Tema Etfs LLC Invests $323,000 in Pinnacle West Capital Co. (NYSE:PNW)

Tema Etfs LLC purchased a new stake in Pinnacle West Capital Co. (NYSE:PNW - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 3,808 shares of the utilities provider's stock, valued at approximately $323,000.

Several other hedge funds have also made changes to their positions in the company. Barclays PLC raised its holdings in shares of Pinnacle West Capital by 7.6% in the 3rd quarter. Barclays PLC now owns 203,363 shares of the utilities provider's stock valued at $18,014,000 after purchasing an additional 14,392 shares in the last quarter. Principal Financial Group Inc. grew its position in shares of Pinnacle West Capital by 7.7% in the 3rd quarter. Principal Financial Group Inc. now owns 139,243 shares of the utilities provider's stock valued at $12,336,000 after buying an additional 9,993 shares during the last quarter. Park Avenue Securities LLC grew its position in shares of Pinnacle West Capital by 22.8% in the 4th quarter. Park Avenue Securities LLC now owns 3,213 shares of the utilities provider's stock valued at $272,000 after buying an additional 597 shares during the last quarter. Wealthcare Advisory Partners LLC purchased a new position in shares of Pinnacle West Capital in the 4th quarter valued at $924,000. Finally, Ellsworth Advisors LLC grew its position in shares of Pinnacle West Capital by 9.6% in the 4th quarter. Ellsworth Advisors LLC now owns 20,731 shares of the utilities provider's stock valued at $1,757,000 after buying an additional 1,820 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company's stock.

Analysts Set New Price Targets

PNW has been the topic of several research reports. Barclays raised their price objective on shares of Pinnacle West Capital from $87.00 to $94.00 and gave the stock an "equal weight" rating in a research report on Tuesday, April 1st. Jefferies Financial Group reduced their target price on shares of Pinnacle West Capital from $106.00 to $104.00 and set a "buy" rating for the company in a research note on Tuesday, January 28th. Wall Street Zen cut shares of Pinnacle West Capital from a "hold" rating to a "sell" rating in a research note on Monday, May 5th. BMO Capital Markets began coverage on shares of Pinnacle West Capital in a research note on Tuesday, May 13th. They issued a "market perform" rating and a $95.00 target price for the company. Finally, Morgan Stanley reduced 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 research note on Thursday. One research analyst has rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $95.65.

Pinnacle West Capital Trading Up 1.0%

Shares of NYSE PNW traded up $0.87 during midday trading on Friday, reaching $90.76. 545,931 shares of the stock were exchanged, compared to its average volume of 1,130,034. Pinnacle West Capital Co. has a 52-week low of $74.45 and a 52-week high of $96.50. The company has a current ratio of 0.71, a quick ratio of 0.54 and a debt-to-equity ratio of 1.20. The stock has a 50 day moving average price of $92.72 and a 200-day moving average price of $90.21. 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.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last released its quarterly earnings data 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 return on equity of 9.60% and a net margin of 12.26%. The business had revenue of $1.03 billion during the quarter, compared to analyst estimates of $988.95 million. During the same period in the previous year, the company earned $0.15 EPS. Pinnacle West Capital's revenue was up 8.5% on a year-over-year basis. Equities research analysts expect that Pinnacle West Capital Co. will post 5.13 earnings per share for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The company also recently announced 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 annualized dividend and a dividend yield of 3.94%. Pinnacle West Capital's dividend payout ratio (DPR) is presently 71.17%.

About Pinnacle West Capital

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.