Aigen Investment Management LP Takes Position in Pinnacle West Capital Co. (NYSE:PNW)

Aigen Investment Management LP acquired a new stake in shares of Pinnacle West Capital Co. (NYSE:PNW) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 7,650 shares of the utilities provider’s stock, valued at approximately $648,000.

Several other institutional investors and hedge funds have also modified their holdings of the company. Fortem Financial Group LLC lifted its stake in shares of Pinnacle West Capital by 2.2% during the fourth quarter. Fortem Financial Group LLC now owns 5,717 shares of the utilities provider’s stock valued at $485,000 after buying an additional 124 shares during the period. New York Life Investment Management LLC lifted its stake in shares of Pinnacle West Capital by 0.9% during the fourth quarter. New York Life Investment Management LLC now owns 14,916 shares of the utilities provider’s stock valued at $1,264,000 after buying an additional 127 shares during the period. Global Retirement Partners LLC lifted its stake in shares of Pinnacle West Capital by 10.8% during the fourth quarter. Global Retirement Partners LLC now owns 1,598 shares of the utilities provider’s stock valued at $135,000 after buying an additional 156 shares during the period. Glenmede Trust Co. NA lifted its stake in shares of Pinnacle West Capital by 2.5% during the third quarter. Glenmede Trust Co. NA now owns 6,695 shares of the utilities provider’s stock valued at $593,000 after buying an additional 163 shares during the period. Finally, LRI Investments LLC lifted its stake in shares of Pinnacle West Capital by 7.0% during the third quarter. LRI Investments LLC now owns 2,498 shares of the utilities provider’s stock valued at $227,000 after buying an additional 163 shares during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Wall Street Analysts Forecast Growth

PNW has been the topic of several recent analyst reports. Wells Fargo & Company upped their price objective on shares of Pinnacle West Capital from $92.00 to $95.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 26th. Morgan Stanley decreased their price target on shares of Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating on the stock in a report on Friday, November 22nd. KeyCorp upgraded shares of Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 price target on the stock in a report on Wednesday, December 4th. Guggenheim reiterated a “buy” rating and issued a $100.00 price target on shares of Pinnacle West Capital in a report on Wednesday, February 26th. Finally, Jefferies Financial Group decreased 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. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $90.15.

Pinnacle West Capital Stock Performance

NYSE:PNW opened at $90.69 on Friday. 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 $10.80 billion, a price-to-earnings ratio of 17.18, a PEG ratio of 3.59 and a beta of 0.53. The firm’s fifty day simple moving average is $87.48 and its 200 day simple moving average is $88.37. Pinnacle West Capital Co. has a twelve month low of $69.50 and a twelve month high of $95.42.

Pinnacle West Capital (NYSE:PNW) last posted its earnings results on Tuesday, February 25th. The utilities provider reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.25. The business had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.06 billion. Pinnacle West Capital had a net margin of 12.26% and a return on equity of 9.60%. As a group, equities research analysts expect that Pinnacle West Capital Co. will post 5.13 earnings per share for the current fiscal year.

Pinnacle West Capital Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Monday, February 3rd were paid a dividend of $0.895 per share. This represents a $3.58 annualized dividend and a yield of 3.95%. The ex-dividend date of this dividend was Monday, February 3rd. Pinnacle West Capital’s dividend payout ratio (DPR) is 68.58%.

About Pinnacle West Capital

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.