Reaves W H & Co. Inc. Raises Holdings in Pinnacle West Capital Co. (NYSE:PNW)

Reaves W H & Co. Inc. raised its holdings in Pinnacle West Capital Co. (NYSE:PNW) by 35.2% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,390,715 shares of the utilities provider’s stock after buying an additional 362,083 shares during the quarter. Pinnacle West Capital comprises 3.1% of Reaves W H & Co. Inc.’s investment portfolio, making the stock its 9th largest position. Reaves W H & Co. Inc.’s holdings in Pinnacle West Capital were worth $117,891,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. HITE Hedge Asset Management LLC grew its position in shares of Pinnacle West Capital by 261.2% in the 3rd quarter. HITE Hedge Asset Management LLC now owns 92,311 shares of the utilities provider’s stock worth $8,178,000 after buying an additional 66,755 shares during the last quarter. XTX Topco Ltd bought a new stake in shares of Pinnacle West Capital during the third quarter valued at approximately $2,235,000. Principal Financial Group Inc. boosted its position in shares of Pinnacle West Capital by 7.7% during the third quarter. Principal Financial Group Inc. now owns 139,243 shares of the utilities provider’s stock valued at $12,336,000 after purchasing an additional 9,993 shares in the last quarter. Entropy Technologies LP boosted its position in shares of Pinnacle West Capital by 170.1% during the third quarter. Entropy Technologies LP now owns 30,314 shares of the utilities provider’s stock valued at $2,686,000 after purchasing an additional 19,089 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Pinnacle West Capital by 47.2% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,716 shares of the utilities provider’s stock valued at $995,000 after purchasing an additional 3,758 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on PNW shares. Barclays lowered Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $93.00 to $91.00 in a research report on Monday, November 18th. Wells Fargo & Company lifted their price target on Pinnacle West Capital from $92.00 to $95.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 26th. Jefferies Financial Group dropped their price target on Pinnacle West Capital from $106.00 to $104.00 and set a “buy” rating on the stock in a research report on Tuesday, January 28th. Guggenheim restated a “buy” rating and set a $100.00 price target on shares of Pinnacle West Capital in a research report on Wednesday, February 26th. Finally, Morgan Stanley dropped their price target on Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating on the stock in a research report on Friday, November 22nd. Seven research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, Pinnacle West Capital has a consensus rating of “Hold” and an average target price of $87.13.

Pinnacle West Capital Stock Performance

NYSE:PNW opened at $94.22 on Tuesday. The firm has a market capitalization of $11.22 billion, a PE ratio of 17.84, a P/E/G ratio of 3.59 and a beta of 0.57. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.54 and a current ratio of 0.71. The stock has a 50-day simple moving average of $87.14 and a two-hundred day simple moving average of $88.30. Pinnacle West Capital Co. has a 52-week low of $67.69 and a 52-week high of $95.42.

Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings data on Tuesday, February 25th. The utilities provider reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.25. The firm had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.06 billion. Pinnacle West Capital had a return on equity of 9.60% and a net margin of 12.26%. Analysts forecast that Pinnacle West Capital Co. will post 5.13 EPS for the current year.

Pinnacle West Capital Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Monday, February 3rd were paid a $0.895 dividend. This represents a $3.58 dividend on an annualized basis and a dividend yield of 3.80%. The ex-dividend date of this dividend was Monday, February 3rd. Pinnacle West Capital’s dividend payout ratio (DPR) is 68.58%.

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.