Northern Trust Corp boosted its stake in Pinnacle West Capital Co. (NYSE:PNW) by 1.8% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,615,338 shares of the utilities provider’s stock after acquiring an additional 28,316 shares during the quarter. Northern Trust Corp’s holdings in Pinnacle West Capital were worth $151,987,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Zions Bancorporation N.A. purchased a new position in Pinnacle West Capital in the 1st quarter worth approximately $26,000. Weaver Consulting Group purchased a new position in Pinnacle West Capital in the 1st quarter worth approximately $29,000. Old North State Trust LLC boosted its holdings 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 acquiring an additional 156 shares during the period. Flagship Harbor Advisors LLC boosted its holdings in Pinnacle West Capital by 28.4% in the 2nd quarter. Flagship Harbor Advisors LLC now owns 959 shares of the utilities provider’s stock worth $90,000 after acquiring an additional 212 shares during the period. Finally, Executive Wealth Management LLC boosted its holdings in Pinnacle West Capital by 28.5% in the 2nd quarter. Executive Wealth Management LLC now owns 1,277 shares of the utilities provider’s stock worth $120,000 after acquiring an additional 283 shares during the period. Hedge funds and other institutional investors own 88.15% of the company’s stock.
Shares of PNW traded down $0.02 during trading on Thursday, reaching $93.13. The company’s stock had a trading volume of 45,858 shares, compared to its average volume of 1,008,229. The company has a fifty day moving average of $93.49 and a two-hundred day moving average of $94.63. Pinnacle West Capital Co. has a twelve month low of $77.19 and a twelve month high of $99.81. The company has a market cap of $10.38 billion, a price-to-earnings ratio of 20.57, a P/E/G ratio of 3.19 and a beta of 0.12. The company has a quick ratio of 0.38, a current ratio of 0.54 and a debt-to-equity ratio of 0.92.
Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings results on Thursday, August 8th. The utilities provider reported $1.28 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.43 by ($0.15). The firm had revenue of $869.50 million for the quarter, compared to analyst estimates of $973.16 million. Pinnacle West Capital had a net margin of 13.84% and a return on equity of 9.33%. The business’s revenue was down 10.7% on a year-over-year basis. During the same period in the prior year, the company posted $1.48 earnings per share. As a group, equities analysts forecast that Pinnacle West Capital Co. will post 4.76 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Thursday, August 1st were given a dividend of $0.738 per share. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.74. This represents a $2.95 annualized dividend and a dividend yield of 3.17%. The ex-dividend date of this dividend was Wednesday, July 31st. Pinnacle West Capital’s dividend payout ratio is currently 64.98%.
A number of equities analysts have issued reports on the company. Argus raised Pinnacle West Capital from a “hold” rating to a “buy” rating and set a $102.00 target price on the stock in a research report on Tuesday, July 30th. Williams Capital reaffirmed a “hold” rating and issued a $97.00 target price (up from $87.00) on shares of Pinnacle West Capital in a research report on Monday, August 12th. Morgan Stanley set a $92.00 target price on Pinnacle West Capital and gave the company a “sell” rating in a research report on Friday, August 16th. UBS Group cut their target price on Pinnacle West Capital from $103.00 to $99.00 and set a “neutral” rating on the stock in a research report on Monday, August 12th. Finally, Evercore ISI lowered Pinnacle West Capital from an “in-line” rating to an “underperform” rating in a research report on Friday, August 9th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and four have assigned a buy rating to the stock. Pinnacle West Capital currently has a consensus rating of “Hold” and an average price target of $97.33.
Pinnacle West Capital Company 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.
Further Reading: Equal Weight Rating
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