Point72 Asia Singapore Pte. Ltd. Makes New Investment in Pinnacle West Capital Co. (NYSE:PNW)

Point72 Asia Singapore Pte. Ltd. bought a new position in Pinnacle West Capital Co. (NYSE:PNW) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 1,164 shares of the utilities provider’s stock, valued at approximately $99,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. YANKCOM Partnership purchased a new stake in Pinnacle West Capital in the 4th quarter worth approximately $29,000. Canada Post Corp Registered Pension Plan purchased a new stake in Pinnacle West Capital in the 4th quarter worth approximately $35,000. Brown Lisle Cummings Inc. purchased a new stake in Pinnacle West Capital in the 4th quarter worth approximately $38,000. Transcendent Capital Group LLC purchased a new stake in Pinnacle West Capital in the 4th quarter worth approximately $46,000. Finally, Allworth Financial LP raised its holdings in shares of Pinnacle West Capital by 125.9% during the 4th quarter. Allworth Financial LP now owns 655 shares of the utilities provider’s stock valued at $56,000 after purchasing an additional 365 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Pinnacle West Capital Stock Performance

NYSE:PNW opened at $91.74 on Friday. Pinnacle West Capital Co. has a 1 year low of $74.45 and a 1 year high of $96.50. The firm’s fifty day simple moving average is $92.87 and its 200 day simple moving average is $90.07. The company has a current ratio of 0.71, a quick ratio of 0.54 and a debt-to-equity ratio of 1.20. The firm has a market capitalization of $10.95 billion, a PE ratio of 17.38, a PEG ratio of 3.59 and a beta of 0.45.

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

Pinnacle West Capital Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Monday, May 5th will be given a $0.895 dividend. The ex-dividend date of this dividend is Monday, May 5th. This represents a $3.58 annualized dividend and a yield of 3.90%. Pinnacle West Capital’s dividend payout ratio is 71.17%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on PNW shares. Jefferies Financial Group cut their price target on shares of Pinnacle West Capital from $106.00 to $104.00 and set a “buy” rating on the stock in a report on Tuesday, January 28th. Wells Fargo & Company raised their price target on shares of Pinnacle West Capital from $95.00 to $98.00 and gave the company an “equal weight” rating in a report on Friday, May 2nd. UBS Group raised their price target on shares of Pinnacle West Capital from $96.00 to $99.00 and gave the company a “neutral” rating in a report on Friday, March 21st. Guggenheim restated a “buy” rating and set a $100.00 price target on shares of Pinnacle West Capital in a report on Wednesday, February 26th. Finally, Morgan Stanley raised their price target on shares of Pinnacle West Capital from $84.00 to $88.00 and gave the company an “equal weight” rating in a report on Thursday, March 20th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat, Pinnacle West Capital presently has an average rating of “Hold” and an average target price of $95.75.

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.