Graham Capital Management L.P. Makes New Investment in Pinnacle West Capital Co. (NYSE:PNW)

Graham Capital Management L.P. bought a new position in Pinnacle West Capital Co. (NYSE:PNW) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 13,139 shares of the utilities provider’s stock, valued at approximately $1,114,000.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Mesirow Financial Investment Management Inc. lifted its position in Pinnacle West Capital by 0.9% in the fourth quarter. Mesirow Financial Investment Management Inc. now owns 13,724 shares of the utilities provider’s stock worth $1,163,000 after purchasing an additional 116 shares during the period. Norinchukin Bank The lifted its position in Pinnacle West Capital by 2.7% in the fourth quarter. Norinchukin Bank The now owns 4,398 shares of the utilities provider’s stock worth $373,000 after purchasing an additional 117 shares during the period. New York Life Investment Management LLC lifted its position in shares of Pinnacle West Capital by 0.9% during the 4th quarter. New York Life Investment Management LLC now owns 14,916 shares of the utilities provider’s stock valued at $1,264,000 after acquiring an additional 127 shares during the last quarter. Global Retirement Partners LLC lifted its position in shares of Pinnacle West Capital by 10.8% during the 4th quarter. Global Retirement Partners LLC now owns 1,598 shares of the utilities provider’s stock valued at $135,000 after acquiring an additional 156 shares during the last quarter. Finally, 1620 Investment Advisors Inc. lifted its position in shares of Pinnacle West Capital by 3.6% during the 4th quarter. 1620 Investment Advisors Inc. now owns 4,683 shares of the utilities provider’s stock valued at $397,000 after acquiring an additional 162 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle West Capital Price Performance

Shares of NYSE:PNW opened at $89.08 on Wednesday. Pinnacle West Capital Co. has a 12-month low of $74.45 and a 12-month high of $96.50. The company has a quick ratio of 0.54, a current ratio of 0.71 and a debt-to-equity ratio of 1.20. The company has a market cap of $10.64 billion, a P/E ratio of 16.87, a price-to-earnings-growth ratio of 3.59 and a beta of 0.45. The company’s fifty day moving average is $92.99 and its two-hundred day moving average is $90.02.

Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings results on Thursday, May 1st. The utilities provider reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.09). Pinnacle West Capital had a return on equity of 9.60% and a net margin of 12.26%. The company had revenue of $1.03 billion during the quarter, compared to analyst estimates of $988.95 million. During the same period last year, the company posted $0.15 earnings per share. The company’s revenue was up 8.5% compared to the same quarter last year. Equities analysts expect that Pinnacle West Capital Co. will post 5.13 earnings per share for the current fiscal year.

Pinnacle West Capital Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 2nd. Stockholders of record on Monday, May 5th will be paid a $0.895 dividend. This represents a $3.58 dividend on an annualized basis and a dividend yield of 4.02%. The ex-dividend date of this dividend is Monday, May 5th. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 71.17%.

Analyst Upgrades and Downgrades

PNW has been the subject of a number of recent research reports. LADENBURG THALM/SH SH upgraded Pinnacle West Capital to a “hold” rating in a research report on Friday, May 9th. StockNews.com downgraded Pinnacle West Capital from a “hold” rating to a “sell” rating in a research report on Monday, May 5th. BMO Capital Markets initiated coverage on Pinnacle West Capital in a research report on Tuesday. They set a “market perform” rating and a $95.00 price objective for the company. Barclays increased their price objective on Pinnacle West Capital from $87.00 to $94.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 1st. Finally, Jefferies Financial Group cut their price objective on 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. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, Pinnacle West Capital has a consensus rating of “Hold” and an average target price of $95.75.

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.