Reaves W H & Co. Inc. lessened its stake in Pinnacle West Capital Co. (NYSE:PNW) by 12.2% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 572,850 shares of the utilities provider’s stock after selling 79,746 shares during the quarter. Pinnacle West Capital accounts for about 1.5% of Reaves W H & Co. Inc.’s portfolio, making the stock its 24th largest holding. Reaves W H & Co. Inc. owned about 0.51% of Pinnacle West Capital worth $45,359,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds also recently modified their holdings of the company. BlackRock Inc. raised its holdings in Pinnacle West Capital by 13.7% in the 2nd quarter. BlackRock Inc. now owns 13,632,290 shares of the utilities provider’s stock worth $1,098,218,000 after purchasing an additional 1,642,393 shares during the period. Boston Partners raised its holdings in Pinnacle West Capital by 2.6% in the 2nd quarter. Boston Partners now owns 3,686,438 shares of the utilities provider’s stock worth $296,979,000 after purchasing an additional 93,700 shares during the period. American Century Companies Inc. raised its holdings in Pinnacle West Capital by 9.9% in the 3rd quarter. American Century Companies Inc. now owns 2,910,120 shares of the utilities provider’s stock worth $230,423,000 after purchasing an additional 261,996 shares during the period. Millennium Management LLC raised its holdings in Pinnacle West Capital by 34.1% in the 2nd quarter. Millennium Management LLC now owns 2,496,216 shares of the utilities provider’s stock worth $201,095,000 after purchasing an additional 634,929 shares during the period. Finally, Massachusetts Financial Services Co. MA raised its holdings in Pinnacle West Capital by 16.8% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,431,121 shares of the utilities provider’s stock worth $113,316,000 after purchasing an additional 206,126 shares during the period. 82.25% of the stock is owned by institutional investors and hedge funds.
NYSE:PNW opened at $88.74 on Wednesday. Pinnacle West Capital Co. has a 12 month low of $73.41 and a 12 month high of $92.48. The company has a quick ratio of 0.52, a current ratio of 0.70 and a debt-to-equity ratio of 0.82. The company has a market cap of $9.96 billion, a price-to-earnings ratio of 20.40, a PEG ratio of 4.38 and a beta of 0.04.
Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings data on Thursday, November 8th. The utilities provider reported $2.80 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.75 by $0.05. Pinnacle West Capital had a return on equity of 9.68% and a net margin of 13.71%. The company had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.15 billion. During the same period in the previous year, the business earned $2.46 EPS. Pinnacle West Capital’s quarterly revenue was up 7.2% on a year-over-year basis. Equities research analysts forecast that Pinnacle West Capital Co. will post 4.54 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 3rd. Shareholders of record on Thursday, November 1st will be paid a dividend of $0.7375 per share. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.70. This represents a $2.95 annualized dividend and a yield of 3.32%. The ex-dividend date of this dividend is Wednesday, October 31st. Pinnacle West Capital’s payout ratio is 67.82%.
A number of research firms recently weighed in on PNW. Morgan Stanley upped their price target on Pinnacle West Capital from $85.00 to $89.00 and gave the stock a “hold” rating in a report on Tuesday, September 11th. Williams Capital upped their price target on Pinnacle West Capital from $80.00 to $84.00 and gave the stock a “hold” rating in a report on Monday, October 15th. Goldman Sachs Group raised Pinnacle West Capital from a “neutral” rating to a “buy” rating in a report on Thursday, October 18th. Wells Fargo & Co raised Pinnacle West Capital from a “market perform” rating to an “outperform” rating in a report on Monday, August 6th. Finally, ValuEngine raised Pinnacle West Capital from a “hold” rating to a “buy” rating in a report on Wednesday, October 24th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $85.00.
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Pinnacle West Capital 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 resources. The company serves approximately 1.2 million homes and businesses.
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