Pinnacle West Capital Corporation $PNW Shares Bought by NEOS Investment Management LLC

NEOS Investment Management LLC lifted its holdings in shares of Pinnacle West Capital Corporation (NYSE:PNW) by 24.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 49,268 shares of the utilities provider’s stock after buying an additional 9,590 shares during the quarter. NEOS Investment Management LLC’s holdings in Pinnacle West Capital were worth $4,417,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of Pinnacle West Capital by 2.2% in the second quarter. Vanguard Group Inc. now owns 14,781,290 shares of the utilities provider’s stock valued at $1,322,482,000 after purchasing an additional 316,629 shares during the period. Invesco Ltd. raised its position in shares of Pinnacle West Capital by 2.5% during the 2nd quarter. Invesco Ltd. now owns 4,248,954 shares of the utilities provider’s stock worth $380,154,000 after purchasing an additional 102,778 shares during the last quarter. Geode Capital Management LLC lifted its stake in Pinnacle West Capital by 1.1% in the 2nd quarter. Geode Capital Management LLC now owns 3,026,662 shares of the utilities provider’s stock valued at $270,282,000 after buying an additional 33,216 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in Pinnacle West Capital by 7.3% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,983,626 shares of the utilities provider’s stock worth $267,512,000 after buying an additional 203,136 shares during the last quarter. Finally, ATLAS Infrastructure Partners UK Ltd. boosted its holdings in Pinnacle West Capital by 2.5% in the 2nd quarter. ATLAS Infrastructure Partners UK Ltd. now owns 2,862,950 shares of the utilities provider’s stock worth $256,148,000 after buying an additional 69,404 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle West Capital Trading Up 0.9%

Shares of PNW opened at $98.46 on Friday. The company has a current ratio of 0.67, a quick ratio of 0.49 and a debt-to-equity ratio of 1.28. The firm has a market capitalization of $11.78 billion, a P/E ratio of 20.22, a P/E/G ratio of 5.84 and a beta of 0.54. The firm has a 50-day moving average price of $91.81 and a 200 day moving average price of $90.44. Pinnacle West Capital Corporation has a 12-month low of $85.32 and a 12-month high of $100.55.

Pinnacle West Capital Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 2nd. Shareholders of record on Monday, February 2nd will be given a $0.91 dividend. The ex-dividend date is Monday, February 2nd. This represents a $3.64 dividend on an annualized basis and a yield of 3.7%. Pinnacle West Capital’s payout ratio is currently 74.74%.

Analysts Set New Price Targets

A number of equities analysts have commented on PNW shares. Morgan Stanley reissued an “underperform” rating on shares of Pinnacle West Capital in a report on Wednesday, January 21st. Barclays reduced their price objective on Pinnacle West Capital from $95.00 to $90.00 and set an “equal weight” rating for the company in a research note on Thursday, January 15th. Weiss Ratings restated a “buy (b)” rating on shares of Pinnacle West Capital in a report on Thursday, January 22nd. Zacks Research raised shares of Pinnacle West Capital from a “strong sell” rating to a “hold” rating in a report on Monday, November 10th. Finally, Royal Bank Of Canada reiterated a “sector perform” rating and issued a $103.00 target price on shares of Pinnacle West Capital in a research report on Friday, January 23rd. Four analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $96.42.

About Pinnacle West Capital

Pinnacle West Capital Corporation is a publicly traded utility holding company headquartered in Phoenix, Arizona. Through its principal subsidiary, Arizona Public Service Company (APS), Pinnacle West generates, transmits and distributes electricity to more than one million residential, commercial and industrial customers across central and southern Arizona. The company’s regulated operations focus on delivering safe, reliable power while meeting evolving environmental standards.

The company’s diversified generation portfolio includes natural gas–fired plants, the nuclear-powered Palo Verde Generating Station—the largest nuclear facility in the United States by net output—plus growing investments in solar and battery storage projects.