BluePointe Capital Management LLC Takes $846,000 Position in Pinnacle West Capital Corporation (NYSE:PNW)

BluePointe Capital Management LLC acquired a new stake in Pinnacle West Capital Corporation (NYSE:PNW) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 8,879 shares of the utilities provider’s stock, valued at approximately $846,000.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Apollon Wealth Management LLC grew its position in shares of Pinnacle West Capital by 13.0% in the first quarter. Apollon Wealth Management LLC now owns 9,133 shares of the utilities provider’s stock valued at $870,000 after purchasing an additional 1,048 shares in the last quarter. Edgestream Partners L.P. raised its stake in shares of Pinnacle West Capital by 1,634.1% in the first quarter. Edgestream Partners L.P. now owns 49,370 shares of the utilities provider’s stock valued at $4,702,000 after acquiring an additional 46,523 shares in the last quarter. Stephens Inc. AR raised its stake in Pinnacle West Capital by 5.6% in the first quarter. Stephens Inc. AR now owns 4,681 shares of the utilities provider’s stock valued at $446,000 after buying an additional 247 shares in the last quarter. Ballentine Partners LLC acquired a new stake in Pinnacle West Capital in the first quarter valued at $210,000. Finally, Fortem Financial Group LLC raised its stake in Pinnacle West Capital by 73.3% in the first quarter. Fortem Financial Group LLC now owns 9,906 shares of the utilities provider’s stock valued at $944,000 after buying an additional 4,189 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on PNW shares. Wall Street Zen lowered Pinnacle West Capital from a “hold” rating to a “sell” rating in a report on Monday, May 5th. UBS Group reaffirmed a “neutral” rating and set a $98.00 price objective (up previously from $96.00) on shares of Pinnacle West Capital in a report on Friday. Morgan Stanley dropped their price objective on Pinnacle West Capital from $88.00 to $87.00 and set an “equal weight” rating on the stock in a report on Thursday, May 22nd. Barclays raised their price objective on Pinnacle West Capital from $87.00 to $94.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 1st. Finally, BMO Capital Markets started coverage on shares of Pinnacle West Capital in a research note on Tuesday, May 13th. They issued a “market perform” rating and a $95.00 target price for the company. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat, Pinnacle West Capital has an average rating of “Hold” and an average target price of $96.89.

Pinnacle West Capital Price Performance

PNW opened at $91.32 on Tuesday. The stock has a market capitalization of $10.90 billion, a PE ratio of 18.16, a P/E/G ratio of 9.48 and a beta of 0.42. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.34 and a current ratio of 0.50. Pinnacle West Capital Corporation has a 1 year low of $79.33 and a 1 year high of $96.50. The company’s 50 day simple moving average is $90.33 and its 200 day simple moving average is $90.17.

Pinnacle West Capital (NYSE:PNW) last announced 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). The business had revenue of $1.03 billion for the quarter, compared to analyst estimates of $988.95 million. Pinnacle West Capital had a net margin of 11.28% and a return on equity of 8.78%. The company’s quarterly revenue was up 8.5% on a year-over-year basis. During the same period last year, the firm earned $0.15 earnings per share. As a group, sell-side analysts expect that Pinnacle West Capital Corporation will post 5.13 EPS for the current year.

Pinnacle West Capital Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Friday, August 1st will be issued a $0.895 dividend. The ex-dividend date is Friday, August 1st. This represents a $3.58 annualized dividend and a yield of 3.92%. Pinnacle West Capital’s dividend payout ratio is presently 71.17%.

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.