Voloridge Investment Management LLC Increases Stake in Pinnacle West Capital Co. (NYSE:PNW)

Voloridge Investment Management LLC raised its stake in Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 19.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 968,894 shares of the utilities provider's stock after acquiring an additional 158,266 shares during the quarter. Voloridge Investment Management LLC owned approximately 0.85% of Pinnacle West Capital worth $82,133,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PNW. YANKCOM Partnership bought a new stake in shares of Pinnacle West Capital in the fourth quarter valued at approximately $29,000. Canada Post Corp Registered Pension Plan bought a new stake in shares of Pinnacle West Capital in the fourth quarter valued at approximately $35,000. Brown Lisle Cummings Inc. bought a new stake in shares of Pinnacle West Capital in the fourth quarter valued at approximately $38,000. Transcendent Capital Group LLC bought a new stake in shares of Pinnacle West Capital in the fourth quarter valued at approximately $46,000. Finally, Allworth Financial LP raised its position in shares of Pinnacle West Capital by 125.9% in the fourth quarter. Allworth Financial LP now owns 655 shares of the utilities provider's stock valued at $56,000 after purchasing an additional 365 shares during the period. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Jefferies Financial Group lowered their price target on shares of Pinnacle West Capital from $106.00 to $104.00 and set a "buy" rating on the stock in a research report on Tuesday, January 28th. Barclays upped their target price on shares of Pinnacle West Capital from $87.00 to $94.00 and gave the stock an "equal weight" rating in a report on Tuesday, April 1st. UBS Group upped their target price on shares of Pinnacle West Capital from $96.00 to $99.00 and gave the stock a "neutral" rating in a report on Friday, March 21st. Guggenheim reaffirmed a "buy" rating and set a $100.00 target price on shares of Pinnacle West Capital in a report on Wednesday, February 26th. Finally, BMO Capital Markets began coverage on shares of Pinnacle West Capital in a report on Tuesday, May 13th. They set a "market perform" rating and a $95.00 target price on the stock. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $95.65.

Pinnacle West Capital Price Performance

PNW stock traded up $0.87 during midday trading on Friday, reaching $90.76. The company had a trading volume of 545,931 shares, compared to its average volume of 1,130,034. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54. Pinnacle West Capital Co. has a 1 year low of $74.45 and a 1 year high of $96.50. The company has a market capitalization of $10.84 billion, a P/E ratio of 17.19, a P/E/G ratio of 3.59 and a beta of 0.45. The firm has a 50-day moving average price of $92.72 and a 200-day moving average price of $90.21.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The utilities provider reported ($0.04) EPS for the quarter, missing analysts' consensus estimates of $0.05 by ($0.09). Pinnacle West Capital had a return on equity of 9.60% and a net margin of 12.26%. The company had revenue of $1.03 billion during the quarter, compared to analysts' expectations of $988.95 million. During the same period in the prior year, the firm earned $0.15 EPS. Pinnacle West Capital's quarterly revenue was up 8.5% on a year-over-year basis. On average, research analysts anticipate that Pinnacle West Capital Co. will post 5.13 earnings per share for the current fiscal year.

Pinnacle West Capital Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 2nd. Stockholders of record on Monday, May 5th will be paid a $0.895 dividend. The ex-dividend date of this dividend is Monday, May 5th. This represents a $3.58 dividend on an annualized basis and a dividend yield of 3.94%. Pinnacle West Capital's dividend payout ratio (DPR) is 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.