O Shaughnessy Asset Management LLC Has $3.03 Million Stock Position in Pinnacle West Capital Co. (NYSE:PNW)

O Shaughnessy Asset Management LLC increased its stake in Pinnacle West Capital Co. (NYSE:PNW) by 20.3% during the first quarter, Holdings Channel.com reports. The fund owned 40,503 shares of the utilities provider’s stock after buying an additional 6,826 shares during the period. O Shaughnessy Asset Management LLC’s holdings in Pinnacle West Capital were worth $3,027,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PNW. Capital Research Global Investors lifted its stake 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 worth $467,521,000 after acquiring an additional 3,506,181 shares during the period. Norges Bank acquired a new position in Pinnacle West Capital in the fourth quarter valued at approximately $112,914,000. Victory Capital Management Inc. lifted its stake in 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 buying an additional 289,061 shares during the period. Susquehanna Fundamental Investments LLC acquired a new position in Pinnacle West Capital in the first quarter valued at approximately $12,824,000. Finally, BNP Paribas Financial Markets lifted its stake in 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 buying an additional 164,625 shares during the period. 91.51% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PNW has been the topic of several recent analyst reports. Citigroup initiated coverage on Pinnacle West Capital in a research note on Monday, April 29th. They issued a “neutral” rating and a $78.00 price target on the stock. Morgan Stanley dropped their price target on Pinnacle West Capital from $76.00 to $72.00 and set an “equal weight” rating on the stock in a research note on Monday, June 24th. LADENBURG THALM/SH SH raised Pinnacle West Capital from a “neutral” rating to a “buy” rating and boosted their price target for the company from $74.00 to $83.50 in a research note on Thursday, June 6th. StockNews.com downgraded Pinnacle West Capital from a “hold” rating to a “sell” rating in a report on Tuesday, July 9th. Finally, Barclays decreased their price objective on Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating for the company in a report on Tuesday, July 2nd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $76.77.

Pinnacle West Capital Stock Up 1.2 %

Pinnacle West Capital stock traded up $0.95 during trading on Wednesday, hitting $83.51. 795,906 shares of the company were exchanged, compared to its average volume of 1,175,213. The business’s 50 day moving average is $77.41 and its 200 day moving average is $73.68. Pinnacle West Capital Co. has a 52 week low of $65.20 and a 52 week high of $86.03. The company has a market capitalization of $9.48 billion, a P/E ratio of 18.20, a PEG ratio of 2.11 and a beta of 0.51. The company has a current ratio of 0.58, a quick ratio of 0.42 and a debt-to-equity ratio of 1.20.

Pinnacle West Capital (NYSE:PNW) last announced its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.17. The firm had revenue of $951.71 million during the quarter, compared to the consensus estimate of $981.82 million. Pinnacle West Capital had a return on equity of 8.29% and a net margin of 11.09%. The business’s revenue for the quarter was up .7% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.03) EPS. Analysts predict that Pinnacle West Capital Co. will post 4.76 earnings per share for the current year.

Pinnacle West Capital Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 1st will be paid a $0.88 dividend. The ex-dividend date of this dividend is Thursday, August 1st. This represents a $3.52 dividend on an annualized basis and a yield of 4.22%. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 76.69%.

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.