Neo Ivy Capital Management Purchases Shares of 5,866 Pinnacle West Capital Corporation (NYSE:PNW)

Key Points

• Neo Ivy Capital Management has initiated a new investment in Pinnacle West Capital Corporation, acquiring 5,866 shares valued at approximately $559,000 during the first quarter.
• Pinnacle West reported a net loss of $0.04 per share for the latest quarter, missing analysts' expectations, despite an 8.5% increase in revenue compared to the previous year.
• The company is set to pay a quarterly dividend of $0.895 on September 2nd, representing an annualized payout of $3.58 and a yield of 3.94%.

Neo Ivy Capital Management bought a new stake in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 5,866 shares of the utilities provider's stock, valued at approximately $559,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Canada Post Corp Registered Pension Plan purchased a new position in Pinnacle West Capital during the 4th quarter valued at about $35,000. HM Payson & Co. boosted its position in shares of 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 purchasing an additional 196 shares in the last quarter. Spirit of America Management Corp NY purchased a new stake in shares of Pinnacle West Capital in the 1st quarter worth approximately $57,000. Mowery & Schoenfeld Wealth Management LLC grew 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 buying an additional 595 shares during the last quarter. Finally, Resona Asset Management Co. Ltd. purchased a new position in Pinnacle West Capital during the fourth quarter valued at $60,000. Hedge funds and other institutional investors own 91.51% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on PNW. UBS Group restated a "neutral" rating and set a $98.00 price target (up from $96.00) on shares of Pinnacle West Capital in a report on Friday, July 11th. Morgan Stanley decreased their target price on shares of Pinnacle West Capital from $88.00 to $87.00 and set an "equal weight" rating for the company in a report on Thursday, May 22nd. 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. Barclays raised their price target on shares of Pinnacle West Capital from $87.00 to $94.00 and gave the company an "equal weight" rating in a research report on Tuesday, April 1st. Finally, BMO Capital Markets initiated coverage on Pinnacle West Capital in a research report on Tuesday, May 13th. They issued a "market perform" rating and a $95.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $96.78.

Pinnacle West Capital Stock Performance

NYSE:PNW traded up $0.09 on Wednesday, hitting $89.96. The stock had a trading volume of 134,769 shares, compared to its average volume of 1,166,134. The business's 50-day simple moving average is $90.30 and its two-hundred day simple moving average is $90.76. The stock has a market cap of $10.74 billion, a price-to-earnings ratio of 17.88, a price-to-earnings-growth ratio of 9.24 and a beta of 0.42. Pinnacle West Capital Corporation has a 52-week low of $81.47 and a 52-week high of $96.50. The company has a quick ratio of 0.34, a current ratio of 0.50 and a debt-to-equity ratio of 1.18.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last announced its earnings results on Thursday, May 1st. The utilities provider reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.09). Pinnacle West Capital had a net margin of 11.28% and a return on equity of 8.78%. The business had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $988.95 million. During the same quarter last year, the firm posted $0.15 earnings per share. The business's quarterly revenue was up 8.5% compared to the same quarter last year. 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 Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Friday, August 1st will be given a $0.895 dividend. The ex-dividend date is Friday, August 1st. This represents a $3.58 dividend on an annualized basis and a dividend yield of 3.98%. 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.