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

Bridgewater Associates LP boosted its stake in Pinnacle West Capital Co. (NYSE:PNW) by 104.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 101,970 shares of the utilities provider’s stock after buying an additional 52,095 shares during the period. Bridgewater Associates LP’s holdings in Pinnacle West Capital were worth $9,034,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in PNW. Blue Trust Inc. increased its holdings in shares of Pinnacle West Capital by 377.9% during the second quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock valued at $28,000 after purchasing an additional 291 shares during the period. Cape Investment Advisory Inc. acquired a new position in Pinnacle West Capital during the 1st quarter valued at about $30,000. Venturi Wealth Management LLC raised its position in shares of Pinnacle West Capital by 124.6% during the 3rd quarter. Venturi Wealth Management LLC now owns 429 shares of the utilities provider’s stock worth $38,000 after buying an additional 238 shares in the last quarter. Prospera Private Wealth LLC acquired a new stake in shares of Pinnacle West Capital in the 3rd quarter worth approximately $43,000. Finally, Ashton Thomas Private Wealth LLC bought a new position in shares of Pinnacle West Capital in the second quarter valued at approximately $52,000. 91.51% of the stock is currently owned by institutional investors.

Pinnacle West Capital Trading Up 0.8 %

Shares of PNW opened at $94.52 on Friday. The stock has a fifty day moving average price of $89.31 and a two-hundred day moving average price of $84.38. 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 market cap of $10.75 billion, a price-to-earnings ratio of 17.90, a PEG ratio of 2.20 and a beta of 0.52. Pinnacle West Capital Co. has a 52-week low of $65.20 and a 52-week high of $95.42.

Pinnacle West Capital Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 4th will be given a $0.895 dividend. This represents a $3.58 dividend on an annualized basis and a yield of 3.79%. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.88. The ex-dividend date is Monday, November 4th. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 67.80%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on PNW. Wells Fargo & Company lifted their price target on Pinnacle West Capital from $90.00 to $92.00 and gave the company an “equal weight” rating in a research report on Thursday, November 7th. Morgan Stanley lowered their target price on 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 cut their price target for the company from $93.00 to $91.00 in a report on Monday, November 18th. Jefferies Financial Group began 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 objective on the stock. Finally, StockNews.com raised shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a research note on Monday, August 5th. Eight equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $81.88.

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.