Pinnacle West Capital Co. (NYSE:PNW) was the target of some unusual options trading activity on Monday. Stock investors purchased 1,055 put options on the company. This represents an increase of approximately 1,784% compared to the typical volume of 56 put options.
Shares of PNW stock opened at $72.96 on Tuesday. The firm has a 50 day moving average of $74.80 and a 200-day moving average of $83.90. Pinnacle West Capital has a 52 week low of $60.05 and a 52 week high of $105.51. The company has a quick ratio of 0.32, a current ratio of 0.47 and a debt-to-equity ratio of 0.87. The company has a market cap of $7.99 billion, a price-to-earnings ratio of 14.92, a price-to-earnings-growth ratio of 2.93 and a beta of 0.37.
Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings results on Friday, May 8th. The utilities provider reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.11. Pinnacle West Capital had a net margin of 16.22% and a return on equity of 9.92%. The business had revenue of $661.93 million during the quarter, compared to the consensus estimate of $749.63 million. During the same quarter last year, the firm posted $0.16 EPS. Pinnacle West Capital’s revenue was down 10.6% compared to the same quarter last year. Analysts anticipate that Pinnacle West Capital will post 4.67 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Monday, August 3rd will be given a $0.7825 dividend. This represents a $3.13 annualized dividend and a yield of 4.29%. The ex-dividend date is Friday, July 31st. Pinnacle West Capital’s payout ratio is currently 65.62%.
A number of research analysts recently issued reports on PNW shares. Royal Bank of Canada reiterated a “hold” rating and issued a $86.00 price objective on shares of Pinnacle West Capital in a report on Thursday, April 30th. Credit Suisse Group decreased their target price on shares of Pinnacle West Capital from $88.00 to $84.00 and set an “outperform” rating for the company in a research report on Monday, May 11th. Wells Fargo & Co raised shares of Pinnacle West Capital from an “equal weight” rating to an “overweight” rating and decreased their target price for the company from $110.00 to $87.00 in a research report on Friday, April 24th. Goldman Sachs Group raised shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and set a $93.00 target price for the company in a research report on Monday, June 15th. Finally, Guggenheim raised shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating in a research report on Tuesday, May 12th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and six have given a buy rating to the company’s stock. Pinnacle West Capital currently has a consensus rating of “Hold” and an average target price of $91.00.
A number of hedge funds and other institutional investors have recently bought and sold shares of PNW. Amundi Pioneer Asset Management Inc. grew its position in Pinnacle West Capital by 63.8% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 162,326 shares of the utilities provider’s stock valued at $15,515,000 after purchasing an additional 63,204 shares during the period. FMR LLC grew its position in Pinnacle West Capital by 6.4% in the 4th quarter. FMR LLC now owns 476,997 shares of the utilities provider’s stock valued at $42,896,000 after purchasing an additional 28,718 shares during the period. Pacer Advisors Inc. grew its position in Pinnacle West Capital by 7.0% in the 4th quarter. Pacer Advisors Inc. now owns 12,359 shares of the utilities provider’s stock valued at $1,111,000 after purchasing an additional 805 shares during the period. Envestnet Asset Management Inc. grew its position in Pinnacle West Capital by 12.9% in the 4th quarter. Envestnet Asset Management Inc. now owns 20,468 shares of the utilities provider’s stock valued at $1,841,000 after purchasing an additional 2,334 shares during the period. Finally, Prudential Financial Inc. lifted its stake in Pinnacle West Capital by 2.7% during the 4th quarter. Prudential Financial Inc. now owns 106,532 shares of the utilities provider’s stock valued at $9,580,000 after acquiring an additional 2,850 shares in the last quarter. 84.41% of the stock is owned by institutional investors and hedge funds.
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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