Pinnacle West Capital Co. (NYSE:PNW) Shares Bought by Rhumbline Advisers

Posted by Defense World Staff on Sep 1st, 2023

Rhumbline Advisers boosted its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW – Free Report) by 1.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 204,474 shares of the utilities provider’s stock after acquiring an additional 1,997 shares during the quarter. Rhumbline Advisers owned about 0.18% of Pinnacle West Capital worth $16,203,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Headlands Technologies LLC acquired a new stake in Pinnacle West Capital during the first quarter worth $26,000. Dark Forest Capital Management LP acquired a new stake in shares of Pinnacle West Capital in the fourth quarter valued at $30,000. EverSource Wealth Advisors LLC grew its stake in shares of Pinnacle West Capital by 128.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 411 shares of the utilities provider’s stock valued at $31,000 after buying an additional 231 shares in the last quarter. Alaska Permanent Fund Corp grew its stake in shares of Pinnacle West Capital by 14,875.0% in the fourth quarter. Alaska Permanent Fund Corp now owns 599 shares of the utilities provider’s stock valued at $46,000 after buying an additional 595 shares in the last quarter. Finally, Retirement Group LLC grew its stake in shares of Pinnacle West Capital by 200.0% in the fourth quarter. Retirement Group LLC now owns 600 shares of the utilities provider’s stock valued at $46,000 after buying an additional 400 shares in the last quarter. Institutional investors and hedge funds own 84.95% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on PNW. Mizuho raised Pinnacle West Capital from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $78.00 to $85.00 in a research note on Tuesday, August 22nd. Barclays began coverage on Pinnacle West Capital in a research note on Wednesday, August 23rd. They issued an “overweight” rating and a $81.00 price objective for the company. Bank of America dropped their price objective on Pinnacle West Capital from $80.00 to $78.00 in a research note on Thursday, June 29th. StockNews.com initiated coverage on Pinnacle West Capital in a research note on Thursday, August 17th. They issued a “sell” rating for the company. Finally, Wells Fargo & Company decreased their target price on Pinnacle West Capital from $89.00 to $88.00 and set an “equal weight” rating for the company in a report on Friday, August 4th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $77.90.

Read Our Latest Stock Report on Pinnacle West Capital

Pinnacle West Capital Stock Down 1.0 %

Shares of NYSE PNW opened at $77.27 on Friday. The company has a market capitalization of $8.76 billion, a price-to-earnings ratio of 21.58, a price-to-earnings-growth ratio of 2.90 and a beta of 0.47. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.96 and a quick ratio of 0.70. The business has a 50-day moving average of $80.72 and a two-hundred day moving average of $79.10. Pinnacle West Capital Co. has a 1 year low of $59.03 and a 1 year high of $86.03.

Pinnacle West Capital (NYSE:PNW – Get Free Report) last announced its quarterly earnings results on Thursday, August 3rd. The utilities provider reported $0.94 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.19 by ($0.25). The business had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.09 billion. Pinnacle West Capital had a return on equity of 6.55% and a net margin of 8.92%. The firm’s quarterly revenue was up 5.7% on a year-over-year basis. During the same period last year, the firm earned $1.45 earnings per share. On average, analysts forecast that Pinnacle West Capital Co. will post 4.21 earnings per share for the current fiscal year.

Pinnacle West Capital Announces Dividend

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 dividend of $0.865 per share. This represents a $3.46 dividend on an annualized basis and a yield of 4.48%. The ex-dividend date of this dividend is Monday, July 31st. Pinnacle West Capital’s dividend payout ratio (DPR) is 96.65%.

Pinnacle West Capital Company 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.