Twin Capital Management Inc. Takes Position in Pinnacle West Capital Co. (NYSE:PNW)

Twin Capital Management Inc. purchased a new stake in Pinnacle West Capital Co. (NYSE:PNW) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 7,085 shares of the utilities provider’s stock, valued at approximately $667,000.

Several other hedge funds have also recently made changes to their positions in the company. Zions Bancorporation N.A. acquired a new position in Pinnacle West Capital in the 1st quarter worth $26,000. Weaver Consulting Group acquired a new position in Pinnacle West Capital in the 1st quarter worth $29,000. Old North State Trust LLC boosted its stake 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 worth $68,000 after purchasing an additional 156 shares during the period. Flagship Harbor Advisors LLC boosted its stake 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 worth $71,000 after purchasing an additional 621 shares during the period. Finally, First Quadrant L P CA acquired a new position in Pinnacle West Capital in the 1st quarter worth $113,000. 86.64% of the stock is owned by institutional investors.

Shares of Pinnacle West Capital stock traded up $0.34 during trading hours on Friday, reaching $94.12. 1,310,000 shares of the company’s stock were exchanged, compared to its average volume of 1,084,160. The company has a 50 day moving average of $93.41 and a two-hundred day moving average of $94.04. Pinnacle West Capital Co. has a fifty-two week low of $77.19 and a fifty-two week high of $99.81. The company has a current ratio of 0.54, a quick ratio of 0.36 and a debt-to-equity ratio of 0.92. The stock has a market cap of $10.31 billion, a P/E ratio of 20.73, a P/E/G ratio of 3.17 and a beta of 0.15.

Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings data on Thursday, August 8th. The utilities provider reported $1.28 EPS for the quarter, missing the Zacks’ consensus estimate of $1.43 by ($0.15). Pinnacle West Capital had a return on equity of 9.33% and a net margin of 13.84%. The business had revenue of $869.50 million for the quarter, compared to analyst estimates of $973.16 million. During the same quarter in the prior year, the company earned $1.48 earnings per share. The company’s quarterly revenue was down 10.7% on a year-over-year basis. As a group, analysts expect that Pinnacle West Capital Co. will post 4.75 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Thursday, August 1st will be issued a $0.738 dividend. This represents a $2.95 dividend on an annualized basis and a dividend yield of 3.14%. This is a boost from Pinnacle West Capital’s previous quarterly dividend of $0.74. The ex-dividend date of this dividend is Wednesday, July 31st. Pinnacle West Capital’s dividend payout ratio is presently 64.98%.

A number of equities analysts recently weighed in on PNW shares. ValuEngine lowered shares of Pinnacle West Capital from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Argus upgraded shares of Pinnacle West Capital from a “hold” rating to a “buy” rating and set a $102.00 price objective for the company in a research note on Tuesday, July 30th. UBS Group reduced their price objective on shares of Pinnacle West Capital from $103.00 to $99.00 and set a “neutral” rating for the company in a research note on Monday, August 12th. Wells Fargo & Co restated a “hold” rating on shares of Pinnacle West Capital in a research note on Friday, August 9th. Finally, Williams Capital restated a “hold” rating and set a $97.00 price objective (up from $87.00) on shares of Pinnacle West Capital in a research note on Monday, August 12th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $97.17.

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 generating facilities. The company serves approximately 1.2 million customers.

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Institutional Ownership by Quarter for Pinnacle West Capital (NYSE:PNW)

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