Co. has a 52-week low of $65.20 and a 52-week high of $95.42. The business’s 50 day moving average is $89.68 and its two-hundred day moving average is $84.99. The firm has a market cap of $10.41 billion, a price-to-earnings ratio of 17.35, a PEG ratio of 2.18 and a beta of 0.54. 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 disclosed a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Monday, November 4th were issued a $0.895 dividend. This represents a $3.58 annualized dividend and a dividend yield of 3.91%. The ex-dividend date was Monday, November 4th. This is an increase from Pinnacle West Capital’s previous quarterly dividend of $0.88. Pinnacle West Capital’s payout ratio is currently 67.80%.

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.