Cape Investment Advisory Inc. Makes New $30,000 Investment in Pinnacle West Capital Co. (NYSE:PNW)

Cape Investment Advisory Inc. bought a new position in shares of Pinnacle West Capital Co. (NYSE:PNW) during the 1st quarter, according to its most recent 13F filing with the SEC. The firm bought 401 shares of the utilities provider’s stock, valued at approximately $30,000.

Several other hedge funds have also recently bought and sold shares of PNW. Intech Investment Management LLC acquired a new stake in shares of Pinnacle West Capital in the first quarter valued at approximately $898,000. abrdn plc increased its holdings in Pinnacle West Capital by 120.0% during the fourth quarter. abrdn plc now owns 58,335 shares of the utilities provider’s stock worth $4,191,000 after buying an additional 31,821 shares during the last quarter. Virtu Financial LLC acquired a new position in Pinnacle West Capital during the fourth quarter worth $977,000. Quantbot Technologies LP acquired a new position in Pinnacle West Capital during the first quarter worth $1,102,000. Finally, Duality Advisers LP acquired a new position in Pinnacle West Capital during the fourth quarter worth $1,422,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle West Capital Price Performance

PNW traded up $0.16 on Friday, hitting $88.23. 1,186,154 shares of the stock were exchanged, compared to its average volume of 995,348. Pinnacle West Capital Co. has a 12 month low of $65.20 and a 12 month high of $89.39. The business has a 50-day moving average of $78.67 and a two-hundred day moving average of $74.41. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.58 and a quick ratio of 0.42. The firm has a market capitalization of $10.02 billion, a price-to-earnings ratio of 19.22, a PEG ratio of 2.26 and a beta of 0.50.

Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings data on Thursday, August 1st. The utilities provider reported $1.76 earnings per share for the quarter, topping the consensus estimate of $1.31 by $0.45. Pinnacle West Capital had a net margin of 12.65% and a return on equity of 9.73%. The business had revenue of $1.31 billion during the quarter, compared to analysts’ expectations of $1.21 billion. During the same quarter in the prior year, the business posted $0.94 earnings per share. Pinnacle West Capital’s revenue was up 15.7% compared to the same quarter last year. Sell-side analysts forecast that Pinnacle West Capital Co. will post 4.75 EPS for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 1st will be paid a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a yield of 3.99%. The ex-dividend date is Thursday, August 1st. Pinnacle West Capital’s payout ratio is 76.69%.

Analyst Upgrades and Downgrades

PNW has been the topic of a number of recent analyst reports. LADENBURG THALM/SH SH upgraded shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $74.00 to $83.50 in a report on Thursday, June 6th. Barclays reduced their price objective on shares of Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating for the company in a research report on Tuesday, July 2nd. StockNews.com cut shares of Pinnacle West Capital from a “hold” rating to a “sell” rating in a research report on Tuesday, July 9th. Citigroup started coverage on shares of Pinnacle West Capital in a research report on Monday, April 29th. They set a “neutral” rating and a $78.00 price objective for the company. Finally, Wells Fargo & Company boosted their target price on shares of Pinnacle West Capital from $80.00 to $87.00 and gave the company an “equal weight” rating in a research report on Friday. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $77.41.

About Pinnacle West Capital

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.