Envestnet Asset Management Inc. Has $9.07 Million Position in Pinnacle West Capital Corporation (NYSE:PNW)

Envestnet Asset Management Inc. lowered its position in shares of Pinnacle West Capital Corporation (NYSE:PNW) by 2.3% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 95,265 shares of the utilities provider’s stock after selling 2,238 shares during the quarter. Envestnet Asset Management Inc. owned 0.08% of Pinnacle West Capital worth $9,074,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. raised its stake in Pinnacle West Capital by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 14,180,909 shares of the utilities provider’s stock valued at $1,202,116,000 after purchasing an additional 143,716 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC lifted its position in shares of Pinnacle West Capital by 0.6% during the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,864,993 shares of the utilities provider’s stock worth $581,945,000 after buying an additional 37,768 shares during the last quarter. Invesco Ltd. lifted its position in shares of Pinnacle West Capital by 32.2% during the 4th quarter. Invesco Ltd. now owns 4,298,009 shares of the utilities provider’s stock worth $364,342,000 after buying an additional 1,045,788 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Pinnacle West Capital by 7.7% during the 4th quarter. Geode Capital Management LLC now owns 2,880,315 shares of the utilities provider’s stock worth $243,897,000 after buying an additional 204,805 shares during the last quarter. Finally, Deutsche Bank AG lifted its position in shares of Pinnacle West Capital by 33.4% during the 4th quarter. Deutsche Bank AG now owns 2,435,065 shares of the utilities provider’s stock worth $206,420,000 after buying an additional 610,042 shares during the last quarter. 91.51% of the stock is owned by institutional investors.

Pinnacle West Capital Price Performance

Shares of Pinnacle West Capital stock opened at $93.09 on Tuesday. The firm has a market cap of $11.11 billion, a PE ratio of 18.51, a PEG ratio of 9.63 and a beta of 0.42. The stock has a 50 day moving average of $90.21 and a 200 day moving average of $90.46. The company has a current ratio of 0.50, a quick ratio of 0.34 and a debt-to-equity ratio of 1.18. Pinnacle West Capital Corporation has a 12 month low of $81.47 and a 12 month high of $96.50.

Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings results on Thursday, May 1st. The utilities provider reported ($0.04) EPS for the quarter, missing the consensus estimate of $0.05 by ($0.09). The company had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $988.95 million. Pinnacle West Capital had a return on equity of 8.78% and a net margin of 11.28%. The company’s revenue was up 8.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.15 EPS. On average, research analysts expect that Pinnacle West Capital Corporation will post 5.13 EPS for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Friday, August 1st will be issued a $0.895 dividend. The ex-dividend date is Friday, August 1st. This represents a $3.58 dividend on an annualized basis and a dividend yield of 3.85%. Pinnacle West Capital’s payout ratio is 71.17%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Morgan Stanley decreased their target price on Pinnacle West Capital from $88.00 to $87.00 and set an “equal weight” rating for the company in a research note on Thursday, May 22nd. BMO Capital Markets initiated coverage on Pinnacle West Capital in a research note on Tuesday, May 13th. They issued a “market perform” rating and a $95.00 target price on the stock. Wells Fargo & Company lifted their price target on Pinnacle West Capital from $95.00 to $98.00 and gave the company an “equal weight” rating in a research report on Friday, May 2nd. LADENBURG THALM/SH SH upgraded Pinnacle West Capital to a “hold” rating in a research report on Friday, May 9th. Finally, Wall Street Zen lowered Pinnacle West Capital from a “hold” rating to a “sell” rating in a research note on Monday, May 5th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Pinnacle West Capital currently has an average rating of “Hold” and an average target price of $96.78.

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.