Pinnacle West Capital Corporation $PNW Shares Acquired by Harvest Portfolios Group Inc.

Key Points

• Harvest Portfolios Group Inc. increased its stake in Pinnacle West Capital Corporation by 6.7% in Q1, owning approximately $6.81 million worth of shares.
• Various institutional investors, including Vanguard Group Inc. and Deutsche Bank AG, also raised their holdings in Pinnacle West Capital, indicating strong institutional interest.
• Pinnacle West reported a quarterly revenue of $1.36 billion and earnings per share of $1.58, meeting expectations and signifying a 3.8% year-over-year revenue growth.

Harvest Portfolios Group Inc. lifted its stake in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 6.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 71,535 shares of the utilities provider's stock after buying an additional 4,513 shares during the quarter. Harvest Portfolios Group Inc. owned about 0.06% of Pinnacle West Capital worth $6,814,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Clearstead Trust LLC purchased a new position in Pinnacle West Capital in the first quarter worth about $25,000. Costello Asset Management INC purchased a new position in shares of Pinnacle West Capital in the first quarter valued at about $26,000. Brooklyn Investment Group increased its stake in Pinnacle West Capital by 440.0% in the 1st quarter. Brooklyn Investment Group now owns 486 shares of the utilities provider's stock worth $46,000 after acquiring an additional 396 shares during the last quarter. HM Payson & Co. increased its stake in Pinnacle West Capital by 49.7% in the 1st quarter. HM Payson & Co. now owns 590 shares of the utilities provider's stock worth $56,000 after acquiring an additional 196 shares during the last quarter. Finally, Spirit of America Management Corp NY bought a new stake in Pinnacle West Capital in the 1st quarter worth approximately $57,000. Hedge funds and other institutional investors own 91.51% of the company's stock.

Pinnacle West Capital Stock Up 0.0%

NYSE:PNW traded up $0.02 during midday trading on Friday, reaching $89.34. The company had a trading volume of 784,263 shares, compared to its average volume of 1,086,834. The firm has a market capitalization of $10.67 billion, a price-to-earnings ratio of 18.42, a PEG ratio of 9.23 and a beta of 0.38. The company has a current ratio of 0.52, a quick ratio of 0.37 and a debt-to-equity ratio of 1.25. The stock's fifty day simple moving average is $91.00 and its 200-day simple moving average is $91.53. Pinnacle West Capital Corporation has a 12-month low of $81.47 and a 12-month high of $96.50.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last posted its earnings results on Wednesday, August 6th. The utilities provider reported $1.58 earnings per share for the quarter, meeting the consensus estimate of $1.58. The business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. Pinnacle West Capital had a return on equity of 8.45% and a net margin of 10.96%.The business's quarterly revenue was up 3.8% on a year-over-year basis. During the same period in the previous year, the business earned $1.76 EPS. On average, sell-side analysts anticipate that Pinnacle West Capital Corporation will post 5.13 earnings per share for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Friday, August 1st will be issued a dividend of $0.895 per share. This represents a $3.58 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date is Friday, August 1st. Pinnacle West Capital's dividend payout ratio is 73.81%.

Insider Buying and Selling at Pinnacle West Capital

In other Pinnacle West Capital news, EVP Jacob Tetlow sold 6,496 shares of the stock in a transaction on Monday, August 11th. The stock was sold at an average price of $92.37, for a total transaction of $600,035.52. Following the transaction, the executive vice president owned 56 shares of the company's stock, valued at $5,172.72. This represents a 99.15% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. 0.23% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research firms have recently issued reports on PNW. Morgan Stanley set a $89.00 price objective on Pinnacle West Capital and gave the company an "outperform" rating in a research note on Thursday, August 21st. UBS Group restated a "neutral" rating and set a $98.00 price objective (up from $96.00) on shares of Pinnacle West Capital in a report on Friday, July 11th. KeyCorp dropped their target price on Pinnacle West Capital from $101.00 to $100.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 16th. LADENBURG THALM/SH SH raised Pinnacle West Capital to a "hold" rating in a research report on Friday, May 9th. Finally, Barclays lowered their price target on Pinnacle West Capital from $94.00 to $93.00 and set an "equal weight" rating for the company in a research report on Wednesday, August 13th. Four equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $97.22.

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.