Pinnacle West Capital Co. (NYSE:PNW) Shares Sold by Cambiar Investors LLC

Cambiar Investors LLC cut its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 10.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 141,581 shares of the utilities provider’s stock after selling 17,233 shares during the quarter. Cambiar Investors LLC’s holdings in Pinnacle West Capital were worth $12,002,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. HITE Hedge Asset Management LLC grew its holdings in shares of Pinnacle West Capital by 261.2% during the 3rd quarter. HITE Hedge Asset Management LLC now owns 92,311 shares of the utilities provider’s stock worth $8,178,000 after purchasing an additional 66,755 shares during the period. XTX Topco Ltd purchased a new position in shares of Pinnacle West Capital during the 3rd quarter worth $2,235,000. Principal Financial Group Inc. grew its holdings in shares of Pinnacle West Capital by 7.7% during 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. Entropy Technologies LP grew its holdings in shares of Pinnacle West Capital by 170.1% during the 3rd quarter. Entropy Technologies LP now owns 30,314 shares of the utilities provider’s stock worth $2,686,000 after purchasing an additional 19,089 shares during the period. Finally, Bridgewater Associates LP grew its holdings in shares of Pinnacle West Capital by 104.5% during the 3rd quarter. Bridgewater Associates LP now owns 101,970 shares of the utilities provider’s stock worth $9,034,000 after purchasing an additional 52,095 shares during the period. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Pinnacle West Capital Price Performance

PNW stock opened at $87.74 on Tuesday. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54. The firm has a market capitalization of $9.98 billion, a P/E ratio of 16.62, a P/E/G ratio of 3.47 and a beta of 0.57. The business’s 50-day moving average is $86.44 and its two-hundred day moving average is $87.74. Pinnacle West Capital Co. has a 1 year low of $66.26 and a 1 year high of $95.42.

Pinnacle West Capital Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Monday, February 3rd will be given a $0.895 dividend. This represents a $3.58 dividend on an annualized basis and a yield of 4.08%. The ex-dividend date is Monday, February 3rd. Pinnacle West Capital’s dividend payout ratio is currently 67.80%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Barclays cut Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $93.00 to $91.00 in a report on Monday, November 18th. Wells Fargo & Company raised 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. KeyCorp upgraded Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 target price for the company in a report on Wednesday, December 4th. Morgan Stanley lowered their target price on Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating for the company in a report on Friday, November 22nd. Finally, Jefferies Financial Group lowered their target price on Pinnacle West Capital from $106.00 to $104.00 and set a “buy” rating for the company in a report on Tuesday, January 28th. Eight investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $85.21.

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.