Point72 Asia Singapore Pte. Ltd. Makes New Investment in Pinnacle West Capital Co. (NYSE:PNW)

Point72 Asia Singapore Pte. Ltd. purchased a new position in Pinnacle West Capital Co. (NYSE:PNW) during the 4th quarter, Holdings Channel reports. The firm purchased 1,164 shares of the utilities provider’s stock, valued at approximately $99,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of PNW. Point72 Hong Kong Ltd acquired a new stake in shares of Pinnacle West Capital during the 4th quarter valued at about $1,701,000. ProShare Advisors LLC raised its position in Pinnacle West Capital by 8.6% in the fourth quarter. ProShare Advisors LLC now owns 24,202 shares of the utilities provider’s stock worth $2,052,000 after purchasing an additional 1,918 shares in the last quarter. Quantinno Capital Management LP lifted its stake in Pinnacle West Capital by 62.2% during the fourth quarter. Quantinno Capital Management LP now owns 32,401 shares of the utilities provider’s stock worth $2,747,000 after purchasing an additional 12,422 shares during the period. Mufg Securities Americas Inc. bought a new position in Pinnacle West Capital during the fourth quarter worth about $142,000. Finally, Man Group plc boosted its holdings in Pinnacle West Capital by 101.8% during the fourth quarter. Man Group plc now owns 257,814 shares of the utilities provider’s stock valued at $21,855,000 after purchasing an additional 130,073 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle West Capital Trading Up 1.3%

Shares of NYSE PNW opened at $91.74 on Friday. Pinnacle West Capital Co. has a 1-year low of $74.45 and a 1-year high of $96.50. The company has a market cap of $10.95 billion, a PE ratio of 17.38, a P/E/G ratio of 3.59 and a beta of 0.45. The company has a current ratio of 0.71, a quick ratio of 0.54 and a debt-to-equity ratio of 1.20. The company has a 50-day moving average of $92.87 and a two-hundred day moving average of $90.07.

Pinnacle West Capital (NYSE:PNW) last announced its 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 the consensus estimate of $988.95 million. During the same period in the prior year, the firm posted $0.15 earnings per share. The company’s revenue was up 8.5% on a year-over-year basis. As a group, 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 announced a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders 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 3.90%. The ex-dividend date is Monday, May 5th. Pinnacle West Capital’s dividend payout ratio is presently 71.17%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on PNW shares. Jefferies Financial Group dropped their target price on Pinnacle West Capital from $106.00 to $104.00 and set a “buy” rating for the company in a report on Tuesday, January 28th. BMO Capital Markets assumed coverage on Pinnacle West Capital in a research report on Tuesday, May 13th. They issued a “market perform” rating and a $95.00 price target on the stock. UBS Group increased their target price on shares of Pinnacle West Capital from $96.00 to $99.00 and gave the stock a “neutral” rating in a research report on Friday, March 21st. Wells Fargo & Company lifted their price target on shares of Pinnacle West Capital from $95.00 to $98.00 and gave the company an “equal weight” rating in a report on Friday, May 2nd. Finally, Barclays lifted their price target on shares of Pinnacle West Capital from $87.00 to $94.00 and gave the company an “equal weight” rating in a report on Tuesday, April 1st. One analyst has rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $95.75.

Pinnacle West Capital Company 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.