A.R.T. Advisors LLC cut its position in shares of Pinnacle West Capital Co. (NYSE:PNW) by 86.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 7,000 shares of the utilities provider’s stock after selling 45,500 shares during the quarter. A.R.T. Advisors LLC’s holdings in Pinnacle West Capital were worth $558,000 at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of the business. Shelter Harbor Advisors LP lifted its stake in Pinnacle West Capital by 66.7% during the first quarter. Shelter Harbor Advisors LP now owns 125,000 shares of the utilities provider’s stock valued at $9,975,000 after buying an additional 50,000 shares in the last quarter. UBS Group AG lifted its stake in Pinnacle West Capital by 7.6% during the first quarter. UBS Group AG now owns 122,567 shares of the utilities provider’s stock valued at $9,781,000 after buying an additional 8,631 shares in the last quarter. Magellan Asset Management Ltd lifted its position in shares of Pinnacle West Capital by 14.5% in the first quarter. Magellan Asset Management Ltd now owns 85,478 shares of the utilities provider’s stock worth $6,821,000 after purchasing an additional 10,837 shares in the last quarter. Epoch Investment Partners Inc. purchased a new stake in shares of Pinnacle West Capital in the first quarter worth approximately $19,785,000. Finally, Baird Financial Group Inc. lifted its position in shares of Pinnacle West Capital by 3.5% in the first quarter. Baird Financial Group Inc. now owns 31,579 shares of the utilities provider’s stock worth $2,520,000 after purchasing an additional 1,077 shares in the last quarter. 82.90% of the stock is owned by institutional investors.
In related news, EVP Mark A. Schiavoni sold 9,534 shares of the stock in a transaction that occurred on Tuesday, May 29th. The stock was sold at an average price of $79.02, for a total value of $753,376.68. Following the transaction, the executive vice president now owns 25,496 shares in the company, valued at $2,014,693.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.53% of the company’s stock.
A number of analysts have recently issued reports on PNW shares. Bank of America raised shares of Pinnacle West Capital from an “underperform” rating to a “neutral” rating and set a $81.00 price target for the company in a research report on Friday, May 4th. They noted that the move was a valuation call. Zacks Investment Research raised shares of Pinnacle West Capital from a “hold” rating to a “buy” rating and set a $86.00 price target for the company in a research report on Tuesday, June 19th. Royal Bank of Canada raised shares of Pinnacle West Capital from a “sector perform” rating to an “outperform” rating in a research report on Thursday, March 8th. ValuEngine lowered shares of Pinnacle West Capital from a “hold” rating to a “sell” rating in a research report on Saturday, June 2nd. Finally, Credit Suisse Group raised shares of Pinnacle West Capital from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $85.00 to $87.00 in a research report on Tuesday, May 8th. Ten research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $83.82.
Pinnacle West Capital opened at $80.56 on Monday, Marketbeat reports. Pinnacle West Capital Co. has a 52 week low of $73.41 and a 52 week high of $92.48. The company has a market capitalization of $9.02 billion, a P/E ratio of 18.52, a PEG ratio of 4.04 and a beta of 0.28. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.35 and a current ratio of 0.51.
Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings data on Wednesday, May 2nd. The utilities provider reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.07). Pinnacle West Capital had a return on equity of 9.11% and a net margin of 13.08%. The firm had revenue of $692.71 million during the quarter, compared to analyst estimates of $680.96 million. During the same quarter in the prior year, the company posted $0.21 EPS. The company’s quarterly revenue was up 2.2% on a year-over-year basis. sell-side analysts anticipate that Pinnacle West Capital Co. will post 4.45 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 4th. Investors of record on Wednesday, August 1st will be issued a $0.695 dividend. The ex-dividend date of this dividend is Tuesday, July 31st. This represents a $2.78 dividend on an annualized basis and a yield of 3.45%. Pinnacle West Capital’s dividend payout ratio is currently 63.91%.
About Pinnacle West Capital
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 resources. The company serves approximately 1.2 million homes and businesses.
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