HITE Hedge Asset Management LLC Grows Holdings in Pinnacle West Capital Corporation $PNW

Key Points

• HITE Hedge Asset Management LLC increased its holdings in Pinnacle West Capital Corporation by 70.4% in the first quarter, purchasing an additional 75,000 shares to reach approximately 181,573 shares worth $17.3 million.
• Pinnacle West Capital will issue a quarterly dividend of $0.895 per share, with an annualized yield of 3.9%, to shareholders of record on August 1st.
• The company reported a quarterly earnings per share of $1.58, meeting analyst expectations, and a revenue of $1.36 billion, slightly exceeding projections.

HITE Hedge Asset Management LLC grew its position in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 70.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 181,573 shares of the utilities provider's stock after purchasing an additional 75,000 shares during the quarter. HITE Hedge Asset Management LLC owned approximately 0.15% of Pinnacle West Capital worth $17,295,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Insider Buying and Selling

In related news, EVP Jacob Tetlow sold 6,496 shares of Pinnacle West Capital stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $92.37, for a total value of $600,035.52. Following the completion of the transaction, the executive vice president owned 56 shares in the company, valued at approximately $5,172.72. The trade was a 99.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.23% of the stock is owned by company insiders.

Pinnacle West Capital Trading Down 0.7%

Shares of Pinnacle West Capital stock opened at $91.30 on Monday. Pinnacle West Capital Corporation has a fifty-two week low of $81.47 and a fifty-two week high of $96.50. The stock has a 50 day moving average of $90.71 and a 200 day moving average of $91.35. The firm has a market capitalization of $10.90 billion, a price-to-earnings ratio of 18.82, a PEG ratio of 9.43 and a beta of 0.38. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.37 and a current ratio of 0.52.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The utilities provider reported $1.58 earnings per share for the quarter, hitting analysts' consensus estimates of $1.58. The firm had revenue of $1.36 billion during the quarter, compared to analysts' expectations of $1.35 billion. Pinnacle West Capital had a net margin of 10.96% and a return on equity of 8.45%. The firm's quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter last year, the company posted $1.76 EPS. As a group, research analysts predict that Pinnacle West Capital Corporation will post 5.13 earnings per share for the current year.

Pinnacle West Capital Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors 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 3.9%. The ex-dividend date is Friday, August 1st. Pinnacle West Capital's dividend payout ratio (DPR) is 73.81%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on PNW. Wells Fargo & Company boosted their price objective on Pinnacle West Capital from $95.00 to $98.00 and gave the company an "equal weight" rating in a report on Friday, May 2nd. KeyCorp dropped their price target 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. BMO Capital Markets lifted their price objective on Pinnacle West Capital from $96.00 to $98.00 and gave the company a "market perform" rating in a report on Thursday, August 7th. Wall Street Zen lowered shares of Pinnacle West Capital from a "hold" rating to a "sell" rating in a report on Monday, May 5th. Finally, Morgan Stanley dropped 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 research note on Thursday, May 22nd. One analyst has rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Pinnacle West Capital has a consensus rating of "Hold" and a consensus price target of $97.00.

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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