Pinnacle West Capital Co. (NYSE:PNW) Shares Bought by GAMMA Investing LLC

GAMMA Investing LLC lifted its position in Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 13,170.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 200,787 shares of the utilities provider's stock after purchasing an additional 199,274 shares during the period. GAMMA Investing LLC owned about 0.17% of Pinnacle West Capital worth $19,125,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in PNW. AdvisorNet Financial Inc raised its position in shares of Pinnacle West Capital by 11.8% in the first quarter. AdvisorNet Financial Inc now owns 13,286 shares of the utilities provider's stock worth $1,265,000 after acquiring an additional 1,402 shares during the period. Versant Capital Management Inc raised its holdings in Pinnacle West Capital by 971.8% in the 1st quarter. Versant Capital Management Inc now owns 836 shares of the utilities provider's stock worth $80,000 after purchasing an additional 758 shares during the period. 111 Capital purchased a new position in Pinnacle West Capital during the fourth quarter worth approximately $340,000. Wealth Enhancement Advisory Services LLC boosted its position in Pinnacle West Capital by 26.2% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 29,775 shares of the utilities provider's stock worth $2,524,000 after purchasing an additional 6,183 shares in the last quarter. Finally, Probity Advisors Inc. grew its holdings in Pinnacle West Capital by 2.7% in the fourth quarter. Probity Advisors Inc. now owns 6,056 shares of the utilities provider's stock valued at $513,000 after purchasing an additional 159 shares during the period. 91.51% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PNW has been the topic of a number of recent analyst reports. LADENBURG THALM/SH SH upgraded Pinnacle West Capital to a "hold" rating in a research report on Friday, May 9th. Morgan Stanley decreased their price objective 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. 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. Guggenheim restated a "buy" rating and set a $100.00 price target on shares of Pinnacle West Capital in a research report on Wednesday, February 26th. Finally, BMO Capital Markets started coverage on shares of Pinnacle West Capital in a research note on Tuesday, May 13th. They issued 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 given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $97.00.

Pinnacle West Capital Price Performance

Shares of NYSE:PNW traded down $0.34 during midday trading on Friday, hitting $89.05. The company's stock had a trading volume of 781,701 shares, compared to its average volume of 1,117,579. The company has a market cap of $10.63 billion, a P/E ratio of 16.87, a price-to-earnings-growth ratio of 3.59 and a beta of 0.43. Pinnacle West Capital Co. has a 12-month low of $74.45 and a 12-month high of $96.50. The business's 50 day simple moving average is $92.05 and its 200 day simple moving average is $90.16. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.54 and a current ratio of 0.71.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last released its earnings results on Thursday, May 1st. The utilities provider reported ($0.04) earnings per share for the quarter, missing analysts' consensus estimates of $0.05 by ($0.09). The business had revenue of $1.03 billion during the quarter, compared to analysts' expectations of $988.95 million. Pinnacle West Capital had a return on equity of 9.60% and a net margin of 12.26%. The company's revenue for the quarter was up 8.5% compared to the same quarter last year. During the same period last year, the business earned $0.15 earnings per share. On average, analysts forecast that Pinnacle West Capital Co. will post 5.13 EPS for the current year.

Pinnacle West Capital Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Monday, May 5th were issued a $0.895 dividend. This represents a $3.58 annualized dividend and a yield of 4.02%. The ex-dividend date of this dividend was Monday, May 5th. Pinnacle West Capital's payout ratio is currently 71.17%.

Pinnacle West Capital 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.