Chicago Partners Investment Group LLC Makes New Investment in Pinnacle West Capital Corporation $PNW

Chicago Partners Investment Group LLC purchased a new position in Pinnacle West Capital Corporation (NYSE:PNW) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 2,633 shares of the utilities provider’s stock, valued at approximately $245,000.

Several other institutional investors have also recently made changes to their positions in PNW. Clearstead Trust LLC purchased a new position in shares of Pinnacle West Capital during the first quarter worth $25,000. Costello Asset Management INC purchased a new position in shares of Pinnacle West Capital during the first quarter worth $26,000. Ameritas Advisory Services LLC purchased a new position in shares of Pinnacle West Capital during the second quarter worth $31,000. Brooklyn Investment Group raised its holdings in shares of Pinnacle West Capital by 440.0% during the first quarter. Brooklyn Investment Group now owns 486 shares of the utilities provider’s stock worth $46,000 after purchasing an additional 396 shares during the last quarter. Finally, HM Payson & Co. raised its holdings in shares of Pinnacle West Capital by 49.7% during the first quarter. HM Payson & Co. now owns 590 shares of the utilities provider’s stock worth $56,000 after purchasing an additional 196 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on PNW. Barclays raised their target price on shares of Pinnacle West Capital from $93.00 to $95.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 7th. KeyCorp reduced their target price on shares of Pinnacle West Capital from $100.00 to $97.00 and set an “overweight” rating for the company in a report on Wednesday, October 15th. Morgan Stanley set a $93.00 price target on shares of Pinnacle West Capital and gave the company an “outperform” rating in a research report on Wednesday. Zacks Research lowered shares of Pinnacle West Capital from a “hold” rating to a “strong sell” rating in a research report on Friday, October 10th. Finally, UBS Group raised their price target on shares of Pinnacle West Capital from $95.00 to $101.00 and gave the company a “neutral” rating in a research report on Friday, October 10th. Six equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Pinnacle West Capital has an average rating of “Hold” and a consensus price target of $97.00.

Pinnacle West Capital Stock Down 0.5%

PNW stock opened at $92.10 on Friday. The firm has a market cap of $11.00 billion, a PE ratio of 18.99, a P/E/G ratio of 9.58 and a beta of 0.46. The firm’s fifty day moving average is $89.71 and its 200 day moving average is $90.78. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.37 and a current ratio of 0.52. Pinnacle West Capital Corporation has a one year low of $81.47 and a one year high of $96.50.

Pinnacle West Capital (NYSE:PNW) last released its earnings results on Wednesday, August 6th. The utilities provider reported $1.58 EPS for the quarter, hitting analysts’ consensus estimates of $1.58. The business had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.35 billion. Pinnacle West Capital had a net margin of 10.96% and a return on equity of 8.45%. The company’s quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.76 earnings per share. On average, research analysts forecast that Pinnacle West Capital Corporation will post 5.13 EPS for the current year.

Pinnacle West Capital Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Stockholders of record on Monday, November 3rd will be paid a dividend of $0.91 per share. This is an increase from Pinnacle West Capital’s previous quarterly dividend of $0.90. This represents a $3.64 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date of this dividend is Monday, November 3rd. Pinnacle West Capital’s dividend payout ratio is presently 73.81%.

Insider Activity at Pinnacle West Capital

In other news, EVP Jacob Tetlow sold 6,496 shares of the business’s stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $92.37, for a total transaction of $600,035.52. Following the completion of the sale, the executive vice president owned 56 shares of the company’s stock, valued at $5,172.72. The trade was a 99.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.23% of the stock is owned by corporate insiders.

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.