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

Adage Capital Partners GP L.L.C. raised its position in shares of Pinnacle West Capital Co. (NYSE:PNW) by 65.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor 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 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. YANKCOM Partnership purchased a new position in shares of Pinnacle West Capital in the fourth quarter valued at $29,000. Canada Post Corp Registered Pension Plan bought a new position in Pinnacle West Capital during the 4th quarter valued at about $35,000. Brown Lisle Cummings Inc. purchased a new stake in Pinnacle West Capital in the 4th quarter worth about $38,000. Roble Belko & Company Inc bought a new stake in Pinnacle West Capital in the fourth quarter worth about $42,000. Finally, Transcendent Capital Group LLC purchased a new position in shares of Pinnacle West Capital during the fourth quarter valued at approximately $46,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Pinnacle West Capital Stock Up 0.2 %

NYSE:PNW opened at $94.58 on Friday. The firm has a market capitalization of $11.28 billion, a P/E ratio of 17.91, a PEG ratio of 3.59 and a beta of 0.42. The company’s fifty day moving average price is $92.56 and its 200-day moving average price is $89.48. Pinnacle West Capital Co. has a 1-year low of $72.78 and a 1-year high of $96.50. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54.

Pinnacle West Capital (NYSE:PNW) last announced its quarterly earnings results on Tuesday, February 25th. The utilities provider reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.31) by $0.25. The company had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.06 billion. Pinnacle West Capital had a return on equity of 9.60% and a net margin of 12.26%. As a group, equities research analysts anticipate that Pinnacle West Capital Co. will post 5.13 EPS for the current year.

Pinnacle West Capital Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Monday, May 5th will be given a $0.895 dividend. The ex-dividend date of this dividend is Monday, May 5th. This represents a $3.58 annualized dividend and a yield of 3.79%. Pinnacle West Capital’s dividend payout ratio is presently 68.58%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on PNW shares. Jefferies Financial Group reduced their price target on Pinnacle West Capital from $106.00 to $104.00 and set a “buy” rating on the stock in a report on Tuesday, January 28th. UBS Group raised their price objective on Pinnacle West Capital from $96.00 to $99.00 and gave the stock a “neutral” rating in a report on Friday, March 21st. Barclays increased their target price on 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. LADENBURG THALM/SH SH upgraded shares of Pinnacle West Capital to a “hold” rating in a research note on Tuesday. Finally, Guggenheim reiterated a “buy” rating and set a $100.00 price objective on shares of Pinnacle West Capital in a research note on Wednesday, February 26th. Seven analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, Pinnacle West Capital has an average rating of “Hold” and a consensus target price of $95.50.

Pinnacle West Capital 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.