SFE Investment Counsel Boosts Stake in Pinnacle West Capital Co. (NYSE:PNW)

SFE Investment Counsel lifted its stake in shares of Pinnacle West Capital Co. (NYSE:PNW) by 1.3% in the second quarter, according to its most recent filing with the SEC. The fund owned 18,430 shares of the utilities provider’s stock after acquiring an additional 245 shares during the period. SFE Investment Counsel’s holdings in Pinnacle West Capital were worth $1,408,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PNW. Capital Research Global Investors boosted its position in Pinnacle West Capital by 97.5% during the first quarter. Capital Research Global Investors now owns 12,851,930 shares of the utilities provider’s stock valued at $960,425,000 after buying an additional 6,344,121 shares during the period. Lazard Asset Management LLC grew its position in Pinnacle West Capital by 72.7% during the 1st quarter. Lazard Asset Management LLC now owns 6,719,397 shares of the utilities provider’s stock worth $502,139,000 after acquiring an additional 2,828,450 shares during the last quarter. Zimmer Partners LP purchased a new position in Pinnacle West Capital in the 1st quarter worth approximately $198,409,000. Norges Bank purchased a new position in Pinnacle West Capital in the 4th quarter worth approximately $112,914,000. Finally, Susquehanna Fundamental Investments LLC bought a new stake in Pinnacle West Capital in the first quarter valued at approximately $12,824,000. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Pinnacle West Capital Trading Down 0.7 %

Shares of NYSE PNW opened at $87.81 on Friday. The stock has a market cap of $9.97 billion, a P/E ratio of 19.13, a price-to-earnings-growth ratio of 2.23 and a beta of 0.52. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.66 and a quick ratio of 0.48. Pinnacle West Capital Co. has a 1 year low of $65.20 and a 1 year high of $89.63. The firm has a 50-day moving average of $83.68 and a 200 day moving average of $77.37.

Pinnacle West Capital (NYSE:PNW) last issued its quarterly earnings results on Thursday, August 1st. The utilities provider reported $1.76 EPS for the quarter, topping analysts’ consensus estimates of $1.31 by $0.45. Pinnacle West Capital had a return on equity of 9.75% and a net margin of 12.65%. The firm had revenue of $1.31 billion for the quarter, compared to analysts’ expectations of $1.21 billion. During the same period in the previous year, the firm posted $0.94 EPS. The business’s revenue for the quarter was up 15.7% compared to the same quarter last year. As a group, sell-side analysts expect that Pinnacle West Capital Co. will post 4.75 EPS for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Thursday, August 1st were issued a dividend of $0.88 per share. The ex-dividend date of this dividend was Thursday, August 1st. This represents a $3.52 annualized dividend and a dividend yield of 4.01%. Pinnacle West Capital’s payout ratio is presently 76.69%.

Insider Transactions at Pinnacle West Capital

In related news, EVP Robert Edgar Smith sold 4,950 shares of the stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $85.80, for a total transaction of $424,710.00. Following the sale, the executive vice president now directly owns 6,397 shares of the company’s stock, valued at approximately $548,862.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.23% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Morgan Stanley upped their price target on shares of Pinnacle West Capital from $72.00 to $78.00 and gave the company an “equal weight” rating in a report on Friday, August 23rd. StockNews.com raised Pinnacle West Capital from a “sell” rating to a “hold” rating in a research note on Monday, August 5th. Wells Fargo & Company upped their price target on Pinnacle West Capital from $80.00 to $87.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. LADENBURG THALM/SH SH upgraded Pinnacle West Capital from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $74.00 to $83.50 in a report on Thursday, June 6th. Finally, Barclays reduced their target price on Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 2nd. Eight research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $77.95.

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.