Sei Investments Co. increased its position in Pinnacle West Capital Co. (NYSE:PNW) by 11.8% in the 1st quarter, HoldingsChannel.com reports. The fund owned 152,191 shares of the utilities provider’s stock after acquiring an additional 16,009 shares during the quarter. Sei Investments Co.’s holdings in Pinnacle West Capital were worth $12,381,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds have also recently modified their holdings of the company. Heritage Wealth Advisors grew its holdings in shares of Pinnacle West Capital by 69.8% in the first quarter. Heritage Wealth Advisors now owns 365 shares of the utilities provider’s stock worth $30,000 after acquiring an additional 150 shares during the period. Inspire Advisors LLC bought a new stake in shares of Pinnacle West Capital in the fourth quarter worth $33,000. Vantage Consulting Group Inc bought a new stake in shares of Pinnacle West Capital in the fourth quarter worth $40,000. First Financial Corp IN bought a new stake in shares of Pinnacle West Capital in the first quarter worth $41,000. Finally, McIlrath & Eck LLC grew its holdings in shares of Pinnacle West Capital by 88.4% in the first quarter. McIlrath & Eck LLC now owns 537 shares of the utilities provider’s stock worth $44,000 after acquiring an additional 252 shares during the period. 83.75% of the stock is owned by institutional investors.
Shares of Pinnacle West Capital stock opened at $87.88 on Wednesday. The firm has a 50-day simple moving average of $85.11. Pinnacle West Capital Co. has a 52 week low of $69.29 and a 52 week high of $91.88. The stock has a market capitalization of $9.91 billion, a P/E ratio of 17.83, a price-to-earnings-growth ratio of 4.44 and a beta of 0.30. The company has a quick ratio of 0.62, a current ratio of 0.88 and a debt-to-equity ratio of 1.11.
Pinnacle West Capital (NYSE:PNW) last posted its earnings results on Wednesday, May 5th. The utilities provider reported $0.32 EPS for the quarter, topping analysts’ consensus estimates of $0.25 by $0.07. The company had revenue of $696.48 million for the quarter, compared to the consensus estimate of $709.94 million. Pinnacle West Capital had a return on equity of 9.62% and a net margin of 15.36%. The firm’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.27 earnings per share. Analysts forecast that Pinnacle West Capital Co. will post 4.95 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, June 1st. Investors of record on Monday, May 3rd were given a $0.83 dividend. The ex-dividend date of this dividend was Friday, April 30th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.78%. Pinnacle West Capital’s dividend payout ratio is currently 68.17%.
Several research firms recently weighed in on PNW. Williams Capital reiterated a “buy” rating on shares of Pinnacle West Capital in a research report on Friday, April 23rd. Wells Fargo & Company reiterated an “equal weight” rating and set a $94.00 target price (up from $92.00) on shares of Pinnacle West Capital in a research report on Monday, May 17th. TheStreet upgraded Pinnacle West Capital from a “c+” rating to a “b” rating in a research report on Monday, May 10th. Barclays lifted their target price on Pinnacle West Capital from $95.00 to $100.00 and gave the company an “overweight” rating in a research report on Tuesday, May 25th. Finally, The Goldman Sachs Group lowered their target price on Pinnacle West Capital from $92.00 to $85.00 and set a “neutral” rating on the stock in a research report on Monday, March 22nd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $88.25.
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. The company engages in the generation, transmission, and distribution of electricity using coal, nuclear, gas, oil, and solar generating facilities.
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