Aigen Investment Management LP Acquires 13,955 Shares of Pinnacle West Capital Corporation (NYSE:PNW)

Key Points

• Aigen Investment Management LP boosted its stake in Pinnacle West Capital Corporation by 182.4% during Q1, now holding 21,605 shares valued at $2,058,000.
• Several other institutional investors have increased their positions, with Cerity Partners LLC raising its holdings by 996.7% to nearly 93,764 shares worth approximately $7,960,000.
• Recent analyst ratings suggest a consensus of "Hold" for Pinnacle West Capital, with price targets ranging from $98.00 to $100.00.

Aigen Investment Management LP grew its holdings in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 182.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 21,605 shares of the utilities provider's stock after purchasing an additional 13,955 shares during the quarter. Aigen Investment Management LP's holdings in Pinnacle West Capital were worth $2,058,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Merewether Investment Management LP bought a new position in Pinnacle West Capital during the 4th quarter worth approximately $69,233,000. Two Sigma Advisers LP lifted its stake in Pinnacle West Capital by 462.8% in the fourth quarter. Two Sigma Advisers LP now owns 912,900 shares of the utilities provider's stock valued at $77,387,000 after buying an additional 750,700 shares in the last quarter. Deutsche Bank AG lifted its stake in Pinnacle West Capital by 33.4% in the fourth quarter. Deutsche Bank AG now owns 2,435,065 shares of the utilities provider's stock valued at $206,420,000 after buying an additional 610,042 shares in the last quarter. First Trust Advisors LP lifted its stake in Pinnacle West Capital by 173.1% in the fourth quarter. First Trust Advisors LP now owns 879,551 shares of the utilities provider's stock valued at $74,560,000 after buying an additional 557,539 shares in the last quarter. Finally, Two Sigma Investments LP lifted its stake in Pinnacle West Capital by 133.4% in the fourth quarter. Two Sigma Investments LP now owns 961,616 shares of the utilities provider's stock valued at $81,516,000 after buying an additional 549,637 shares in the last quarter. Institutional investors own 91.51% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on PNW. Wall Street Zen downgraded shares of Pinnacle West Capital from a "hold" rating to a "sell" rating in a report on Monday, May 5th. UBS Group restated a "neutral" rating and set a $98.00 target price (up from $96.00) on shares of Pinnacle West Capital in a report on Friday, July 11th. Morgan Stanley lowered their target price on shares of Pinnacle West Capital from $88.00 to $87.00 and set an "equal weight" rating on the stock in a report on Thursday, May 22nd. KeyCorp lowered their target price on shares of Pinnacle West Capital from $101.00 to $100.00 and set an "overweight" rating on the stock in a report on Wednesday, July 16th. Finally, LADENBURG THALM/SH SH upgraded shares of Pinnacle West Capital to a "hold" rating in a report on Friday, May 9th. One 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's stock. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $97.11.

Pinnacle West Capital Stock Performance

Shares of Pinnacle West Capital stock traded up $0.59 during trading on Wednesday, reaching $93.04. The company's stock had a trading volume of 1,494,092 shares, compared to its average volume of 1,173,601. The business's 50-day moving average price is $90.54 and its 200-day moving average price is $91.21. The firm has a market cap of $11.11 billion, a PE ratio of 19.18, a P/E/G ratio of 9.55 and a beta of 0.38. Pinnacle West Capital Corporation has a 52 week low of $81.47 and a 52 week high of $96.50. 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 announced its earnings results on Wednesday, August 6th. The utilities provider reported $1.58 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $1.58. Pinnacle West Capital had a net margin of 10.96% and a return on equity of 8.45%. The company had revenue of $1.36 billion during the quarter, compared to analysts' expectations of $1.35 billion. During the same quarter in the previous year, the business posted $1.76 earnings per share. Pinnacle West Capital's quarterly revenue was up 3.8% on a year-over-year basis. Equities analysts forecast that Pinnacle West Capital Corporation will post 5.13 earnings per share for the current year.

Pinnacle West Capital Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Friday, August 1st will be given a dividend of $0.895 per share. The ex-dividend date of this dividend is Friday, August 1st. This represents a $3.58 annualized dividend and a yield of 3.8%. Pinnacle West Capital's dividend payout ratio is currently 73.81%.

Insiders Place Their Bets

In other news, EVP Jacob Tetlow sold 6,496 shares of the stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $92.37, for a total value of $600,035.52. Following the completion of the transaction, the executive vice president owned 56 shares of the company's stock, valued at approximately $5,172.72. This represents a 99.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.23% of the stock is owned by corporate insiders.

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.