Traders Buy Shares of Pinnacle West Capital (PNW) on Weakness

Traders purchased shares of Pinnacle West Capital Co. (NYSE:PNW) on weakness during trading on Wednesday. $13.69 million flowed into the stock on the tick-up and $6.96 million flowed out of the stock on the tick-down, for a money net flow of $6.73 million into the stock. Of all companies tracked, Pinnacle West Capital had the 26th highest net in-flow for the day. Pinnacle West Capital traded down ($0.73) for the day and closed at $76.09

A number of equities research analysts recently issued reports on PNW shares. Morgan Stanley upped their price objective on shares of Pinnacle West Capital from $90.00 to $91.00 and gave the stock an “underweight” rating in a report on Wednesday, December 13th. UBS Group assumed coverage on shares of Pinnacle West Capital in a research report on Friday, February 2nd. They set a “neutral” rating and a $81.00 target price for the company. Williams Capital reissued a “hold” rating and set a $84.00 target price (down previously from $87.00) on shares of Pinnacle West Capital in a research report on Monday, January 29th. ValuEngine raised shares of Pinnacle West Capital from a “hold” rating to a “buy” rating in a research report on Tuesday, November 14th. Finally, Bank of America assumed coverage on shares of Pinnacle West Capital in a research report on Tuesday, October 24th. They set a “neutral” rating and a $89.00 target price for the company. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and one has assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $85.30.

The company has a market capitalization of $8,573.03, a PE ratio of 16.43, a price-to-earnings-growth ratio of 5.48 and a beta of 0.27. The company has a quick ratio of 0.68, a current ratio of 0.90 and a debt-to-equity ratio of 0.85.

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 1st. Shareholders of record on Thursday, February 1st will be given a dividend of $0.695 per share. This represents a $2.78 dividend on an annualized basis and a yield of 3.65%. The ex-dividend date of this dividend is Wednesday, January 31st. Pinnacle West Capital’s dividend payout ratio is 60.04%.

In related news, EVP David P. Falck sold 4,500 shares of the stock in a transaction dated Thursday, December 14th. The shares were sold at an average price of $89.07, for a total value of $400,815.00. Following the completion of the transaction, the executive vice president now owns 40,838 shares of the company’s stock, valued at $3,637,440.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Donald E. Brandt sold 24,216 shares of the stock in a transaction dated Friday, January 19th. The stock was sold at an average price of $79.21, for a total transaction of $1,918,149.36. Following the completion of the transaction, the chairman now directly owns 94,358 shares of the company’s stock, valued at approximately $7,474,097.18. The disclosure for this sale can be found here. 0.70% of the stock is owned by insiders.

A number of large investors have recently bought and sold shares of PNW. Boston Partners raised its position in Pinnacle West Capital by 37.6% in the third quarter. Boston Partners now owns 2,824,466 shares of the utilities provider’s stock worth $238,837,000 after purchasing an additional 771,900 shares in the last quarter. Renaissance Technologies LLC raised its position in Pinnacle West Capital by 803.8% in the fourth quarter. Renaissance Technologies LLC now owns 776,400 shares of the utilities provider’s stock worth $66,134,000 after purchasing an additional 690,500 shares in the last quarter. Two Sigma Advisers LP raised its position in Pinnacle West Capital by 397.6% in the fourth quarter. Two Sigma Advisers LP now owns 509,783 shares of the utilities provider’s stock worth $43,423,000 after purchasing an additional 407,325 shares in the last quarter. Lord Abbett & CO. LLC raised its position in Pinnacle West Capital by 594.9% in the second quarter. Lord Abbett & CO. LLC now owns 405,100 shares of the utilities provider’s stock worth $34,498,000 after purchasing an additional 346,800 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its position in Pinnacle West Capital by 3,112.3% in the third quarter. Assenagon Asset Management S.A. now owns 324,984 shares of the utilities provider’s stock worth $27,481,000 after purchasing an additional 314,867 shares in the last quarter. 82.54% of the stock is owned by hedge funds and other institutional investors.

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About Pinnacle West Capital

Pinnacle West Capital Corporation is a holding company that operates through its subsidiaries. The Company operates through regulated electricity segment, which consists of traditional regulated retail and wholesale electricity businesses and related activities, and includes electricity generation, transmission and distribution.

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