Summit Global Investments Grows Stake in Pinnacle West Capital Co. (NYSE:PNW)

Summit Global Investments lifted its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 188.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,222 shares of the utilities provider’s stock after buying an additional 12,550 shares during the quarter. Summit Global Investments’ holdings in Pinnacle West Capital were worth $1,381,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. abrdn plc lifted its stake in shares of Pinnacle West Capital by 120.0% during the 4th quarter. abrdn plc now owns 58,335 shares of the utilities provider’s stock valued at $4,191,000 after buying an additional 31,821 shares in the last quarter. Comerica Bank purchased a new stake in Pinnacle West Capital in the 3rd quarter worth approximately $4,620,000. Duality Advisers LP purchased a new stake in Pinnacle West Capital in the 4th quarter worth approximately $1,422,000. Pacer Advisors Inc. lifted its stake in Pinnacle West Capital by 604.2% in the 4th quarter. Pacer Advisors Inc. now owns 50,631 shares of the utilities provider’s stock worth $3,637,000 after purchasing an additional 43,441 shares in the last quarter. Finally, Financial Counselors Inc. lifted its stake in Pinnacle West Capital by 37.5% in the 4th quarter. Financial Counselors Inc. now owns 172,558 shares of the utilities provider’s stock worth $12,397,000 after purchasing an additional 47,035 shares in the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on PNW. StockNews.com cut shares of Pinnacle West Capital from a “hold” rating to a “sell” rating in a research note on Thursday, March 14th. Wells Fargo & Company increased their price target on shares of Pinnacle West Capital from $74.00 to $77.00 and gave the stock an “equal weight” rating in a report on Friday. Morgan Stanley increased their price target on shares of Pinnacle West Capital from $69.00 to $70.00 and gave the stock an “equal weight” rating in a report on Thursday, March 21st. UBS Group raised shares of Pinnacle West Capital from a “sell” rating to a “neutral” rating and increased their price target for the stock from $68.00 to $71.00 in a report on Monday, March 11th. Finally, Evercore ISI decreased their price target 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. One investment 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. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $73.67.

Pinnacle West Capital Stock Up 1.0 %

NYSE PNW traded up $0.75 during trading hours on Friday, reaching $75.79. 1,042,561 shares of the company’s stock traded hands, compared to its average volume of 966,016. Pinnacle West Capital Co. has a 52-week low of $65.20 and a 52-week high of $86.03. The firm has a market cap of $8.61 billion, a PE ratio of 16.51, a PEG ratio of 2.10 and a beta of 0.48. The firm has a 50-day simple moving average of $72.41 and a 200 day simple moving average of $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 (EPS) for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.17. The company had revenue of $951.71 million during the quarter, compared to analysts’ expectations of $981.82 million. Pinnacle West Capital had a net margin of 11.09% and a return on equity of 8.30%. Pinnacle West Capital’s revenue was up .7% on a year-over-year basis. During the same period last year, the company posted ($0.03) EPS. Sell-side analysts anticipate that Pinnacle West Capital Co. will post 4.72 EPS for the current fiscal year.

Pinnacle West Capital Dividend Announcement

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

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.