Pinnacle West Capital Co. (NYSE:PNW) Sees Large Increase in Short Interest

Pinnacle West Capital Co. (NYSE:PNW) saw a large growth in short interest in the month of June. As of June 15th, there was short interest totalling 4,810,000 shares, a growth of 30.7% from the May 31st total of 3,680,000 shares. Based on an average daily trading volume, of 958,600 shares, the days-to-cover ratio is presently 5.0 days.

Wall Street Analysts Forecast Growth

PNW has been the topic of several recent analyst reports. Morgan Stanley reduced their price objective on shares of Pinnacle West Capital from $76.00 to $72.00 and set an “equal weight” rating on the stock in a research note on Monday, June 24th. LADENBURG THALM/SH SH raised shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and boosted their price target for the company from $74.00 to $83.50 in a report on Thursday, June 6th. StockNews.com downgraded Pinnacle West Capital from a “hold” rating to a “sell” rating in a research note on Thursday. Citigroup started coverage on Pinnacle West Capital in a report on Monday, April 29th. They set a “neutral” rating and a $78.00 price objective on the stock. Finally, Evercore ISI lowered their target price on Pinnacle West Capital from $76.00 to $69.00 and set an “in-line” rating for the company in a report on Monday, March 4th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, Pinnacle West Capital presently has an average rating of “Hold” and a consensus target price of $75.71.

Pinnacle West Capital Stock Performance

NYSE PNW traded up $0.44 on Friday, hitting $76.38. 1,861,656 shares of the stock were exchanged, compared to its average volume of 1,163,854. The company has a market capitalization of $8.67 billion, a PE ratio of 16.64, a P/E/G ratio of 1.94 and a beta of 0.50. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.58 and a quick ratio of 0.42. The business’s fifty day moving average is $76.22 and its 200 day moving average is $72.93. Pinnacle West Capital has a 52 week low of $65.20 and a 52 week high of $86.03.

Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $0.15 earnings per share for the quarter, topping the consensus estimate of ($0.02) by $0.17. Pinnacle West Capital had a net margin of 11.09% and a return on equity of 8.29%. The company had revenue of $951.71 million for the quarter, compared to analyst estimates of $981.82 million. During the same period in the previous year, the business earned ($0.03) EPS. Pinnacle West Capital’s revenue for the quarter was up .7% compared to the same quarter last year. Research analysts anticipate that Pinnacle West Capital will post 4.76 EPS for the current fiscal year.

Pinnacle West Capital Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Thursday, August 1st will be given a $0.88 dividend. The ex-dividend date is Thursday, August 1st. This represents a $3.52 dividend on an annualized basis and a dividend yield of 4.61%. Pinnacle West Capital’s payout ratio is 76.69%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Capital Research Global Investors boosted its position in Pinnacle West Capital by 97.5% during the first quarter. Capital Research Global Investors now owns 12,851,930 shares of the utilities provider’s stock worth $960,425,000 after purchasing an additional 6,344,121 shares during the period. Lazard Asset Management LLC grew its stake in Pinnacle West Capital by 72.7% in the 1st quarter. Lazard Asset Management LLC now owns 6,719,397 shares of the utilities provider’s stock valued at $502,139,000 after buying an additional 2,828,450 shares during the last quarter. Zimmer Partners LP bought a new position in Pinnacle West Capital in the 1st quarter valued at about $198,409,000. Norges Bank acquired a new stake in Pinnacle West Capital during the fourth quarter worth approximately $112,914,000. Finally, First Trust Advisors LP boosted its holdings in shares of Pinnacle West Capital by 2.5% during the fourth quarter. First Trust Advisors LP now owns 1,205,800 shares of the utilities provider’s stock worth $86,625,000 after acquiring an additional 29,767 shares during the period. 91.51% of the stock is owned by institutional investors and hedge funds.

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.