Pinnacle West Capital Co. (NYSE:PNW) is Zimmer Partners LP’s 5th Largest Position

Zimmer Partners LP increased its holdings in Pinnacle West Capital Co. (NYSE:PNW) by 5.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,899,676 shares of the utilities provider’s stock after acquiring an additional 155,466 shares during the period. Pinnacle West Capital comprises about 4.7% of Zimmer Partners LP’s holdings, making the stock its 5th largest holding. Zimmer Partners LP owned approximately 2.55% of Pinnacle West Capital worth $256,882,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Tidal Investments LLC purchased a new stake in Pinnacle West Capital in the 1st quarter worth approximately $295,000. Cetera Investment Advisers raised its holdings in shares of Pinnacle West Capital by 177.0% during the first quarter. Cetera Investment Advisers now owns 29,090 shares of the utilities provider’s stock worth $2,174,000 after acquiring an additional 18,589 shares in the last quarter. Cetera Advisors LLC purchased a new stake in shares of Pinnacle West Capital during the 1st quarter worth about $569,000. QRG Capital Management Inc. raised its stake in shares of Pinnacle West Capital by 7.7% during the 2nd quarter. QRG Capital Management Inc. now owns 63,396 shares of the utilities provider’s stock worth $4,842,000 after purchasing an additional 4,533 shares in the last quarter. Finally, SG Americas Securities LLC raised its stake in shares of Pinnacle West Capital by 42.0% during the 2nd quarter. SG Americas Securities LLC now owns 26,308 shares of the utilities provider’s stock worth $2,009,000 after purchasing an additional 7,784 shares in the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Jefferies Financial Group assumed coverage on shares of Pinnacle West Capital in a research report on Thursday, September 19th. They set a “buy” rating and a $104.00 price objective on the stock. 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. Citigroup raised their price target on shares of Pinnacle West Capital from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Wednesday. Wells Fargo & Company raised their price target on shares of Pinnacle West Capital from $90.00 to $92.00 and gave the company an “equal weight” rating in a report on Thursday, November 7th. Finally, KeyCorp upgraded Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 target price on the stock in a report on Wednesday. Eight research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, Pinnacle West Capital has an average rating of “Hold” and an average target price of $84.65.

Pinnacle West Capital Stock Performance

Shares of NYSE PNW opened at $91.59 on Friday. The company has a quick ratio of 0.54, a current ratio of 0.71 and a debt-to-equity ratio of 1.20. The business’s 50 day moving average is $89.68 and its two-hundred day moving average is $84.99. The company has a market cap of $10.41 billion, a P/E ratio of 17.35, a P/E/G ratio of 2.18 and a beta of 0.54. Pinnacle West Capital Co. has a 12 month low of $65.20 and a 12 month high of $95.42.

Pinnacle West Capital Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Monday, November 4th were given a dividend of $0.895 per share. The ex-dividend date was Monday, November 4th. This represents a $3.58 dividend on an annualized basis and a yield of 3.91%. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.88. Pinnacle West Capital’s payout ratio is 67.80%.

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.