Harvest Fund Management Co. Ltd Decreases Holdings in Pinnacle West Capital Corporation (NYSE:PNW)

Key Points

• Harvest Fund Management Co. Ltd significantly reduced its stake in Pinnacle West Capital by 88.7%, now holding only 1,019 shares after selling 7,999 shares in the first quarter.
• Despite this reduction, various other hedge funds have increased their positions in Pinnacle West, leading to institutional ownership of 91.51%.
• Pinnacle West reported a loss of $0.04 per share for the latest quarter, missing analysts' expectations, even as revenue rose by 8.5% year-over-year to $1.03 billion.

Harvest Fund Management Co. Ltd cut its stake in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 88.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,019 shares of the utilities provider's stock after selling 7,999 shares during the period. Harvest Fund Management Co. Ltd's holdings in Pinnacle West Capital were worth $97,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Canada Post Corp Registered Pension Plan purchased a new stake in Pinnacle West Capital during the 4th quarter valued at $35,000. HM Payson & Co. raised its stake in Pinnacle West Capital by 49.7% during the 1st quarter. HM Payson & Co. now owns 590 shares of the utilities provider's stock valued at $56,000 after buying an additional 196 shares during the last quarter. Spirit of America Management Corp NY purchased a new stake in shares of Pinnacle West Capital in the 1st quarter worth $57,000. Mowery & Schoenfeld Wealth Management LLC increased its stake in shares of Pinnacle West Capital by 3,500.0% in the 1st quarter. Mowery & Schoenfeld Wealth Management LLC now owns 612 shares of the utilities provider's stock worth $58,000 after purchasing an additional 595 shares in the last quarter. Finally, Resona Asset Management Co. Ltd. purchased a new stake in shares of Pinnacle West Capital in the 4th quarter worth $60,000. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently commented on PNW shares. LADENBURG THALM/SH SH upgraded Pinnacle West Capital to a "hold" rating in a research note on Friday, May 9th. Wall Street Zen lowered Pinnacle West Capital from a "hold" rating to a "sell" rating in a research note on Monday, May 5th. Wells Fargo & Company upped their price objective on Pinnacle West Capital from $95.00 to $98.00 and gave the stock an "equal weight" rating in a research note on Friday, May 2nd. KeyCorp reduced their price objective on Pinnacle West Capital from $101.00 to $100.00 and set an "overweight" rating for the company in a research note on Wednesday, July 16th. Finally, UBS Group restated a "neutral" rating and issued a $98.00 price objective (up from $96.00) on shares of Pinnacle West Capital in a research note on Friday, July 11th. One analyst has rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $96.78.

Pinnacle West Capital Trading Up 1.2%

Shares of PNW stock opened at $90.59 on Friday. Pinnacle West Capital Corporation has a 52-week low of $81.47 and a 52-week high of $96.50. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.34 and a current ratio of 0.50. The firm has a market capitalization of $10.82 billion, a PE ratio of 18.01, a PEG ratio of 9.32 and a beta of 0.42. The stock has a fifty day simple moving average of $90.27 and a two-hundred day simple moving average of $90.75.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The utilities provider reported ($0.04) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.05 by ($0.09). Pinnacle West Capital had a return on equity of 8.78% and a net margin of 11.28%. The business had revenue of $1.03 billion during the quarter, compared to analysts' expectations of $988.95 million. During the same quarter in the previous year, the company posted $0.15 EPS. The company's quarterly revenue was up 8.5% on a year-over-year basis. On average, analysts predict that Pinnacle West Capital Corporation will post 5.13 EPS for the current fiscal year.

Pinnacle West Capital Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Friday, August 1st will be given a dividend of $0.895 per share. The ex-dividend date is Friday, August 1st. This represents a $3.58 dividend on an annualized basis and a dividend yield of 4.0%. Pinnacle West Capital's dividend payout ratio (DPR) is presently 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.

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