EverSource Wealth Advisors LLC increased its position in shares of Pinnacle West Capital Co. (NYSE:PNW – Get Rating) by 128.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 411 shares of the utilities provider’s stock after purchasing an additional 231 shares during the quarter. EverSource Wealth Advisors LLC’s holdings in Pinnacle West Capital were worth $31,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in Pinnacle West Capital by 1.2% in the third quarter. Vanguard Group Inc. now owns 13,902,237 shares of the utilities provider’s stock valued at $896,834,000 after buying an additional 171,173 shares during the last quarter. BlackRock Inc. increased its stake in Pinnacle West Capital by 1.2% in the 3rd quarter. BlackRock Inc. now owns 9,882,344 shares of the utilities provider’s stock worth $637,508,000 after purchasing an additional 119,298 shares in the last quarter. State Street Corp increased its stake in Pinnacle West Capital by 1.0% in the 3rd quarter. State Street Corp now owns 7,634,622 shares of the utilities provider’s stock worth $492,509,000 after purchasing an additional 74,164 shares in the last quarter. Invesco Ltd. increased its stake in Pinnacle West Capital by 29.6% in the 1st quarter. Invesco Ltd. now owns 3,537,942 shares of the utilities provider’s stock worth $276,313,000 after purchasing an additional 808,207 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its stake in Pinnacle West Capital by 0.5% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,674,853 shares of the utilities provider’s stock worth $172,555,000 after purchasing an additional 13,782 shares in the last quarter. 85.21% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
A number of brokerages have commented on PNW. Morgan Stanley raised their price objective on Pinnacle West Capital from $71.00 to $78.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 20th. StockNews.com lowered Pinnacle West Capital from a “hold” rating to a “sell” rating in a research report on Saturday. Bank of America lifted their price target on Pinnacle West Capital from $69.00 to $76.00 in a report on Thursday, April 6th. Credit Suisse Group upgraded Pinnacle West Capital from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $77.00 to $80.00 in a report on Tuesday, March 14th. Finally, Mizuho raised their price objective on Pinnacle West Capital from $74.00 to $81.00 in a research note on Thursday, May 11th. Four analysts have rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $74.64.
Pinnacle West Capital Trading Down 0.9 %
Pinnacle West Capital (NYSE:PNW – Get Rating) last announced its quarterly earnings data on Thursday, May 4th. The utilities provider reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.06). Pinnacle West Capital had a net margin of 10.33% and a return on equity of 7.50%. The firm had revenue of $944.60 million during the quarter, compared to the consensus estimate of $808.33 million. During the same quarter in the prior year, the firm posted $0.15 earnings per share. The company’s revenue was up 20.6% on a year-over-year basis. Research analysts forecast that Pinnacle West Capital Co. will post 4.04 earnings per share for the current year.
Pinnacle West Capital Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 1st. Investors of record on Monday, May 1st will be paid a dividend of $0.865 per share. This represents a $3.46 annualized dividend and a yield of 4.46%. The ex-dividend date is Friday, April 28th. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 84.60%.
Pinnacle West Capital Company Profile
Pinnacle West Capital Corp. is a holding company, which engages in providing energy and energy-related products. It offers regulated retail and wholesale electricity businesses and related activities, such as electricity generation, transmission and distribution through its subsidiary, Arizona Public Service Co The company was founded on February 20, 1985, and is headquartered in Phoenix, AZ.
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