Napatree Capital LLC Makes New Investment in Pinnacle West Capital Co. (NYSE:PNW)

Napatree Capital LLC purchased a new stake in Pinnacle West Capital Co. (NYSE:PNWFree Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 2,981 shares of the utilities provider’s stock, valued at approximately $214,000.

Several other hedge funds and other institutional investors also recently modified their holdings of PNW. Capital Research Global Investors raised its position in shares of Pinnacle West Capital by 116.8% in the fourth quarter. Capital Research Global Investors now owns 6,507,809 shares of the utilities provider’s stock valued at $467,521,000 after purchasing an additional 3,506,181 shares during the period. Norges Bank bought a new stake in shares of Pinnacle West Capital in the fourth quarter valued at approximately $112,914,000. Victory Capital Management Inc. raised its position in shares of Pinnacle West Capital by 1,267.8% in the fourth quarter. Victory Capital Management Inc. now owns 311,861 shares of the utilities provider’s stock valued at $22,404,000 after purchasing an additional 289,061 shares during the period. BNP Paribas Financial Markets raised its position in shares of Pinnacle West Capital by 494.7% in the fourth quarter. BNP Paribas Financial Markets now owns 197,905 shares of the utilities provider’s stock valued at $14,217,000 after purchasing an additional 164,625 shares during the period. Finally, ING Groep NV grew its stake in Pinnacle West Capital by 1,000.4% during the fourth quarter. ING Groep NV now owns 156,525 shares of the utilities provider’s stock valued at $11,245,000 after acquiring an additional 142,300 shares in the last quarter. Institutional investors own 91.51% of the company’s stock.

Pinnacle West Capital Price Performance

Shares of Pinnacle West Capital stock opened at $75.92 on Tuesday. Pinnacle West Capital Co. has a 52-week low of $65.20 and a 52-week high of $86.03. The stock has a market capitalization of $8.62 billion, a price-to-earnings ratio of 16.53, a price-to-earnings-growth ratio of 1.95 and a beta of 0.50. The company has a fifty day moving average of $75.73 and a 200-day moving average of $72.90. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.42 and a current ratio of 0.58.

Pinnacle West Capital (NYSE:PNWGet Free Report) last posted its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.17. Pinnacle West Capital had a net margin of 11.09% and a return on equity of 8.29%. The company had revenue of $951.71 million during the quarter, compared to analyst estimates of $981.82 million. During the same period in the prior year, the business posted ($0.03) EPS. The firm’s revenue was up .7% compared to the same quarter last year. Equities research analysts expect that Pinnacle West Capital Co. will post 4.77 EPS for the current year.

Pinnacle West Capital Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 3rd. Shareholders of record on Wednesday, May 1st were issued a $0.88 dividend. The ex-dividend date was Tuesday, April 30th. This represents a $3.52 annualized dividend and a yield of 4.64%. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 76.69%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on PNW shares. UBS Group raised shares of Pinnacle West Capital from a “sell” rating to a “neutral” rating and boosted their price objective for the company from $68.00 to $71.00 in a research note on Monday, March 11th. Morgan Stanley boosted their price target on shares of Pinnacle West Capital from $70.00 to $76.00 and gave the stock an “equal weight” rating in a research note on Tuesday, May 28th. Barclays boosted their price target on shares of Pinnacle West Capital from $76.00 to $81.00 and gave the stock an “overweight” rating in a research note on Monday, May 13th. LADENBURG THALM/SH SH raised shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $74.00 to $83.50 in a research note on Thursday, June 6th. Finally, Bank of America raised shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $71.00 to $80.00 in a research note on Monday, March 18th. Eight analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $76.04.

View Our Latest Stock Report on PNW

About Pinnacle West Capital

(Free Report)

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.

Further Reading

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

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