ATLAS Infrastructure Partners UK Ltd. Has $266.09 Million Position in Pinnacle West Capital Corporation $PNW

Key Points

• ATLAS Infrastructure Partners UK Ltd. significantly increased its stake in Pinnacle West Capital Corporation by 230.5% in the first quarter, making it the fund's second-largest position at approximately 18.7% of its portfolio.
• Pinnacle West Capital reported a quarterly earnings per share of $1.58, matching consensus estimates, with revenues of $1.36 billion, showing a 3.8% increase from the previous year.
• The company announced a quarterly dividend of $0.895 per share, representing a yield of 4.0%, with a dividend payout ratio of 73.81%.

ATLAS Infrastructure Partners UK Ltd. raised its position in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 230.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,793,546 shares of the utilities provider's stock after buying an additional 1,948,416 shares during the quarter. Pinnacle West Capital accounts for 18.7% of ATLAS Infrastructure Partners UK Ltd.'s portfolio, making the stock its 2nd largest position. ATLAS Infrastructure Partners UK Ltd. owned about 2.34% of Pinnacle West Capital worth $266,085,000 as of its most recent filing with the Securities and Exchange Commission.

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

Analysts Set New Price Targets

A number of brokerages have recently weighed in on PNW. UBS Group reiterated a "neutral" rating and issued a $98.00 target price (up previously from $96.00) on shares of Pinnacle West Capital in a report on Friday, July 11th. Morgan Stanley set a $89.00 target price on Pinnacle West Capital and gave the company an "outperform" rating in a report on Thursday, August 21st. 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 report on Wednesday, July 16th. Barclays dropped their target price on Pinnacle West Capital from $94.00 to $93.00 and set an "equal weight" rating on the stock in a report on Wednesday, August 13th. Finally, BMO Capital Markets increased their price objective on Pinnacle West Capital from $96.00 to $98.00 and gave the stock a "market perform" rating in a report on Thursday, August 7th. Four equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $97.22.

Pinnacle West Capital Stock Performance

Pinnacle West Capital stock traded down $0.31 during trading hours on Friday, reaching $88.97. 567,462 shares of the company were exchanged, compared to its average volume of 907,237. The firm has a market cap of $10.63 billion, a price-to-earnings ratio of 18.34, a PEG ratio of 9.19 and a beta of 0.45. 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 has a 50-day moving average of $90.98 and a 200 day moving average of $91.50. 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 announced 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 firm had revenue of $1.36 billion during the quarter, compared to analysts' expectations of $1.35 billion. Pinnacle West Capital had a return on equity of 8.45% and a net margin of 10.96%.The company's revenue was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.76 earnings per share. As a group, research analysts anticipate that Pinnacle West Capital Corporation will post 5.13 earnings per share for the current year.

Pinnacle West Capital Announces Dividend

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

Insider Transactions at Pinnacle West Capital

In other Pinnacle West Capital news, EVP Jacob Tetlow sold 6,496 shares of the company's stock in a transaction that occurred 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 completion of the sale, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.23% of the stock is owned by insiders.

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.