Woodline Partners LP Invests $579,000 in Pinnacle West Capital Co. (NYSE:PNW)

Woodline Partners LP bought a new position in shares of Pinnacle West Capital Co. (NYSE:PNW) in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor bought 6,828 shares of the utilities provider’s stock, valued at approximately $579,000.

Several other large investors have also made changes to their positions in PNW. Barclays PLC raised its stake in shares of Pinnacle West Capital by 7.6% during the 3rd quarter. Barclays PLC now owns 203,363 shares of the utilities provider’s stock worth $18,014,000 after buying an additional 14,392 shares during the period. Brighton Jones LLC purchased a new stake in shares of Pinnacle West Capital during the fourth quarter worth approximately $417,000. Exchange Traded Concepts LLC increased its position in shares of Pinnacle West Capital by 2.8% during the fourth quarter. Exchange Traded Concepts LLC now owns 9,599 shares of the utilities provider’s stock worth $814,000 after purchasing an additional 263 shares in the last quarter. Fifth Third Bancorp increased its position in shares of Pinnacle West Capital by 2.8% during the fourth quarter. Fifth Third Bancorp now owns 6,100 shares of the utilities provider’s stock worth $517,000 after purchasing an additional 165 shares in the last quarter. Finally, Blue Trust Inc. increased its position in shares of Pinnacle West Capital by 33.3% during the fourth quarter. Blue Trust Inc. now owns 1,440 shares of the utilities provider’s stock worth $128,000 after purchasing an additional 360 shares in the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently commented on PNW shares. LADENBURG THALM/SH SH upgraded Pinnacle West Capital to a “hold” rating in a research report on Friday, May 9th. Wall Street Zen cut Pinnacle West Capital from a “hold” rating to a “sell” rating in a research report on Monday, May 5th. Morgan Stanley dropped their price target on Pinnacle West Capital from $88.00 to $87.00 and set an “equal weight” rating for the company in a research report on Thursday, May 22nd. Guggenheim reiterated a “buy” rating and set a $100.00 price target on shares of Pinnacle West Capital in a research report on Wednesday, February 26th. Finally, UBS Group boosted their price target on Pinnacle West Capital from $96.00 to $99.00 and gave the stock a “neutral” rating in a research report on Friday, March 21st. One investment 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. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $95.65.

Pinnacle West Capital Stock Up 1.0%

Shares of NYSE:PNW opened at $90.76 on Tuesday. 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 business has a fifty day moving average of $92.65 and a two-hundred day moving average of $90.21. The stock has a market cap of $10.84 billion, a P/E ratio of 17.19, a PEG ratio of 3.59 and a beta of 0.45. Pinnacle West Capital Co. has a 52-week low of $74.45 and a 52-week high of $96.50.

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

Pinnacle West Capital Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 2nd. Stockholders of record on Monday, May 5th will be issued a dividend of $0.895 per share. This represents a $3.58 dividend on an annualized basis and a dividend yield of 3.94%. The ex-dividend date is Monday, May 5th. Pinnacle West Capital’s dividend payout ratio is presently 71.17%.

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.