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

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

Other large investors have also bought and sold shares of the company. YANKCOM Partnership acquired a new position in shares of Pinnacle West Capital in the 4th quarter valued at $29,000. Canada Post Corp Registered Pension Plan acquired a new position in shares of Pinnacle West Capital in the 4th quarter valued at $35,000. Brown Lisle Cummings Inc. acquired a new position in shares of Pinnacle West Capital in the 4th quarter valued at $38,000. Transcendent Capital Group LLC acquired a new position in shares of Pinnacle West Capital in the 4th quarter valued at $46,000. Finally, Allworth Financial LP boosted its position in shares of Pinnacle West Capital by 125.9% in the 4th 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. Institutional investors own 91.51% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the company. BMO Capital Markets assumed coverage on Pinnacle West Capital in a research report on Tuesday, May 13th. They issued a "market perform" rating and a $95.00 price target for the company. UBS Group increased their price target on Pinnacle West Capital from $96.00 to $99.00 and gave the company a "neutral" rating in a research report on Friday, March 21st. Wells Fargo & Company increased their price target on Pinnacle West Capital from $95.00 to $98.00 and gave the company an "equal weight" rating in a research report on Friday, May 2nd. Barclays increased their price objective on Pinnacle West Capital from $87.00 to $94.00 and gave the stock an "equal weight" rating in a research note on Tuesday, April 1st. Finally, Wall Street Zen downgraded Pinnacle West Capital from a "hold" rating to a "sell" rating in a research note on Monday, May 5th. One equities 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. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $95.65.

Pinnacle West Capital Stock Up 0.4%

Shares of PNW traded up $0.39 during midday trading on Friday, reaching $91.23. 514,966 shares of the stock were exchanged, compared to its average volume of 1,127,924. Pinnacle West Capital Co. has a 12-month low of $74.45 and a 12-month high of $96.50. The firm has a 50 day simple moving average of $92.48 and a 200-day simple moving average of $90.21. The company has a quick ratio of 0.54, a current ratio of 0.71 and a debt-to-equity ratio of 1.20. The company has a market cap of $10.89 billion, a price-to-earnings ratio of 17.29, 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 earnings results on Thursday, May 1st. The utilities provider reported ($0.04) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.05 by ($0.09). The business had revenue of $1.03 billion during the quarter, compared to analyst estimates of $988.95 million. Pinnacle West Capital had a net margin of 12.26% and a return on equity of 9.60%. The business's quarterly revenue was up 8.5% compared to the same quarter last year. During the same period last year, the business earned $0.15 EPS. Research analysts forecast that Pinnacle West Capital Co. will post 5.13 EPS for the current year.

Pinnacle West Capital Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 2nd. Stockholders of record on Monday, May 5th will be issued a dividend of $0.895 per share. This represents a $3.58 annualized dividend and a dividend yield of 3.92%. The ex-dividend date of this dividend is Monday, May 5th. Pinnacle West Capital's payout ratio 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.