50,000 Shares in Pinnacle West Capital Corporation $PNW Acquired by Zimmer Partners LP

Key Points

• Zimmer Partners LP acquired 50,000 shares of Pinnacle West Capital Corporation for approximately $4.76 million, indicating growing institutional interest in the utilities sector.
• Pinnacle West recently reported quarterly earnings of $1.58 EPS and revenue of $1.36 billion, exceeding consensus estimates and showing a 3.8% revenue increase year-over-year.
• The company declared a quarterly dividend of $0.895 per share, yielding 4.1% annually, with a dividend payout ratio of 73.81%.

Zimmer Partners LP purchased a new position in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 50,000 shares of the utilities provider's stock, valued at approximately $4,762,000.

A number of other institutional investors have also added to or reduced their stakes in PNW. Clearstead Trust LLC purchased a new stake in Pinnacle West Capital during the 1st quarter worth about $25,000. Costello Asset Management INC purchased a new stake in shares of Pinnacle West Capital in the first quarter worth $26,000. Brooklyn Investment Group raised its position in shares of Pinnacle West Capital by 440.0% in the first quarter. Brooklyn Investment Group now owns 486 shares of the utilities provider's stock worth $46,000 after buying an additional 396 shares in the last quarter. HM Payson & Co. raised its position in shares of Pinnacle West Capital by 49.7% in the first quarter. HM Payson & Co. now owns 590 shares of the utilities provider's stock worth $56,000 after buying an additional 196 shares in the last quarter. Finally, Spirit of America Management Corp NY purchased a new stake in shares of Pinnacle West Capital in the first quarter worth $57,000. Hedge funds and other institutional investors own 91.51% of the company's stock.

Pinnacle West Capital Price Performance

NYSE:PNW traded down $0.18 during trading hours on Friday, hitting $88.19. 758,982 shares of the stock traded hands, compared to its average volume of 856,007. The company has a market cap of $10.53 billion, a price-to-earnings ratio of 18.18, a price-to-earnings-growth ratio of 9.11 and a beta of 0.45. Pinnacle West Capital Corporation has a 1 year low of $81.47 and a 1 year high of $96.50. The stock has a 50 day moving average price of $90.74 and a 200 day moving average price of $91.37. The company has a quick ratio of 0.37, a current ratio of 0.52 and a debt-to-equity ratio of 1.25.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last released its earnings results on Wednesday, August 6th. The utilities provider reported $1.58 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.58. The firm had revenue of $1.36 billion during the quarter, compared to analysts' expectations of $1.35 billion. Pinnacle West Capital had a return on equity of 8.45% and a net margin of 10.96%.The firm's revenue was up 3.8% on a year-over-year basis. During the same quarter last year, the business posted $1.76 earnings per share. Sell-side analysts forecast that Pinnacle West Capital Corporation will post 5.13 EPS for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Friday, August 1st were given a dividend of $0.895 per share. This represents a $3.58 annualized dividend and a dividend yield of 4.1%. The ex-dividend date was Friday, August 1st. Pinnacle West Capital's payout ratio is 73.81%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on PNW shares. KeyCorp lowered their price objective 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. Mizuho downgraded Pinnacle West Capital from an "outperform" rating to a "neutral" rating and lowered their price objective for the company from $102.00 to $90.00 in a research report on Tuesday, September 9th. BMO Capital Markets boosted their price target on Pinnacle West Capital from $96.00 to $98.00 and gave the company a "market perform" rating in a report on Thursday, August 7th. UBS Group reduced their price target on shares of Pinnacle West Capital from $98.00 to $95.00 and set a "neutral" rating on the stock in a research report on Friday. Finally, Barclays decreased their price target on shares of Pinnacle West Capital from $94.00 to $93.00 and set an "equal weight" rating for the company in a research note on Wednesday, August 13th. Four equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $96.20.

Insider Activity at Pinnacle West Capital

In other news, EVP Jacob Tetlow sold 6,496 shares of the business's stock in a transaction on Monday, August 11th. The shares were sold at an average price of $92.37, for a total transaction of $600,035.52. Following the completion of the sale, the executive vice president directly owned 56 shares of the company's stock, valued at approximately $5,172.72. The trade was a 99.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.23% of the company's stock.

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.