Inspire Advisors LLC Makes New Investment in Pinnacle West Capital Corporation (NYSE:PNW)

Key Points

• Inspire Advisors LLC purchased 3,041 shares of Pinnacle West Capital Corporation, representing a new investment valued at approximately $290,000.
• Pinnacle West Capital reported a loss of $0.04 EPS for the quarter, missing expectations, despite an 8.5% year-over-year revenue increase to $1.03 billion.
• The company has a dividend yield of 3.98%, with a quarterly dividend of $0.895 scheduled for payment on September 2nd.

Inspire Advisors LLC acquired a new stake in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,041 shares of the utilities provider's stock, valued at approximately $290,000.

Several other institutional investors and hedge funds have also bought and sold shares of PNW. Norges Bank bought a new position in Pinnacle West Capital during the fourth quarter valued at $194,655,000. Invesco Ltd. lifted its position in shares of Pinnacle West Capital by 32.2% during the fourth quarter. Invesco Ltd. now owns 4,298,009 shares of the utilities provider's stock worth $364,342,000 after acquiring an additional 1,045,788 shares in the last quarter. Merewether Investment Management LP purchased a new stake in shares of Pinnacle West Capital during the fourth quarter worth $69,233,000. Two Sigma Advisers LP lifted its position in shares of Pinnacle West Capital by 462.8% during the fourth quarter. Two Sigma Advisers LP now owns 912,900 shares of the utilities provider's stock worth $77,387,000 after acquiring an additional 750,700 shares in the last quarter. Finally, Deutsche Bank AG lifted its position in shares of Pinnacle West Capital by 33.4% during the fourth quarter. Deutsche Bank AG now owns 2,435,065 shares of the utilities provider's stock worth $206,420,000 after acquiring an additional 610,042 shares in the last quarter. 91.51% of the stock is owned by institutional investors.

Pinnacle West Capital Stock Performance

Shares of PNW stock traded up $0.85 during mid-day trading on Friday, reaching $90.58. 401,804 shares of the company's stock traded hands, compared to its average volume of 1,166,951. Pinnacle West Capital Corporation has a 12 month low of $81.47 and a 12 month high of $96.50. The firm has a 50 day moving average price of $90.28 and a two-hundred day moving average price of $90.81. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.34 and a current ratio of 0.50. The firm has a market capitalization of $10.82 billion, a PE ratio of 18.02, a price-to-earnings-growth ratio of 9.32 and a beta of 0.42.

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 for the quarter, missing the consensus estimate of $0.05 by ($0.09). The firm had revenue of $1.03 billion during the quarter, compared to the consensus estimate 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 quarterly revenue was up 8.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.15 EPS. On average, research analysts forecast that Pinnacle West Capital Corporation will post 5.13 EPS for the current year.

Pinnacle West Capital Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Friday, August 1st will be paid a $0.895 dividend. The ex-dividend date is Friday, August 1st. This represents a $3.58 annualized dividend and a yield of 4.0%. Pinnacle West Capital's payout ratio is presently 71.17%.

Wall Street Analyst Weigh In

PNW has been the topic of several recent research reports. Wells Fargo & Company increased their target price on 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. LADENBURG THALM/SH SH upgraded Pinnacle West Capital to a "hold" rating in a research report on Friday, May 9th. KeyCorp dropped their target price on Pinnacle West Capital from $101.00 to $100.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 16th. Wall Street Zen downgraded Pinnacle West Capital from a "hold" rating to a "sell" rating in a research report on Monday, May 5th. Finally, Morgan Stanley lowered their price objective on Pinnacle West Capital from $88.00 to $87.00 and set an "equal weight" rating on the stock in a research report on Thursday, May 22nd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus 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.