Sit Investment Associates Inc. bought a new position in shares of Pinnacle West Capital Co. (NYSE:PNW) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 2,800 shares of the utilities provider’s stock, valued at approximately $205,000.
A number of other institutional investors have also recently made changes to their positions in the stock. Zimmer Partners LP grew its position in Pinnacle West Capital by 175.7% in the 1st quarter. Zimmer Partners LP now owns 2,412,563 shares of the utilities provider’s stock valued at $182,848,000 after acquiring an additional 1,537,563 shares in the last quarter. AJO LP increased its stake in Pinnacle West Capital by 205.2% during the 2nd quarter. AJO LP now owns 587,959 shares of the utilities provider’s stock worth $43,091,000 after buying an additional 395,304 shares during the period. Invesco Ltd. increased its stake in Pinnacle West Capital by 12.1% during the 1st quarter. Invesco Ltd. now owns 2,941,917 shares of the utilities provider’s stock worth $222,968,000 after buying an additional 316,589 shares during the period. Duff & Phelps Investment Management Co. lifted its holdings in Pinnacle West Capital by 31.4% during the 2nd quarter. Duff & Phelps Investment Management Co. now owns 1,063,100 shares of the utilities provider’s stock worth $77,915,000 after buying an additional 254,100 shares in the last quarter. Finally, Banco Santander S.A. boosted its position in Pinnacle West Capital by 235.5% in the 1st quarter. Banco Santander S.A. now owns 354,000 shares of the utilities provider’s stock valued at $26,830,000 after buying an additional 248,500 shares during the period. Institutional investors own 83.69% of the company’s stock.
Shares of PNW opened at $72.40 on Friday. The stock has a 50 day moving average price of $78.74 and a 200 day moving average price of $79.08. The company has a quick ratio of 0.54, a current ratio of 0.77 and a debt-to-equity ratio of 1.06. The company has a market capitalization of $8.21 billion, a price-to-earnings ratio of 13.72, a price-to-earnings-growth ratio of 3.22 and a beta of 0.29. Pinnacle West Capital Co. has a 52-week low of $60.05 and a 52-week high of $105.51.
Pinnacle West Capital (NYSE:PNW) last issued its quarterly earnings data on Thursday, August 6th. The utilities provider reported $1.71 earnings per share for the quarter, topping the consensus estimate of $1.48 by $0.23. The business had revenue of $929.50 million during the quarter, compared to the consensus estimate of $915.14 million. Pinnacle West Capital had a net margin of 17.37% and a return on equity of 10.69%. The company’s revenue was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.28 EPS. On average, equities analysts anticipate that Pinnacle West Capital Co. will post 4.82 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Monday, August 3rd were paid a $0.7825 dividend. The ex-dividend date was Friday, July 31st. This represents a $3.13 annualized dividend and a yield of 4.32%. Pinnacle West Capital’s dividend payout ratio is presently 65.62%.
Several analysts have recently issued reports on the company. Morgan Stanley increased their price objective on Pinnacle West Capital from $75.00 to $78.00 and gave the company an “equal weight” rating in a research note on Friday, July 17th. Wells Fargo & Co reaffirmed a “buy” rating on shares of Pinnacle West Capital in a research report on Thursday, August 6th. Credit Suisse Group reissued a “buy” rating and set a $88.00 price objective on shares of Pinnacle West Capital in a research report on Wednesday, August 5th. ValuEngine cut shares of Pinnacle West Capital from a “hold” rating to a “sell” rating in a report on Thursday, August 27th. Finally, Guggenheim upgraded shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating in a research note on Tuesday, May 12th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the stock. Pinnacle West Capital presently has an average rating of “Hold” and an average price target of $89.11.
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 generating facilities. The company serves approximately 1.2 million customers.
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