M.E. Allison & CO. Inc. Acquires New Position in Pinnacle West Capital Co. (NYSE:PNW)

M.E. Allison & CO. Inc. acquired a new stake in Pinnacle West Capital Co. (NYSE:PNW) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,847 shares of the utilities provider’s stock, valued at approximately $241,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. HITE Hedge Asset Management LLC boosted its holdings in shares of Pinnacle West Capital by 261.2% in the 3rd quarter. HITE Hedge Asset Management LLC now owns 92,311 shares of the utilities provider’s stock valued at $8,178,000 after acquiring an additional 66,755 shares during the last quarter. XTX Topco Ltd purchased a new stake in Pinnacle West Capital during the third quarter worth $2,235,000. Bank of Montreal Can boosted its stake in shares of Pinnacle West Capital by 12.6% during the 2nd quarter. Bank of Montreal Can now owns 203,390 shares of the utilities provider’s stock worth $15,559,000 after acquiring an additional 22,696 shares in the last quarter. Principal Financial Group Inc. raised its holdings in Pinnacle West Capital by 7.7% in the 3rd quarter. Principal Financial Group Inc. now owns 139,243 shares of the utilities provider’s stock worth $12,336,000 after purchasing an additional 9,993 shares during the period. Finally, Entropy Technologies LP grew its holdings in Pinnacle West Capital by 170.1% in the third quarter. Entropy Technologies LP now owns 30,314 shares of the utilities provider’s stock valued at $2,686,000 after purchasing an additional 19,089 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

Pinnacle West Capital Stock Performance

NYSE:PNW opened at $86.75 on Monday. Pinnacle West Capital Co. has a fifty-two week low of $65.20 and a fifty-two week high of $95.42. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.54 and a current ratio of 0.71. The company has a 50 day moving average price of $88.12 and a 200 day moving average price of $87.01. The stock has a market capitalization of $9.86 billion, a P/E ratio of 16.43, a PEG ratio of 3.24 and a beta of 0.56.

Pinnacle West Capital Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Monday, February 3rd will be paid a dividend of $0.895 per share. The ex-dividend date of this dividend is Monday, February 3rd. This represents a $3.58 dividend on an annualized basis and a yield of 4.13%. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 67.80%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on PNW. Morgan Stanley decreased their price objective 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. Barclays downgraded shares of Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $93.00 to $91.00 in a research report on Monday, November 18th. KeyCorp upgraded Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 price objective on the stock in a report on Wednesday, December 4th. Citigroup raised their target price on Pinnacle West Capital from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday, December 4th. Finally, Wells Fargo & Company raised their price objective 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. Eight analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $84.65.

About Pinnacle West Capital

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.