Stevens Capital Management LP lessened its stake in shares of Pinnacle West Capital Co. (NYSE:PNW) by 8.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 77,745 shares of the utilities provider’s stock after selling 7,055 shares during the quarter. Stevens Capital Management LP owned about 0.07% of Pinnacle West Capital worth $7,315,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Zions Bancorporation N.A. bought a new position in shares of Pinnacle West Capital during the 1st quarter worth about $26,000. Weaver Consulting Group bought a new position in Pinnacle West Capital in the 1st quarter valued at about $29,000. Old North State Trust LLC lifted its position in Pinnacle West Capital by 27.6% in the 2nd quarter. Old North State Trust LLC now owns 721 shares of the utilities provider’s stock valued at $68,000 after acquiring an additional 156 shares in the last quarter. Flagship Harbor Advisors LLC lifted its position in Pinnacle West Capital by 492.9% in the 1st quarter. Flagship Harbor Advisors LLC now owns 747 shares of the utilities provider’s stock valued at $71,000 after acquiring an additional 621 shares in the last quarter. Finally, Tompkins Financial Corp lifted its position in Pinnacle West Capital by 21.0% in the 1st quarter. Tompkins Financial Corp now owns 1,300 shares of the utilities provider’s stock valued at $103,000 after acquiring an additional 226 shares in the last quarter. 86.64% of the stock is currently owned by institutional investors.
Shares of Pinnacle West Capital stock traded up $0.62 during mid-day trading on Tuesday, hitting $92.46. 23,544 shares of the stock were exchanged, compared to its average volume of 1,034,594. Pinnacle West Capital Co. has a 12 month low of $77.19 and a 12 month high of $99.81. The firm’s 50-day moving average is $93.63. The company has a quick ratio of 0.36, a current ratio of 0.55 and a debt-to-equity ratio of 0.92. The stock has a market capitalization of $10.38 billion, a P/E ratio of 20.41, a P/E/G ratio of 3.79 and a beta of 0.15.
Pinnacle West Capital (NYSE:PNW) last posted its earnings results on Thursday, August 8th. The utilities provider reported $1.28 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.43 by ($0.15). Pinnacle West Capital had a return on equity of 9.31% and a net margin of 13.84%. The firm had revenue of $869.50 million for the quarter, compared to the consensus estimate of $973.16 million. During the same period in the prior year, the business earned $1.48 EPS. Pinnacle West Capital’s quarterly revenue was down 10.7% compared to the same quarter last year. On average, research analysts predict that Pinnacle West Capital Co. will post 4.75 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 1st will be given a dividend of $0.738 per share. The ex-dividend date of this dividend is Wednesday, July 31st. This represents a $2.95 annualized dividend and a dividend yield of 3.19%. This is a boost from Pinnacle West Capital’s previous quarterly dividend of $0.74. Pinnacle West Capital’s dividend payout ratio (DPR) is currently 64.98%.
Several brokerages recently weighed in on PNW. Evercore ISI cut shares of Pinnacle West Capital from an “in-line” rating to an “underperform” rating in a research report on Friday. ValuEngine cut shares of Pinnacle West Capital from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Williams Capital reaffirmed a “hold” rating and issued a $97.00 price target (up previously from $87.00) on shares of Pinnacle West Capital in a research report on Monday. Credit Suisse Group set a $102.00 price target on shares of Pinnacle West Capital and gave the company a “buy” rating in a research report on Monday, April 22nd. Finally, Morgan Stanley cut shares of Pinnacle West Capital from an “equal weight” rating to an “underweight” rating and dropped their price target for the company from $98.00 to $90.00 in a research report on Wednesday, June 12th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $97.17.
Pinnacle West Capital Company Profile
Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, provides retail and wholesale electric services primarily in the state of Arizona. It generates, transmits, and distributes electricity using coal, nuclear, gas, oil, and solar generating facilities. The company serves approximately 1.2 million customers.
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