Ieq Capital LLC Acquires New Position in Pinnacle West Capital Co. (NYSE:PNW)

Ieq Capital LLC bought a new position in shares of Pinnacle West Capital Co. (NYSE:PNW) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm bought 4,102 shares of the utilities provider’s stock, valued at approximately $348,000.

Other hedge funds also recently made changes to their positions in the company. Global Retirement Partners LLC lifted its stake in Pinnacle West Capital by 10.8% during the fourth quarter. Global Retirement Partners LLC now owns 1,598 shares of the utilities provider’s stock worth $135,000 after purchasing an additional 156 shares during the last quarter. Kentucky Retirement Systems Insurance Trust Fund raised its holdings in shares of Pinnacle West Capital by 15.9% during the fourth quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 3,897 shares of the utilities provider’s stock worth $330,000 after purchasing an additional 535 shares during the period. CIBC Asset Management Inc lifted its position in shares of Pinnacle West Capital by 2.5% in the 4th quarter. CIBC Asset Management Inc now owns 16,125 shares of the utilities provider’s stock worth $1,367,000 after buying an additional 388 shares during the last quarter. Allworth Financial LP boosted its holdings in shares of Pinnacle West Capital by 125.9% in the 4th quarter. Allworth Financial LP now owns 655 shares of the utilities provider’s stock valued at $56,000 after buying an additional 365 shares during the period. Finally, Nations Financial Group Inc. IA ADV bought a new stake in shares of Pinnacle West Capital during the 4th quarter valued at about $2,300,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Pinnacle West Capital Stock Performance

NYSE:PNW opened at $90.85 on Friday. The company has a 50-day moving average of $86.68 and a 200-day moving average of $88.14. The firm has a market cap of $10.33 billion, a price-to-earnings ratio of 17.21, a price-to-earnings-growth ratio of 3.59 and a beta of 0.57. The company has a current ratio of 0.71, a quick ratio of 0.54 and a debt-to-equity ratio of 1.20. Pinnacle West Capital Co. has a twelve month low of $66.77 and a twelve month high of $95.42.

Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings results on Tuesday, February 25th. The utilities provider reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.31) by $0.25. Pinnacle West Capital had a net margin of 12.26% and a return on equity of 9.60%. The firm had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.06 billion. Analysts forecast that Pinnacle West Capital Co. will post 5.13 earnings per share for the current fiscal year.

Pinnacle West Capital Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Monday, February 3rd will be issued a $0.895 dividend. This represents a $3.58 annualized dividend and a dividend yield of 3.94%. The ex-dividend date is Monday, February 3rd. Pinnacle West Capital’s payout ratio is 67.80%.

Analysts Set New Price Targets

PNW has been the topic of a number of recent research reports. KeyCorp raised shares of Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 target price on the stock in a report on Wednesday, December 4th. Citigroup boosted their price objective on Pinnacle West Capital from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday, December 4th. Wells Fargo & Company increased their target price on Pinnacle West Capital from $92.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Jefferies Financial Group lowered their price target on shares of Pinnacle West Capital from $106.00 to $104.00 and set a “buy” rating for the company in a research report on Tuesday, January 28th. Finally, Guggenheim reiterated a “buy” rating and issued a $100.00 price objective on shares of Pinnacle West Capital in a research report on Wednesday. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $86.58.

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.