Pinnacle West Capital Co. (NYSE:PNW) Stock Holdings Decreased by Van ECK Associates Corp

Van ECK Associates Corp reduced its position in shares of Pinnacle West Capital Co. (NYSE:PNW) by 5.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 27,700 shares of the utilities provider’s stock after selling 1,593 shares during the quarter. Van ECK Associates Corp’s holdings in Pinnacle West Capital were worth $1,990,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the business. Addison Advisors LLC grew its stake in Pinnacle West Capital by 16.6% during the 3rd quarter. Addison Advisors LLC now owns 1,014 shares of the utilities provider’s stock valued at $75,000 after acquiring an additional 144 shares in the last quarter. MCF Advisors LLC increased its stake in Pinnacle West Capital by 9.2% in the 4th quarter. MCF Advisors LLC now owns 2,070 shares of the utilities provider’s stock valued at $149,000 after buying an additional 174 shares during the period. Atria Wealth Solutions Inc. lifted its position in Pinnacle West Capital by 4.9% in the 4th quarter. Atria Wealth Solutions Inc. now owns 4,921 shares of the utilities provider’s stock worth $354,000 after buying an additional 229 shares in the last quarter. Prime Capital Investment Advisors LLC boosted its stake in shares of Pinnacle West Capital by 6.1% during the 4th quarter. Prime Capital Investment Advisors LLC now owns 4,083 shares of the utilities provider’s stock valued at $293,000 after buying an additional 233 shares during the period. Finally, M&T Bank Corp grew its holdings in shares of Pinnacle West Capital by 3.3% during the 3rd quarter. M&T Bank Corp now owns 7,440 shares of the utilities provider’s stock valued at $549,000 after acquiring an additional 238 shares in the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently issued reports on PNW shares. StockNews.com cut Pinnacle West Capital from a “hold” rating to a “sell” rating in a research report on Thursday, March 14th. Citigroup started coverage on Pinnacle West Capital in a research note on Monday, April 29th. They issued a “neutral” rating and a $78.00 price target for the company. Morgan Stanley lifted their target price on shares of Pinnacle West Capital from $69.00 to $70.00 and gave the company an “equal weight” rating in a research note on Thursday, March 21st. 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 research note on Friday, May 3rd. Finally, Barclays lifted their price objective on shares of Pinnacle West Capital from $75.00 to $76.00 and gave the company an “overweight” rating in a research note on Monday, April 15th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $73.67.

Pinnacle West Capital Stock Up 0.3 %

Pinnacle West Capital stock opened at $76.63 on Thursday. The firm has a market cap of $8.70 billion, a price-to-earnings ratio of 16.69, a P/E/G ratio of 2.12 and a beta of 0.48. The firm has a fifty day moving average price of $72.89 and a two-hundred day moving average price of $72.13. Pinnacle West Capital Co. has a fifty-two week low of $65.20 and a fifty-two week high of $86.03. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.58 and a quick ratio of 0.42.

Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $0.15 earnings per share for the quarter, topping the consensus estimate of ($0.02) by $0.17. The business had revenue of $951.71 million during the quarter, compared to analysts’ expectations of $981.82 million. Pinnacle West Capital had a return on equity of 8.29% and a net margin of 11.09%. The firm’s revenue was up .7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.03) EPS. As a group, analysts forecast that Pinnacle West Capital Co. will post 4.72 earnings per share for the current year.

Pinnacle West Capital Dividend Announcement

The business also recently disclosed 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 annualized dividend and a dividend yield of 4.59%. Pinnacle West Capital’s payout ratio is 76.69%.

About Pinnacle West Capital

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.