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

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Norinchukin Bank The increased its holdings in Pinnacle West Capital by 12.7% during the first quarter. Norinchukin Bank The now owns 4,956 shares of the utilities provider's stock valued at $472,000 after buying an additional 558 shares during the last quarter. Capital Fund Management S.A. boosted its position in shares of Pinnacle West Capital by 292.5% during the first quarter. Capital Fund Management S.A. now owns 126,895 shares of the utilities provider's stock worth $12,087,000 after acquiring an additional 94,566 shares during the last quarter. Credit Agricole S A boosted its position in shares of Pinnacle West Capital by 7.9% during the first quarter. Credit Agricole S A now owns 28,362 shares of the utilities provider's stock worth $2,701,000 after acquiring an additional 2,083 shares during the last quarter. Banco Bilbao Vizcaya Argentaria S.A. lifted its position in Pinnacle West Capital by 37.7% during the first quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 5,654 shares of the utilities provider's stock valued at $538,000 after purchasing an additional 1,549 shares during the last quarter. Finally, HITE Hedge Asset Management LLC lifted its position in Pinnacle West Capital by 70.4% during the first quarter. HITE Hedge Asset Management LLC now owns 181,573 shares of the utilities provider's stock valued at $17,295,000 after purchasing an additional 75,000 shares during the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Wall Street Zen downgraded shares of Pinnacle West Capital from a "hold" rating to a "sell" rating in a research note on Monday, May 5th. LADENBURG THALM/SH SH upgraded shares of Pinnacle West Capital to a "hold" rating in a report on Friday, May 9th. BMO Capital Markets raised their price target on shares of Pinnacle West Capital from $96.00 to $98.00 and gave the company a "market perform" rating in a report on Thursday, August 7th. Barclays lowered their target price on shares of Pinnacle West Capital from $94.00 to $93.00 and set an "equal weight" rating for the company in a research note on Wednesday, August 13th. Finally, 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 research note on Friday, July 11th. Four investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Pinnacle West Capital currently has an average rating of "Hold" and an average price target of $97.22.

Insider Activity

In other news, EVP Jacob Tetlow sold 6,496 shares of the stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $92.37, for a total transaction of $600,035.52. Following the sale, the executive vice president owned 56 shares of the company's stock, valued at approximately $5,172.72. This represents a 99.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.23% of the company's stock.

Pinnacle West Capital Price Performance

Shares of Pinnacle West Capital stock traded up $0.02 during trading hours on Friday, reaching $89.34. 784,263 shares of the company's stock were exchanged, compared to its average volume of 1,159,802. Pinnacle West Capital Corporation has a 1 year low of $81.47 and a 1 year high of $96.50. The company has a market capitalization of $10.67 billion, a P/E ratio of 18.42, a price-to-earnings-growth ratio of 9.34 and a beta of 0.38. The business has a fifty day moving average of $90.98 and a two-hundred day moving average of $91.51. The company has a quick ratio of 0.37, a current ratio of 0.52 and a debt-to-equity ratio of 1.25.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last released its earnings results on Wednesday, August 6th. The utilities provider reported $1.58 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $1.58. The business had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. Pinnacle West Capital had a net margin of 10.96% and a return on equity of 8.45%. The company's revenue for the quarter was up 3.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.76 earnings per share. As a group, research analysts predict 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 paid a dividend of $0.895 per share. This represents a $3.58 annualized dividend and a yield of 4.0%. The ex-dividend date of this dividend is Friday, August 1st. Pinnacle West Capital's dividend payout ratio (DPR) is 73.81%.

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.