Pinnacle West Capital Co. (NYSE:PNW) Short Interest Update

Pinnacle West Capital Co. (NYSE:PNW) saw a large drop in short interest in December. As of December 31st, there was short interest totalling 3,500,000 shares, a drop of 14.2% from the December 15th total of 4,080,000 shares. Based on an average daily volume of 1,240,000 shares, the short-interest ratio is presently 2.8 days.

Wall Street Analyst Weigh In

PNW has been the topic of several research analyst reports. KeyCorp raised Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 target price on the stock in a research report on Wednesday, December 4th. Barclays downgraded Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $93.00 to $91.00 in a research note on Monday, November 18th. Wells Fargo & Company raised their price target on Pinnacle West Capital from $90.00 to $92.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 7th. Morgan Stanley dropped their price target on Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating on the stock in a research note on Friday, November 22nd. Finally, Citigroup raised their price target on Pinnacle West Capital from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 4th. Eight analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Pinnacle West Capital currently has an average rating of “Hold” and an average price target of $84.65.

Pinnacle West Capital Price Performance

PNW stock traded up $0.31 during midday trading on Friday, hitting $86.75. 751,159 shares of the stock were exchanged, compared to its average volume of 876,606. The stock’s 50-day moving average price is $88.12 and its 200-day moving average price is $86.85. The stock has a market cap of $9.86 billion, a price-to-earnings ratio of 16.43, a PEG ratio of 3.24 and a beta of 0.56. Pinnacle West Capital has a fifty-two week low of $65.20 and a fifty-two week high of $95.42. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.54 and a current ratio of 0.71.

Pinnacle West Capital Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Monday, February 3rd will be issued a $0.895 dividend. The ex-dividend date 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 dividend payout ratio (DPR) is 67.80%.

Hedge Funds Weigh In On Pinnacle West Capital

Several institutional investors have recently added to or reduced their stakes in the business. Beacon Investment Advisory Services Inc. increased its stake in Pinnacle West Capital by 2.6% in the fourth quarter. Beacon Investment Advisory Services Inc. now owns 49,869 shares of the utilities provider’s stock valued at $4,227,000 after purchasing an additional 1,276 shares during the last quarter. Baker Ellis Asset Management LLC grew its position in Pinnacle West Capital by 1.2% during the fourth quarter. Baker Ellis Asset Management LLC now owns 48,829 shares of the utilities provider’s stock valued at $4,139,000 after acquiring an additional 590 shares during the period. Nisa Investment Advisors LLC grew its position in Pinnacle West Capital by 5.0% during the fourth quarter. Nisa Investment Advisors LLC now owns 36,740 shares of the utilities provider’s stock valued at $3,114,000 after acquiring an additional 1,764 shares during the period. MCF Advisors LLC grew its position in Pinnacle West Capital by 200.6% during the fourth quarter. MCF Advisors LLC now owns 6,154 shares of the utilities provider’s stock valued at $522,000 after acquiring an additional 4,107 shares during the period. Finally, Atomi Financial Group Inc. grew its position in Pinnacle West Capital by 9.6% during the fourth quarter. Atomi Financial Group Inc. now owns 3,602 shares of the utilities provider’s stock valued at $305,000 after acquiring an additional 317 shares during the period. 91.51% of the stock is currently owned by institutional investors and hedge funds.

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.