Pinnacle West Capital Co. (NYSE:PNW) Shares Bought by Summit Global Investments

Summit Global Investments grew its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 188.1% during the 4th quarter, HoldingsChannel reports. The firm owned 19,222 shares of the utilities provider’s stock after buying an additional 12,550 shares during the period. Summit Global Investments’ holdings in Pinnacle West Capital were worth $1,381,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. abrdn plc boosted its stake in Pinnacle West Capital by 120.0% during the 4th quarter. abrdn plc now owns 58,335 shares of the utilities provider’s stock worth $4,191,000 after purchasing an additional 31,821 shares during the last quarter. Comerica Bank acquired a new position in shares of Pinnacle West Capital during the 3rd quarter valued at about $4,620,000. Duality Advisers LP acquired a new position in shares of Pinnacle West Capital during the 4th quarter valued at about $1,422,000. Pacer Advisors Inc. boosted its position in shares of Pinnacle West Capital by 604.2% during the 4th quarter. Pacer Advisors Inc. now owns 50,631 shares of the utilities provider’s stock valued at $3,637,000 after acquiring an additional 43,441 shares during the last quarter. Finally, Financial Counselors Inc. boosted its position in shares of Pinnacle West Capital by 37.5% during the 4th quarter. Financial Counselors Inc. now owns 172,558 shares of the utilities provider’s stock valued at $12,397,000 after acquiring an additional 47,035 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Morgan Stanley boosted their price target on shares of Pinnacle West Capital from $69.00 to $70.00 and gave the company an “equal weight” rating in a research report on Thursday, March 21st. Wells Fargo & Company boosted their price objective on shares of Pinnacle West Capital from $74.00 to $77.00 and gave the company an “equal weight” rating in a report on Friday. Evercore ISI reduced their price objective on shares of Pinnacle West Capital from $76.00 to $69.00 and set an “in-line” rating on the stock in a report on Monday, March 4th. Guggenheim upgraded shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and set a $78.00 price objective on the stock in a report on Monday, January 22nd. Finally, Citigroup assumed coverage on shares of Pinnacle West Capital in a research note on Monday, April 29th. They set a “neutral” rating and a $78.00 price target on the stock. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $73.67.

Pinnacle West Capital Stock Performance

Shares of PNW stock traded up $0.75 during trading hours on Friday, hitting $75.79. The stock had a trading volume of 1,042,561 shares, compared to its average volume of 966,016. The firm has a market capitalization of $8.61 billion, a PE ratio of 16.51, a PEG ratio of 2.10 and a beta of 0.48. Pinnacle West Capital Co. has a twelve month low of $65.20 and a twelve month high of $86.03. The stock’s 50 day moving average is $72.41 and its 200 day moving average is $72.13. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.67 and a quick ratio of 0.50.

Pinnacle West Capital (NYSE:PNW) last issued its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $0.15 earnings per share for the quarter, topping the consensus estimate of ($0.02) by $0.17. Pinnacle West Capital had a return on equity of 8.30% and a net margin of 11.09%. The firm had revenue of $951.71 million during the quarter, compared to the consensus estimate of $981.82 million. During the same period last year, the company earned ($0.03) earnings per share. The company’s revenue for the quarter was up .7% on a year-over-year basis. As a group, research analysts forecast that Pinnacle West Capital Co. will post 4.72 earnings per share for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Wednesday, May 1st will be given a $0.88 dividend. This represents a $3.52 annualized dividend and a yield of 4.64%. The ex-dividend date is Tuesday, April 30th. Pinnacle West Capital’s payout ratio is 76.69%.

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.