Old Port Advisors Sells 1,677 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Old Port Advisors lessened its position in shares of Pinnacle West Capital Co. (NYSE:PNW) by 21.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,179 shares of the utilities provider’s stock after selling 1,677 shares during the quarter. Old Port Advisors’ holdings in Pinnacle West Capital were worth $462,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of PNW. Blue Trust Inc. boosted its holdings in Pinnacle West Capital by 985.7% in the 4th quarter. Blue Trust Inc. now owns 532 shares of the utilities provider’s stock worth $39,000 after buying an additional 483 shares during the last quarter. Ballentine Partners LLC purchased a new stake in Pinnacle West Capital in the fourth quarter valued at approximately $214,000. Asset Management One Co. Ltd. raised its position in Pinnacle West Capital by 44.2% in the fourth quarter. Asset Management One Co. Ltd. now owns 1,895 shares of the utilities provider’s stock valued at $136,000 after purchasing an additional 581 shares during the period. International Assets Investment Management LLC raised its position in Pinnacle West Capital by 1,650.8% in the fourth quarter. International Assets Investment Management LLC now owns 10,417 shares of the utilities provider’s stock valued at $748,000 after purchasing an additional 9,822 shares during the period. Finally, Sowell Financial Services LLC increased its position in shares of Pinnacle West Capital by 2.9% during the fourth quarter. Sowell Financial Services LLC now owns 10,742 shares of the utilities provider’s stock worth $772,000 after acquiring an additional 304 shares during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Pinnacle West Capital Stock Up 0.2 %

PNW stock traded up $0.16 during midday trading on Friday, reaching $88.23. The company had a trading volume of 1,186,154 shares, compared to its average volume of 995,348. The company has a 50 day moving average of $78.67 and a two-hundred day moving average of $74.41. Pinnacle West Capital Co. has a 1 year low of $65.20 and a 1 year high of $89.39. The company has a market capitalization of $10.02 billion, a P/E ratio of 19.22, a PEG ratio of 2.26 and a beta of 0.50. 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 announced its quarterly earnings results on Thursday, August 1st. The utilities provider reported $1.76 EPS for the quarter, topping the consensus estimate of $1.31 by $0.45. Pinnacle West Capital had a net margin of 12.65% and a return on equity of 9.73%. The company had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.21 billion. During the same quarter in the prior year, the business posted $0.94 EPS. Pinnacle West Capital’s quarterly revenue was up 15.7% on a year-over-year basis. On average, equities research analysts expect that Pinnacle West Capital Co. will post 4.75 earnings per share for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Thursday, August 1st will be paid a $0.88 dividend. The ex-dividend date is Thursday, August 1st. This represents a $3.52 dividend on an annualized basis and a yield of 3.99%. Pinnacle West Capital’s payout ratio is presently 76.69%.

Wall Street Analysts Forecast Growth

PNW has been the topic of several recent analyst reports. Citigroup assumed coverage on Pinnacle West Capital in a report on Monday, April 29th. They issued a “neutral” rating and a $78.00 target price on the stock. StockNews.com cut shares of Pinnacle West Capital from a “hold” rating to a “sell” rating in a report on Tuesday, July 9th. Wells Fargo & Company increased their target price on shares of Pinnacle West Capital from $80.00 to $87.00 and gave the company an “equal weight” rating in a report on Friday. LADENBURG THALM/SH SH raised shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $74.00 to $83.50 in a research note on Thursday, June 6th. Finally, Morgan Stanley dropped their price objective on shares of Pinnacle West Capital from $76.00 to $72.00 and set an “equal weight” rating for the company in a research note on Monday, June 24th. One analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $77.41.

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.