Woodline Partners LP Takes Position in Pinnacle West Capital Co. (NYSE:PNW)

Woodline Partners LP acquired a new stake in shares of Pinnacle West Capital Co. (NYSE:PNW - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,828 shares of the utilities provider's stock, valued at approximately $579,000.

Several other institutional investors have also recently made changes to their positions in PNW. Barclays PLC raised its holdings in shares of Pinnacle West Capital by 7.6% during the third 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 during the period. Brighton Jones LLC acquired a new stake in shares of Pinnacle West Capital in the 4th quarter worth about $417,000. Exchange Traded Concepts LLC raised its holdings in shares of Pinnacle West Capital by 2.8% in the 4th quarter. Exchange Traded Concepts LLC now owns 9,599 shares of the utilities provider's stock worth $814,000 after acquiring an additional 263 shares during the last quarter. Fifth Third Bancorp raised its holdings in shares of Pinnacle West Capital by 2.8% in the 4th quarter. Fifth Third Bancorp now owns 6,100 shares of the utilities provider's stock worth $517,000 after acquiring an additional 165 shares during the last quarter. Finally, Blue Trust Inc. raised its holdings in shares of Pinnacle West Capital by 33.3% in the 4th quarter. Blue Trust Inc. now owns 1,440 shares of the utilities provider's stock worth $128,000 after acquiring an additional 360 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company's stock.

Pinnacle West Capital Price Performance

Shares of NYSE:PNW traded up $0.37 during midday trading on Friday, reaching $91.21. 1,045,829 shares of the company were exchanged, compared to its average volume of 1,132,731. 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 business's fifty day moving average is $92.48 and its two-hundred day moving average is $90.21. Pinnacle West Capital Co. has a one year low of $74.45 and a one year high of $96.50. The stock has a market cap of $10.89 billion, a PE ratio of 17.27, a price-to-earnings-growth 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) EPS for the quarter, missing the consensus estimate of $0.05 by ($0.09). Pinnacle West Capital had a net margin of 12.26% and a return on equity of 9.60%. 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 business earned $0.15 EPS. Pinnacle West Capital's revenue for the quarter was up 8.5% compared to the same quarter last year. As a group, analysts predict that Pinnacle West Capital Co. will post 5.13 earnings per share for the current year.

Pinnacle West Capital Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 2nd. Investors of record on Monday, May 5th will be paid a $0.895 dividend. This represents a $3.58 annualized dividend and a yield of 3.93%. The ex-dividend date of this dividend is Monday, May 5th. Pinnacle West Capital's dividend payout ratio is presently 71.17%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on PNW. Wells Fargo & Company upped their target price on shares of Pinnacle West Capital from $95.00 to $98.00 and gave the stock an "equal weight" rating in a report on Friday, May 2nd. Morgan Stanley lowered their target price on shares of Pinnacle West Capital from $88.00 to $87.00 and set an "equal weight" rating on the stock in a report on Thursday, May 22nd. Guggenheim restated a "buy" rating and issued a $100.00 target price on shares of Pinnacle West Capital in a report on Wednesday, February 26th. Wall Street Zen downgraded shares of Pinnacle West Capital from a "hold" rating to a "sell" rating in a research report on Monday, May 5th. Finally, Barclays upped 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. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $95.65.

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.