Patton Fund Management Inc. Makes New $2.88 Million Investment in Pinnacle West Capital Co. (NYSE:PNW)

Patton Fund Management Inc. acquired a new stake in shares of Pinnacle West Capital Co. (NYSE:PNW) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 35,316 shares of the utilities provider’s stock, valued at approximately $2,877,000.

Other hedge funds also recently bought and sold shares of the company. Contravisory Investment Management Inc. increased its position in Pinnacle West Capital by 1.7% during the 2nd quarter. Contravisory Investment Management Inc. now owns 7,621 shares of the utilities provider’s stock valued at $621,000 after buying an additional 124 shares in the last quarter. LPL Financial LLC increased its holdings in shares of Pinnacle West Capital by 0.3% during the first quarter. LPL Financial LLC now owns 40,520 shares of the utilities provider’s stock valued at $3,211,000 after acquiring an additional 132 shares in the last quarter. Asset Management One Co. Ltd. raised its position in shares of Pinnacle West Capital by 1.0% in the 1st quarter. Asset Management One Co. Ltd. now owns 13,918 shares of the utilities provider’s stock worth $1,103,000 after purchasing an additional 133 shares during the last quarter. PAX Financial Group LLC boosted its stake in Pinnacle West Capital by 4.3% in the 1st quarter. PAX Financial Group LLC now owns 3,239 shares of the utilities provider’s stock worth $257,000 after purchasing an additional 134 shares in the last quarter. Finally, Synovus Financial Corp grew its position in Pinnacle West Capital by 1.7% during the 1st quarter. Synovus Financial Corp now owns 8,410 shares of the utilities provider’s stock valued at $666,000 after purchasing an additional 143 shares during the last quarter. Institutional investors own 84.95% of the company’s stock.

Pinnacle West Capital Stock Performance

Shares of NYSE PNW traded up $0.12 during midday trading on Tuesday, hitting $79.21. 46,917 shares of the company’s stock traded hands, compared to its average volume of 837,691. The firm has a fifty day moving average of $79.56 and a 200 day moving average of $79.39. Pinnacle West Capital Co. has a 1 year low of $59.03 and a 1 year high of $86.03. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.70 and a current ratio of 0.96. The stock has a market capitalization of $8.98 billion, a price-to-earnings ratio of 22.09, a price-to-earnings-growth ratio of 2.88 and a beta of 0.48.

Pinnacle West Capital (NYSE:PNW) last announced its earnings results on Thursday, August 3rd. The utilities provider reported $0.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.19 by ($0.25). Pinnacle West Capital had a net margin of 8.92% and a return on equity of 6.55%. The business had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.09 billion. During the same quarter last year, the firm posted $1.45 earnings per share. The business’s quarterly revenue was up 5.7% compared to the same quarter last year. On average, analysts forecast that Pinnacle West Capital Co. will post 4.22 earnings per share for the current year.

Pinnacle West Capital Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Tuesday, August 1st were issued a $0.865 dividend. The ex-dividend date was Monday, July 31st. This represents a $3.46 dividend on an annualized basis and a yield of 4.37%. Pinnacle West Capital’s dividend payout ratio is currently 96.65%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on PNW shares. StockNews.com initiated coverage on shares of Pinnacle West Capital in a research note on Thursday, August 17th. They issued a “sell” rating on the stock. Wells Fargo & Company cut their target price on Pinnacle West Capital from $89.00 to $88.00 and set an “equal weight” rating on the stock in a research note on Friday, August 4th. Bank of America decreased their price target on Pinnacle West Capital from $80.00 to $78.00 in a research note on Thursday, June 29th. KeyCorp increased their price objective on Pinnacle West Capital from $55.00 to $61.00 in a research report on Wednesday, July 19th. Finally, Barclays initiated coverage on Pinnacle West Capital in a research report on Wednesday, August 23rd. They issued an “overweight” rating and a $81.00 target price for the company. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $77.90.

Pinnacle West Capital Company Profile

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.