Private Advisor Group LLC Sells 457 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Private Advisor Group LLC cut its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 4.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,935 shares of the utilities provider’s stock after selling 457 shares during the period. Private Advisor Group LLC’s holdings in Pinnacle West Capital were worth $757,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the stock. HITE Hedge Asset Management LLC increased its holdings in Pinnacle West Capital by 261.2% in the third quarter. HITE Hedge Asset Management LLC now owns 92,311 shares of the utilities provider’s stock valued at $8,178,000 after purchasing an additional 66,755 shares during the period. 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. increased its holdings 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 acquiring an additional 9,993 shares in the last quarter. Entropy Technologies LP grew its holdings in Pinnacle West Capital by 170.1% during the third quarter. Entropy Technologies LP now owns 30,314 shares of the utilities provider’s stock worth $2,686,000 after buying an additional 19,089 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in 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 worth $995,000 after buying an additional 3,758 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have issued reports on PNW shares. KeyCorp upgraded Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 price objective for the company in a research note on Wednesday, December 4th. Barclays cut Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $93.00 to $91.00 in a report on Monday, November 18th. Wells Fargo & Company upped their target price on Pinnacle West Capital from $92.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Guggenheim restated a “buy” rating and set a $100.00 price target on shares of Pinnacle West Capital in a research report on Wednesday. Finally, Citigroup increased their price objective on Pinnacle West Capital from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Wednesday, December 4th. Seven investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $87.13.

Pinnacle West Capital Stock Up 1.8 %

Pinnacle West Capital stock opened at $92.53 on Friday. The firm has a market cap of $10.52 billion, a price-to-earnings ratio of 17.53, a PEG ratio of 3.59 and a beta of 0.57. The stock has a fifty day simple moving average of $86.96 and a two-hundred day simple moving average of $88.21. Pinnacle West Capital Co. has a 12 month low of $67.51 and a 12 month high of $95.42. 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 (NYSE:PNW) last issued its quarterly earnings data on Tuesday, February 25th. The utilities provider reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.31) by $0.25. The company 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%. Equities analysts predict that Pinnacle West Capital Co. will post 5.13 EPS for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Monday, February 3rd will be paid a dividend of $0.895 per share. The ex-dividend date is Monday, February 3rd. This represents a $3.58 annualized dividend and a yield of 3.87%. Pinnacle West Capital’s payout ratio is currently 67.80%.

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.