Van ECK Associates Corp Reduces Stake in Pinnacle West Capital Co. (NYSE:PNW)

Posted by Defense World Staff on Aug 3rd, 2023

Van ECK Associates Corp lowered its stake in Pinnacle West Capital Co. (NYSE:PNW – Free Report) by 2.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 29,957 shares of the utilities provider’s stock after selling 679 shares during the period. Van ECK Associates Corp’s holdings in Pinnacle West Capital were worth $2,374,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Norges Bank purchased a new position in shares of Pinnacle West Capital during the fourth quarter valued at approximately $104,067,000. State Street Corp boosted its holdings in shares of Pinnacle West Capital by 18.4% in the first quarter. State Street Corp now owns 6,911,753 shares of the utilities provider’s stock valued at $539,808,000 after purchasing an additional 1,072,235 shares during the period. Jennison Associates LLC purchased a new stake in shares of Pinnacle West Capital in the first quarter valued at approximately $74,297,000. Invesco Ltd. boosted its holdings in shares of Pinnacle West Capital by 29.6% in the first quarter. Invesco Ltd. now owns 3,537,942 shares of the utilities provider’s stock valued at $276,313,000 after purchasing an additional 808,207 shares during the period. Finally, Captrust Financial Advisors boosted its holdings in shares of Pinnacle West Capital by 297.6% in the fourth quarter. Captrust Financial Advisors now owns 633,531 shares of the utilities provider’s stock valued at $48,174,000 after purchasing an additional 474,174 shares during the period. Hedge funds and other institutional investors own 85.46% of the company’s stock.

Pinnacle West Capital Price Performance

NYSE:PNW opened at $82.57 on Thursday. Pinnacle West Capital Co. has a one year low of $59.03 and a one year high of $86.03. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.74 and a current ratio of 1.01. The firm has a market cap of $9.35 billion, a price-to-earnings ratio of 20.19, a PEG ratio of 3.17 and a beta of 0.47. The firm’s fifty day moving average is $81.58 and its two-hundred day moving average is $78.65.

Pinnacle West Capital (NYSE:PNW – Get Free Report) last posted its quarterly earnings results on Thursday, May 4th. The utilities provider reported ($0.03) EPS for the quarter, missing the consensus estimate 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 business had revenue of $944.60 million during the quarter, compared to analysts’ expectations of $808.33 million. During the same period in the previous year, the company posted $0.15 earnings per share. Pinnacle West Capital’s revenue for the quarter was up 20.6% compared to the same quarter last year. Research analysts expect that Pinnacle West Capital Co. will post 4.13 EPS for the current year.

Pinnacle West Capital Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Tuesday, August 1st will be issued a $0.865 dividend. This represents a $3.46 annualized dividend and a yield of 4.19%. The ex-dividend date is Monday, July 31st. Pinnacle West Capital’s payout ratio is 84.60%.

Analyst Ratings Changes

PNW has been the subject of a number of recent research reports. StockNews.com downgraded shares of Pinnacle West Capital from a “hold” rating to a “sell” rating in a research note on Saturday, May 20th. Wells Fargo & Company upped their price target on Pinnacle West Capital from $85.00 to $89.00 in a research report on Friday, June 16th. Bank of America reduced their price target on Pinnacle West Capital from $80.00 to $78.00 in a research report on Thursday, June 29th. KeyCorp upped their target price on Pinnacle West Capital from $55.00 to $61.00 in a research report on Wednesday, July 19th. Finally, Mizuho upped their target price on Pinnacle West Capital from $80.00 to $84.00 in a research report on Friday, June 23rd. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat, Pinnacle West Capital has a consensus rating of “Hold” and an average price target of $78.11.

View Our Latest Stock Analysis on Pinnacle West Capital

Pinnacle West Capital Profile

(Free Report)

Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, 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.

Institutional Ownership by Quarter for Pinnacle West Capital (NYSE:PNW)

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