Oregon Public Employees Retirement Fund grew its position in Pinnacle West Capital Co. (NYSE:PNW) by 84.9% in the first quarter, HoldingsChannel reports. The institutional investor owned 22,322 shares of the utilities provider’s stock after acquiring an additional 10,249 shares during the period. Oregon Public Employees Retirement Fund’s holdings in Pinnacle West Capital were worth $2,134,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Altshuler Shaham Ltd acquired a new stake in shares of Pinnacle West Capital in the fourth quarter valued at $26,000. Bartlett & Co. LLC acquired a new stake in shares of Pinnacle West Capital in the fourth quarter valued at $30,000. Old North State Trust LLC grew its stake in shares of Pinnacle West Capital by 316.7% in the fourth quarter. Old North State Trust LLC now owns 400 shares of the utilities provider’s stock valued at $34,000 after buying an additional 304 shares in the last quarter. Global Retirement Partners LLC grew its stake in shares of Pinnacle West Capital by 72.7% in the fourth quarter. Global Retirement Partners LLC now owns 411 shares of the utilities provider’s stock valued at $35,000 after buying an additional 173 shares in the last quarter. Finally, Riverview Trust Co acquired a new stake in shares of Pinnacle West Capital in the fourth quarter valued at $36,000. 84.70% of the stock is owned by institutional investors and hedge funds.
A number of brokerages have recently weighed in on PNW. Zacks Investment Research raised Pinnacle West Capital from a “hold” rating to a “buy” rating and set a $108.00 price objective for the company in a research note on Monday, May 20th. Morgan Stanley set a $98.00 price objective on Pinnacle West Capital and gave the company a “hold” rating in a research note on Thursday, May 16th. ValuEngine raised Pinnacle West Capital from a “hold” rating to a “buy” rating in a research note on Friday, May 10th. Credit Suisse Group set a $102.00 price objective on Pinnacle West Capital and gave the company a “buy” rating in a research note on Monday, April 22nd. Finally, Bank of America upgraded Pinnacle West Capital from a “neutral” rating to a “buy” rating and set a $105.00 target price for the company in a report on Monday, April 15th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the stock. Pinnacle West Capital presently has a consensus rating of “Hold” and an average target price of $94.09.
NYSE:PNW opened at $96.67 on Friday. The firm has a market capitalization of $10.85 billion, a P/E ratio of 21.29, a P/E/G ratio of 3.96 and a beta of 0.18. Pinnacle West Capital Co. has a 12-month low of $73.41 and a 12-month high of $97.37. The company has a quick ratio of 0.36, a current ratio of 0.55 and a debt-to-equity ratio of 0.92.
Pinnacle West Capital (NYSE:PNW) last released its earnings results on Wednesday, May 1st. The utilities provider reported $0.16 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.17 by ($0.01). The company had revenue of $740.53 million during the quarter, compared to analysts’ expectations of $718.60 million. Pinnacle West Capital had a net margin of 14.06% and a return on equity of 9.84%. The company’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter last year, the business posted $0.03 earnings per share. Equities research analysts predict that Pinnacle West Capital Co. will post 4.85 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Wednesday, May 1st will be issued a $0.7375 dividend. The ex-dividend date of this dividend is Tuesday, April 30th. This represents a $2.95 dividend on an annualized basis and a yield of 3.05%. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 64.98%.
In other Pinnacle West Capital news, Director Denis A. Cortese sold 3,014 shares of Pinnacle West Capital stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $94.12, for a total transaction of $283,677.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael L. Gallagher sold 5,000 shares of Pinnacle West Capital stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $95.90, for a total value of $479,500.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 52,420 shares of company stock valued at $4,895,239. 0.41% of the stock is currently owned by company insiders.
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About Pinnacle West Capital
Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, provides retail and wholesale electric services primarily in the state of Arizona. It generates, transmits, and distributes electricity using coal, nuclear, gas, oil, and solar generating facilities. The company serves approximately 1.2 million customers.
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