Commonwealth Equity Services LLC Increases Position in Pinnacle West Capital Co. (NYSE:PNW)

Commonwealth Equity Services LLC lifted its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 1.0% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 40,420 shares of the utilities provider’s stock after acquiring an additional 389 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Pinnacle West Capital were worth $3,021,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. MeadowBrook Investment Advisors LLC acquired a new position in shares of Pinnacle West Capital in the 4th quarter worth approximately $25,000. Financial Gravity Asset Management Inc. boosted its position in Pinnacle West Capital by 338.3% during the 3rd quarter. Financial Gravity Asset Management Inc. now owns 355 shares of the utilities provider’s stock valued at $26,000 after purchasing an additional 274 shares during the period. BOK Financial Private Wealth Inc. acquired a new position in Pinnacle West Capital during the 4th quarter valued at approximately $26,000. First United Bank & Trust acquired a new position in Pinnacle West Capital during the 4th quarter valued at approximately $29,000. Finally, Tobam boosted its position in Pinnacle West Capital by 2,620.0% during the 4th quarter. Tobam now owns 408 shares of the utilities provider’s stock valued at $29,000 after purchasing an additional 393 shares during the period. 91.51% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have issued reports on PNW shares. Citigroup started coverage on Pinnacle West Capital in a research report on Monday, April 29th. They set a “neutral” rating and a $78.00 price target for the company. UBS Group upgraded Pinnacle West Capital from a “sell” rating to a “neutral” rating and boosted their price target for the stock from $68.00 to $71.00 in a research report on Monday, March 11th. Morgan Stanley reduced their price target on Pinnacle West Capital from $76.00 to $72.00 and set an “equal weight” rating for the company in a research report on Monday, June 24th. StockNews.com downgraded Pinnacle West Capital from a “hold” rating to a “sell” rating in a research note on Thursday, June 27th. Finally, Wells Fargo & Company boosted their target price on Pinnacle West Capital from $77.00 to $80.00 and gave the stock an “equal weight” rating in a research report on Wednesday, June 5th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $75.46.

Pinnacle West Capital Stock Performance

Pinnacle West Capital stock traded up $0.15 during trading hours on Friday, hitting $75.67. The stock had a trading volume of 164,534 shares, compared to its average volume of 1,190,024. Pinnacle West Capital Co. has a fifty-two week low of $65.20 and a fifty-two week high of $86.03. The company has a quick ratio of 0.42, a current ratio of 0.58 and a debt-to-equity ratio of 1.20. The company has a 50-day moving average of $76.32 and a two-hundred day moving average of $72.95. The company has a market cap of $8.59 billion, a PE ratio of 16.45, a price-to-earnings-growth ratio of 1.93 and a beta of 0.51.

Pinnacle West Capital (NYSE:PNW) last issued its earnings results on Thursday, May 2nd. The utilities provider reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.17. The business had revenue of $951.71 million during the quarter, compared to analysts’ expectations of $981.82 million. Pinnacle West Capital had a return on equity of 8.29% and a net margin of 11.09%. Pinnacle West Capital’s quarterly revenue was up .7% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.03) EPS. On average, equities research analysts anticipate that Pinnacle West Capital Co. will post 4.76 EPS for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Thursday, August 1st will be given a dividend of $0.88 per share. The ex-dividend date is Thursday, August 1st. This represents a $3.52 dividend on an annualized basis and a yield of 4.65%. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 76.69%.

Pinnacle West Capital Profile

Pinnacle West Capital Corporation, through its subsidiary, provides retail and wholesale electric services primarily in the state of Arizona. The company engages in the generation, transmission, and distribution of electricity using coal, nuclear, gas, oil, and solar generating facilities. Its transmission facilities include overhead lines and underground lines; and distribution facilities consist of overhead lines and underground primary cables.