Pinnacle West Capital Co. (NYSE:PNW) Shares Sold by Van ECK Associates Corp

Van ECK Associates Corp reduced its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 5.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 27,700 shares of the utilities provider’s stock after selling 1,593 shares during the period. Van ECK Associates Corp’s holdings in Pinnacle West Capital were worth $1,990,000 at the end of the most recent quarter.

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

Pinnacle West Capital Price Performance

Shares of NYSE PNW opened at $76.63 on Thursday. The stock has a market cap of $8.70 billion, a P/E ratio of 16.69, a P/E/G ratio of 2.12 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 has a 50 day moving average of $72.89 and a two-hundred day moving average of $72.13. The company has a current ratio of 0.58, a quick ratio of 0.42 and a debt-to-equity ratio of 1.20.

Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $0.15 EPS for the quarter, beating the consensus estimate of ($0.02) by $0.17. The firm had revenue of $951.71 million during the quarter, compared to the consensus estimate of $981.82 million. Pinnacle West Capital had a net margin of 11.09% and a return on equity of 8.29%. Pinnacle West Capital’s revenue for the quarter was up .7% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.03) EPS. On average, research analysts forecast that Pinnacle West Capital Co. will post 4.72 earnings per share for the current year.

Pinnacle West Capital Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Wednesday, May 1st will be issued a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a dividend yield of 4.59%. The ex-dividend date is Tuesday, April 30th. Pinnacle West Capital’s dividend payout ratio is presently 76.69%.

Analyst Upgrades and Downgrades

Several research firms have commented on PNW. LADENBURG THALM/SH SH started coverage on shares of Pinnacle West Capital in a report on Wednesday, February 14th. They set a “neutral” rating and a $69.00 price target for the company. Barclays boosted their target price on shares of Pinnacle West Capital from $75.00 to $76.00 and gave the stock an “overweight” rating in a research note on Monday, April 15th. Mizuho cut their price target on Pinnacle West Capital from $77.00 to $75.00 and set a “buy” rating on the stock in a research note on Wednesday, March 6th. Bank of America raised Pinnacle West Capital from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $71.00 to $80.00 in a research report on Monday, March 18th. Finally, Morgan Stanley raised their target price on Pinnacle West Capital from $69.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 21st. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $73.67.

Pinnacle West Capital 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.