Pinnacle West Capital Co. (NYSE:PNW) Position Reduced by WINTON GROUP Ltd

WINTON GROUP Ltd trimmed its stake in shares of Pinnacle West Capital Co. (NYSE:PNW) by 20.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 34,558 shares of the utilities provider’s stock after selling 9,131 shares during the quarter. WINTON GROUP Ltd’s holdings in Pinnacle West Capital were worth $2,738,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the stock. Headlands Technologies LLC acquired a new position in shares of Pinnacle West Capital in the 1st quarter valued at about $26,000. Jones Financial Companies Lllp acquired a new position in shares of Pinnacle West Capital in the 1st quarter valued at about $28,000. Dark Forest Capital Management LP acquired a new position in shares of Pinnacle West Capital in the 4th quarter valued at about $30,000. EverSource Wealth Advisors LLC boosted its holdings in shares of Pinnacle West Capital by 128.3% in the 4th 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 during the period. Finally, Alaska Permanent Fund Corp lifted its position in Pinnacle West Capital by 14,875.0% in the 4th quarter. Alaska Permanent Fund Corp now owns 599 shares of the utilities provider’s stock valued at $46,000 after purchasing an additional 595 shares during the last quarter. 84.95% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

PNW has been the topic of several recent research reports. Wells Fargo & Company cut their price objective on shares of Pinnacle West Capital from $89.00 to $88.00 and set an “equal weight” rating on the stock in a research report on Friday, August 4th. Morgan Stanley cut their price objective on shares of Pinnacle West Capital from $78.00 to $73.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 23rd. Bank of America cut their price objective on shares of Pinnacle West Capital from $80.00 to $78.00 in a research report on Thursday, June 29th. KeyCorp lifted their price objective on shares of Pinnacle West Capital from $55.00 to $61.00 in a research report on Wednesday, July 19th. Finally, Mizuho upgraded shares of 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 report on Tuesday, August 22nd. Two research analysts have rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $77.90.

Pinnacle West Capital Price Performance

Shares of PNW stock traded down $0.38 during midday trading on Friday, reaching $76.89. 159,305 shares of the company were exchanged, compared to its average volume of 840,958. Pinnacle West Capital Co. has a 12 month low of $59.03 and a 12 month high of $86.03. The company has a market cap of $8.71 billion, a P/E ratio of 21.58, a PEG ratio of 2.90 and a beta of 0.47. The company’s 50 day moving average price is $80.72 and its two-hundred day moving average price is $79.10. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.70 and a current ratio of 0.96.

Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings results on Thursday, August 3rd. The utilities provider reported $0.94 EPS for the quarter, missing analysts’ consensus estimates of $1.19 by ($0.25). The company had revenue of $1.12 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter last year, the firm posted $1.45 earnings per share. On average, sell-side analysts expect that Pinnacle West Capital Co. will post 4.21 earnings per share for the current year.

Pinnacle West Capital Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Tuesday, August 1st will be paid a $0.865 dividend. The ex-dividend date of this dividend is Monday, July 31st. This represents a $3.46 annualized dividend and a dividend yield of 4.50%. Pinnacle West Capital’s dividend payout ratio is currently 96.65%.

About Pinnacle West Capital

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.