ERn Financial LLC Boosts Holdings in Pinnacle West Capital Corporation (NYSE:PNW)

ERn Financial LLC boosted its holdings in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 100.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 32,273 shares of the utilities provider's stock after buying an additional 16,200 shares during the quarter. ERn Financial LLC's holdings in Pinnacle West Capital were worth $3,074,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Norges Bank bought a new stake in Pinnacle West Capital during the fourth quarter valued at about $194,655,000. Invesco Ltd. lifted its holdings in Pinnacle West Capital by 32.2% in the 4th quarter. Invesco Ltd. now owns 4,298,009 shares of the utilities provider's stock worth $364,342,000 after purchasing an additional 1,045,788 shares in the last quarter. Merewether Investment Management LP purchased a new position in Pinnacle West Capital in the 4th quarter worth approximately $69,233,000. Two Sigma Advisers LP grew its holdings in Pinnacle West Capital by 462.8% during the 4th 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. Finally, Deutsche Bank AG grew its holdings in 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 valued at $206,420,000 after buying an additional 610,042 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently weighed in on PNW. Wall Street Zen lowered shares of Pinnacle West Capital from a "hold" rating to a "sell" rating in a research report on Monday, May 5th. Barclays lifted their price objective on Pinnacle West Capital from $87.00 to $94.00 and gave the stock an "equal weight" rating in a research note on Tuesday, April 1st. Morgan Stanley decreased 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, May 22nd. Wells Fargo & Company raised their target price on shares of Pinnacle West Capital from $95.00 to $98.00 and gave the company an "equal weight" rating in a report on Friday, May 2nd. Finally, BMO Capital Markets initiated coverage on shares of Pinnacle West Capital in a research note on Tuesday, May 13th. They set a "market perform" rating and a $95.00 price target on the stock. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $97.00.

Pinnacle West Capital Price Performance

Pinnacle West Capital stock opened at $88.37 on Thursday. Pinnacle West Capital Corporation has a 12-month low of $74.45 and a 12-month high of $96.50. The company has a current ratio of 0.50, a quick ratio of 0.34 and a debt-to-equity ratio of 1.18. The firm has a 50-day moving average price of $91.72 and a 200-day moving average price of $89.94. The firm has a market capitalization of $10.55 billion, a PE ratio of 17.57, a price-to-earnings-growth ratio of 9.28 and a beta of 0.43.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The utilities provider reported ($0.04) earnings per share (EPS) 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 firm's revenue for the quarter was up 8.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.15 EPS. As a group, equities research analysts forecast that Pinnacle West Capital Corporation will post 5.13 EPS for the current year.

Pinnacle West Capital Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Friday, August 1st will be paid a dividend of $0.895 per share. This represents a $3.58 dividend on an annualized basis and a dividend yield of 4.05%. Pinnacle West Capital's dividend payout ratio is currently 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.

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