Adage Capital Partners GP L.L.C. Buys 186,600 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Adage Capital Partners GP L.L.C. lifted its holdings in Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 65.6% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 471,183 shares of the utilities provider's stock after buying an additional 186,600 shares during the quarter. Adage Capital Partners GP L.L.C. owned about 0.41% of Pinnacle West Capital worth $39,942,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Barclays PLC raised its position in Pinnacle West Capital by 7.6% in the 3rd quarter. Barclays PLC now owns 203,363 shares of the utilities provider's stock worth $18,014,000 after purchasing an additional 14,392 shares during the last quarter. Virtu Financial LLC bought a new stake in shares of Pinnacle West Capital during the 3rd quarter valued at $882,000. Tidal Investments LLC grew its position in shares of Pinnacle West Capital by 7.6% during the 3rd quarter. Tidal Investments LLC now owns 2,881 shares of the utilities provider's stock worth $255,000 after buying an additional 203 shares during the period. Synovus Financial Corp lifted its holdings in shares of Pinnacle West Capital by 3.1% during the 3rd quarter. Synovus Financial Corp now owns 7,585 shares of the utilities provider's stock valued at $672,000 after purchasing an additional 229 shares in the last quarter. Finally, Principal Financial Group Inc. grew its stake 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 acquiring an additional 9,993 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Morgan Stanley increased their price target on Pinnacle West Capital from $84.00 to $88.00 and gave the company an "equal weight" rating in a research report on Thursday, March 20th. Guggenheim restated a "buy" rating and issued a $100.00 price objective on shares of Pinnacle West Capital in a research note on Wednesday, February 26th. LADENBURG THALM/SH SH raised Pinnacle West Capital to a "hold" rating in a report on Tuesday, April 22nd. Barclays increased their price objective on shares of Pinnacle West Capital from $87.00 to $94.00 and gave the company an "equal weight" rating in a research report on Tuesday, April 1st. Finally, Wells Fargo & Company upped their price target on shares of Pinnacle West Capital from $92.00 to $95.00 and gave the company an "equal weight" rating in a research note on Wednesday, February 26th. Seven analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $95.50.

Pinnacle West Capital Price Performance

Shares of PNW traded down $0.99 during mid-day trading on Wednesday, reaching $94.30. The company had a trading volume of 174,806 shares, compared to its average volume of 1,095,597. The company has a market capitalization of $11.24 billion, a price-to-earnings ratio of 17.86, a P/E/G ratio of 3.59 and a beta of 0.42. 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's 50 day simple moving average is $92.81 and its 200 day simple moving average is $89.68. Pinnacle West Capital Co. has a 1-year low of $72.78 and a 1-year high of $96.50.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last issued its quarterly earnings data on Tuesday, February 25th. The utilities provider reported ($0.06) earnings per share for the quarter, topping analysts' consensus estimates of ($0.31) by $0.25. Pinnacle West Capital had a return on equity of 9.60% and a net margin of 12.26%. The business had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.06 billion. Analysts expect that Pinnacle West Capital Co. will post 5.13 EPS for the current year.

Pinnacle West Capital Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Investors of record on Monday, May 5th will be given a dividend of $0.895 per share. The ex-dividend date of this dividend is Monday, May 5th. This represents a $3.58 annualized dividend and a yield of 3.80%. Pinnacle West Capital's dividend payout ratio is presently 68.58%.

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.