Alethea Capital Management LLC Takes Position in Pinnacle West Capital Co. (NYSE:PNW)

Alethea Capital Management LLC purchased a new stake in Pinnacle West Capital Co. (NYSE:PNW - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The firm purchased 4,716 shares of the utilities provider's stock, valued at approximately $400,000. Pinnacle West Capital accounts for approximately 0.3% of Alethea Capital Management LLC's portfolio, making the stock its 10th largest position.

Other hedge funds also recently bought and sold shares of the company. Algert Global LLC acquired a new position in shares of Pinnacle West Capital during the fourth quarter worth about $873,000. Freestone Grove Partners LP bought a new position in Pinnacle West Capital in the fourth quarter valued at $539,000. Comerica Bank lifted its position in Pinnacle West Capital by 8.4% during the 4th quarter. Comerica Bank now owns 66,177 shares of the utilities provider's stock worth $5,610,000 after buying an additional 5,126 shares in the last quarter. Schonfeld Strategic Advisors LLC grew its holdings in shares of Pinnacle West Capital by 16.3% in the 4th quarter. Schonfeld Strategic Advisors LLC now owns 110,237 shares of the utilities provider's stock valued at $9,345,000 after acquiring an additional 15,417 shares in the last quarter. Finally, AQR Capital Management LLC raised its holdings in Pinnacle West Capital by 105.1% during the fourth quarter. AQR Capital Management LLC now owns 265,041 shares of the utilities provider's stock worth $22,468,000 after acquiring an additional 135,808 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle West Capital Stock Down 0.4 %

Shares of PNW stock traded down $0.41 on Tuesday, reaching $93.50. 2,429,672 shares of the company were exchanged, compared to its average volume of 1,108,477. Pinnacle West Capital Co. has a one year low of $74.45 and a one year high of $96.50. The company has a market cap of $11.15 billion, a price-to-earnings ratio of 17.71, a PEG ratio of 3.59 and a beta of 0.45. The company has a 50-day moving average of $92.98 and a 200-day moving average of $89.89. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last issued its earnings results on Thursday, May 1st. The utilities provider reported ($0.04) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.05 by ($0.09). Pinnacle West Capital had a return on equity of 9.60% and a net margin of 12.26%. The firm had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $988.95 million. During the same quarter in the prior year, the business earned $0.15 earnings per share. Pinnacle West Capital's revenue for the quarter was up 8.5% on a year-over-year basis. Analysts anticipate that Pinnacle West Capital Co. will post 5.13 earnings per share for the current year.

Pinnacle West Capital Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 2nd. Investors of record on Monday, May 5th will be issued a dividend of $0.895 per share. The ex-dividend date of this dividend is Monday, May 5th. This represents a $3.58 annualized dividend and a yield of 3.83%. Pinnacle West Capital's dividend payout ratio (DPR) is currently 71.17%.

Wall Street Analysts Forecast Growth

PNW has been the subject of a number of research analyst reports. LADENBURG THALM/SH SH upgraded Pinnacle West Capital to a "hold" rating in a report on Tuesday, April 22nd. Guggenheim reissued a "buy" rating and issued a $100.00 target price on shares of Pinnacle West Capital in a report on Wednesday, February 26th. Wells Fargo & Company increased their price target on shares of Pinnacle West Capital from $95.00 to $98.00 and gave the stock an "equal weight" rating in a research report on Friday. Barclays upped their target price on Pinnacle West Capital from $87.00 to $94.00 and gave the stock an "equal weight" rating in a research note on Tuesday, April 1st. Finally, Jefferies Financial Group dropped their target price on shares of Pinnacle West Capital from $106.00 to $104.00 and set a "buy" rating for the company in a report on Tuesday, January 28th. One analyst has rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, Pinnacle West Capital presently has a consensus rating of "Hold" and an average target price of $95.83.

Pinnacle West Capital Company Profile

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.