Crestline Management LP Decreases Holdings in Pinnacle West Capital Co. (NYSE:PNW)

Crestline Management LP cut its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 72.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 15,088 shares of the utilities provider's stock after selling 39,500 shares during the period. Crestline Management LP's holdings in Pinnacle West Capital were worth $1,279,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Cubist Systematic Strategies LLC purchased a new position in Pinnacle West Capital during the fourth quarter worth about $17,410,000. Brevan Howard Capital Management LP grew its stake in Pinnacle West Capital by 442.1% in the 4th quarter. Brevan Howard Capital Management LP now owns 57,915 shares of the utilities provider's stock valued at $4,909,000 after buying an additional 47,232 shares in the last quarter. Bridgefront Capital LLC lifted its holdings in Pinnacle West Capital by 564.4% during the 4th quarter. Bridgefront Capital LLC now owns 19,959 shares of the utilities provider's stock worth $1,692,000 after purchasing an additional 16,955 shares in the last quarter. Captrust Financial Advisors increased its holdings in Pinnacle West Capital by 1.2% during the 4th quarter. Captrust Financial Advisors now owns 740,965 shares of the utilities provider's stock worth $62,812,000 after acquiring an additional 8,934 shares during the period. Finally, Baird Financial Group Inc. raised its position in shares of Pinnacle West Capital by 2.2% in the fourth quarter. Baird Financial Group Inc. now owns 25,111 shares of the utilities provider's stock worth $2,129,000 after buying an additional 550 shares in the last quarter. Institutional investors own 91.51% of the company's stock.

Wall Street Analyst Weigh In

PNW has been the subject of several research reports. Wells Fargo & Company upped their target price 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, May 2nd. UBS Group boosted their price target on Pinnacle West Capital from $96.00 to $99.00 and gave the company a "neutral" rating in a report on Friday, March 21st. 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 research report on Tuesday, January 28th. Morgan Stanley upped their price target on Pinnacle West Capital from $84.00 to $88.00 and gave the stock an "equal weight" rating in a research note on Thursday, March 20th. Finally, Guggenheim restated a "buy" rating and issued a $100.00 price target on shares of Pinnacle West Capital in a research note on Wednesday, February 26th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat.com, Pinnacle West Capital has a consensus rating of "Hold" and an average target price of $95.83.

Pinnacle West Capital Stock Performance

Shares of NYSE:PNW traded down $1.57 during trading on Monday, hitting $90.04. The company's stock had a trading volume of 992,420 shares, compared to its average volume of 1,111,763. The company has a 50-day moving average of $93.01 and a 200-day moving average of $90.01. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54. The firm has a market cap of $10.75 billion, a price-to-earnings ratio of 17.05, a P/E/G ratio of 3.59 and a beta of 0.45. Pinnacle West Capital Co. has a 12 month low of $74.45 and a 12 month high of $99.60.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The utilities provider reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.09). Pinnacle West Capital had a net margin of 12.26% and a return on equity of 9.60%. The firm had revenue of $1.03 billion for the quarter, compared to analysts' expectations of $988.95 million. During the same period in the prior year, the firm earned $0.15 EPS. Pinnacle West Capital's revenue for the quarter was up 8.5% compared to the same quarter last year. On average, sell-side analysts expect 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 announced a quarterly dividend, which will be paid on Monday, June 2nd. Stockholders of record on Monday, May 5th will be issued a $0.895 dividend. This represents a $3.58 annualized dividend and a dividend yield of 3.98%. The ex-dividend date of this dividend is Monday, May 5th. Pinnacle West Capital's dividend payout ratio (DPR) is presently 71.17%.

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.