BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its stake in Pinnacle West Capital Co. (NYSE:PNW) by 11.9% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 46,995 shares of the utilities provider’s stock after buying an additional 5,002 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Pinnacle West Capital were worth $3,786,000 as of its most recent SEC filing.
Several other large investors also recently made changes to their positions in PNW. Fort Washington Investment Advisors Inc. OH acquired a new stake in shares of Pinnacle West Capital in the first quarter worth about $271,000. Wells Fargo & Company MN lifted its position in shares of Pinnacle West Capital by 8.0% in the first quarter. Wells Fargo & Company MN now owns 739,375 shares of the utilities provider’s stock worth $59,002,000 after buying an additional 54,608 shares during the last quarter. Mackay Shields LLC acquired a new stake in shares of Pinnacle West Capital in the first quarter worth about $1,501,000. Meeder Asset Management Inc. lifted its position in shares of Pinnacle West Capital by 10.1% in the first quarter. Meeder Asset Management Inc. now owns 10,815 shares of the utilities provider’s stock worth $863,000 after buying an additional 991 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its position in shares of Pinnacle West Capital by 10.1% in the first quarter. Victory Capital Management Inc. now owns 373,792 shares of the utilities provider’s stock worth $29,829,000 after buying an additional 34,428 shares during the last quarter. 82.07% of the stock is owned by institutional investors.
NYSE PNW opened at $80.20 on Friday. Pinnacle West Capital Co. has a twelve month low of $73.41 and a twelve month high of $92.48. The company has a quick ratio of 0.36, a current ratio of 0.50 and a debt-to-equity ratio of 0.81. The stock has a market cap of $8.80 billion, a P/E ratio of 18.42, a price-to-earnings-growth ratio of 3.95 and a beta of 0.13.
Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings data on Friday, August 3rd. The utilities provider reported $1.48 earnings per share for the quarter, topping the consensus estimate of $1.44 by $0.04. Pinnacle West Capital had a return on equity of 9.12% and a net margin of 12.95%. The business had revenue of $974.12 million during the quarter, compared to analysts’ expectations of $939.59 million. During the same quarter in the previous year, the firm earned $1.49 EPS. The firm’s revenue was up 3.1% compared to the same quarter last year. analysts expect that Pinnacle West Capital Co. will post 4.44 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 4th. Investors of record on Wednesday, August 1st were given a dividend of $0.695 per share. The ex-dividend date of this dividend was Tuesday, July 31st. This represents a $2.78 annualized dividend and a dividend yield of 3.47%. Pinnacle West Capital’s dividend payout ratio is presently 63.91%.
A number of analysts have weighed in on the company. Zacks Investment Research cut Pinnacle West Capital from a “buy” rating to a “hold” rating in a research report on Wednesday, July 4th. Wells Fargo & Co raised Pinnacle West Capital from a “market perform” rating to an “outperform” rating in a research report on Monday, August 6th. Morgan Stanley cut their price objective on Pinnacle West Capital from $82.00 to $78.00 and set an “equal weight” rating for the company in a research report on Wednesday, June 13th. UBS Group boosted their price objective on Pinnacle West Capital from $79.00 to $83.00 and gave the stock a “neutral” rating in a research report on Friday, August 10th. Finally, ValuEngine raised Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Wednesday, June 27th. Eight research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $83.67.
Pinnacle West Capital Company Profile
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 resources. The company serves approximately 1.2 million homes and businesses.
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