D. E. Shaw & Co. Inc. Reduces Stock Holdings in Pinnacle West Capital Co. (NYSE:PNW)

D. E. Shaw & Co. Inc. lowered its position in Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 74.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 41,160 shares of the utilities provider's stock after selling 121,528 shares during the period. D. E. Shaw & Co. Inc.'s holdings in Pinnacle West Capital were worth $3,489,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of PNW. Deutsche Bank AG lifted its stake in shares of Pinnacle West Capital by 33.4% during the 4th 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 during the last quarter. Corton Capital Inc. purchased a new stake in Pinnacle West Capital in the fourth quarter worth $284,000. Cubist Systematic Strategies LLC bought a new stake in shares of Pinnacle West Capital during the fourth quarter worth $17,410,000. Brevan Howard Capital Management LP boosted its stake in shares of Pinnacle West Capital by 442.1% during the fourth quarter. Brevan Howard Capital Management LP now owns 57,915 shares of the utilities provider's stock valued at $4,909,000 after purchasing an additional 47,232 shares during the period. Finally, Bridgefront Capital LLC grew its holdings in shares of Pinnacle West Capital by 564.4% in the fourth 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 during the last quarter. Hedge funds and other institutional investors own 91.51% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Wall Street Zen lowered shares of Pinnacle West Capital from a "hold" rating to a "sell" rating in a report on Monday, May 5th. Jefferies Financial Group decreased their price target on shares of Pinnacle West Capital from $106.00 to $104.00 and set a "buy" rating for the company in a research note on Tuesday, January 28th. Guggenheim reissued a "buy" rating and issued a $100.00 price objective on shares of Pinnacle West Capital in a research note on Wednesday, February 26th. Morgan Stanley reduced their price objective on Pinnacle West Capital from $88.00 to $87.00 and set an "equal weight" rating on the stock in a report on Thursday. Finally, UBS Group upped their target price on Pinnacle West Capital from $96.00 to $99.00 and gave the stock a "neutral" rating in a report on Friday, March 21st. One analyst has rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Pinnacle West Capital has an average rating of "Hold" and a consensus price target of $95.65.

Pinnacle West Capital Stock Down 1.4%

Shares of NYSE PNW traded down $1.24 during mid-day trading on Thursday, reaching $89.86. 976,590 shares of the company were exchanged, compared to its average volume of 1,126,147. Pinnacle West Capital Co. has a 1 year low of $74.45 and a 1 year high of $96.50. The firm has a 50-day moving average of $92.86 and a 200 day moving average of $90.15. The stock has a market cap of $10.73 billion, a price-to-earnings ratio of 17.02, a P/E/G ratio of 3.59 and a beta of 0.45. The company has a quick ratio of 0.54, a current ratio of 0.71 and a debt-to-equity ratio of 1.20.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last announced its earnings results on Thursday, May 1st. The utilities provider reported ($0.04) 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 firm posted $0.15 earnings per share. The business's revenue for the quarter was up 8.5% compared to the same quarter last year. On average, research analysts expect that Pinnacle West Capital Co. will post 5.13 earnings per share for the current year.

Pinnacle West Capital Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Monday, May 5th will be paid a $0.895 dividend. The ex-dividend date of this dividend is Monday, May 5th. This represents a $3.58 annualized dividend and a yield of 3.98%. Pinnacle West Capital's dividend payout ratio (DPR) is 71.17%.

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.