Canada Pension Plan Investment Board Buys 8,600 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Canada Pension Plan Investment Board increased its stake in shares of Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 63.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 22,200 shares of the utilities provider's stock after buying an additional 8,600 shares during the period. Canada Pension Plan Investment Board's holdings in Pinnacle West Capital were worth $1,882,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. YANKCOM Partnership bought a new stake in shares of Pinnacle West Capital during the fourth quarter valued at approximately $29,000. Canada Post Corp Registered Pension Plan bought a new position in Pinnacle West Capital in the 4th quarter valued at $35,000. Brown Lisle Cummings Inc. acquired a new stake in shares of Pinnacle West Capital in the 4th quarter valued at $38,000. Roble Belko & Company Inc bought a new stake in shares of Pinnacle West Capital during the fourth quarter worth $42,000. Finally, Transcendent Capital Group LLC acquired a new position in shares of Pinnacle West Capital during the fourth quarter valued at $46,000. Institutional investors own 91.51% of the company's stock.

Analyst Ratings Changes

Several brokerages have weighed in on PNW. Jefferies Financial Group dropped their price objective 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. 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 report on Tuesday, April 1st. LADENBURG THALM/SH SH raised shares of Pinnacle West Capital to a "hold" rating in a report on Tuesday, April 22nd. UBS Group increased their price target on Pinnacle West Capital from $96.00 to $99.00 and gave the company a "neutral" rating in a research note on Friday, March 21st. Finally, Wells Fargo & Company raised their price target on Pinnacle West Capital from $92.00 to $95.00 and gave the stock an "equal weight" rating in a research report on Wednesday, February 26th. Seven analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $95.50.

Pinnacle West Capital Stock Up 0.1 %

Shares of NYSE:PNW traded up $0.14 during trading on Tuesday, hitting $94.73. 79,229 shares of the company's stock traded hands, compared to its average volume of 1,094,925. The company has a 50-day moving average price of $92.72 and a 200-day moving average price of $89.64. Pinnacle West Capital Co. has a 52 week low of $72.78 and a 52 week high of $96.50. The company has a current ratio of 0.71, a quick ratio of 0.54 and a debt-to-equity ratio of 1.20. The company has a market cap of $11.29 billion, a price-to-earnings ratio of 18.00, a price-to-earnings-growth ratio of 3.59 and a beta of 0.42.

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 (EPS) for the quarter, topping the consensus estimate of ($0.31) by $0.25. Pinnacle West Capital had a net margin of 12.26% and a return on equity of 9.60%. The company had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.06 billion. As a group, research analysts forecast that Pinnacle West Capital Co. will post 5.13 EPS for the current fiscal year.

Pinnacle West Capital Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Monday, May 5th will be given a dividend of $0.895 per share. This represents a $3.58 dividend on an annualized basis and a yield of 3.78%. The ex-dividend date is Monday, May 5th. Pinnacle West Capital's dividend payout ratio (DPR) is currently 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.