Gateway Investment Advisers LLC Sells 4,513 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Gateway Investment Advisers LLC cut its position in shares of Pinnacle West Capital Co. (NYSE:PNW) by 7.9% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 52,701 shares of the utilities provider’s stock after selling 4,513 shares during the period. Gateway Investment Advisers LLC’s holdings in Pinnacle West Capital were worth $4,467,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. HITE Hedge Asset Management LLC boosted its position 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 valued at $8,178,000 after acquiring an additional 66,755 shares during the last quarter. XTX Topco Ltd bought a new position in Pinnacle West Capital during the third quarter valued at $2,235,000. Bank of Montreal Can grew its stake in shares of Pinnacle West Capital by 12.6% in the 2nd quarter. Bank of Montreal Can now owns 203,390 shares of the utilities provider’s stock worth $15,559,000 after buying an additional 22,696 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of 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 buying an additional 9,993 shares during the last quarter. Finally, Entropy Technologies LP raised its position 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 valued at $2,686,000 after buying an additional 19,089 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on PNW. Citigroup lifted their price target on Pinnacle West Capital from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 4th. Wells Fargo & Company lifted their target price on Pinnacle West Capital from $90.00 to $92.00 and gave the stock 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 price target on the stock in a report on Wednesday, December 4th. Morgan Stanley dropped their price objective on shares of Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating for the company in a research note on Friday, November 22nd. Finally, Barclays cut shares of Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $93.00 to $91.00 in a research report on Monday, November 18th. Eight research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $84.65.

Pinnacle West Capital Price Performance

Pinnacle West Capital stock opened at $86.75 on Friday. 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 stock has a market cap of $9.86 billion, a price-to-earnings ratio of 16.43, a price-to-earnings-growth ratio of 3.24 and a beta of 0.56. The firm has a 50-day moving average of $88.12 and a two-hundred day moving average of $86.85. Pinnacle West Capital Co. has a 1 year low of $65.20 and a 1 year high of $95.42.

Pinnacle West Capital Dividend Announcement

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

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.