Point72 Hong Kong Ltd Buys New Shares in Pinnacle West Capital Co. (NYSE:PNW)

Point72 Hong Kong Ltd bought a new stake in Pinnacle West Capital Co. (NYSE:PNW) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 20,066 shares of the utilities provider’s stock, valued at approximately $1,701,000.

A number of other hedge funds have also added to or reduced their stakes in the business. Mesirow Financial Investment Management Inc. boosted its holdings in shares of Pinnacle West Capital by 0.9% during the 4th quarter. Mesirow Financial Investment Management Inc. now owns 13,724 shares of the utilities provider’s stock worth $1,163,000 after buying an additional 116 shares during the period. Norinchukin Bank The raised its stake in Pinnacle West Capital by 2.7% in the 4th quarter. Norinchukin Bank The now owns 4,398 shares of the utilities provider’s stock worth $373,000 after purchasing an additional 117 shares in the last quarter. New York Life Investment Management LLC raised its stake in Pinnacle West Capital by 0.9% in the 4th quarter. New York Life Investment Management LLC now owns 14,916 shares of the utilities provider’s stock worth $1,264,000 after purchasing an additional 127 shares in the last quarter. Global Retirement Partners LLC raised its stake in Pinnacle West Capital by 10.8% in the 4th quarter. Global Retirement Partners LLC now owns 1,598 shares of the utilities provider’s stock worth $135,000 after purchasing an additional 156 shares in the last quarter. Finally, 1620 Investment Advisors Inc. raised its stake in Pinnacle West Capital by 3.6% in the 4th quarter. 1620 Investment Advisors Inc. now owns 4,683 shares of the utilities provider’s stock worth $397,000 after purchasing an additional 162 shares in the last quarter. Institutional investors own 91.51% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. Morgan Stanley lifted their price objective on shares of Pinnacle West Capital from $84.00 to $88.00 and gave the stock an “equal weight” rating in a research note on Thursday, March 20th. Jefferies Financial Group dropped their price objective on shares of Pinnacle West Capital from $106.00 to $104.00 and set a “buy” rating for the company in a research note on Tuesday, January 28th. StockNews.com cut shares of Pinnacle West Capital from a “hold” rating to a “sell” rating in a research note on Monday, May 5th. LADENBURG THALM/SH SH upgraded shares of Pinnacle West Capital to a “hold” rating in a research note on Friday, May 9th. Finally, Guggenheim restated a “buy” rating and issued a $100.00 target price on shares of Pinnacle West Capital in a research report on Wednesday, February 26th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $95.75.

Pinnacle West Capital Price Performance

Shares of NYSE:PNW opened at $90.43 on Friday. The firm has a 50 day moving average of $92.86 and a 200-day moving average of $90.02. The stock has a market capitalization of $10.80 billion, a PE ratio of 17.13, a PEG ratio of 3.59 and a beta of 0.45. The company has a current ratio of 0.71, a quick ratio of 0.54 and a debt-to-equity ratio of 1.20. Pinnacle West Capital Co. has a 12 month low of $74.45 and a 12 month high of $96.50.

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

Pinnacle West Capital Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 2nd. Investors of record on Monday, May 5th will be issued a dividend of $0.895 per share. This represents a $3.58 annualized dividend and a dividend yield of 3.96%. The ex-dividend date of this dividend is Monday, May 5th. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 71.17%.

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.