Freestone Grove Partners LP Invests $539,000 in Pinnacle West Capital Co. (NYSE:PNW)

Freestone Grove Partners LP purchased a new position in shares of Pinnacle West Capital Co. (NYSE:PNW - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 6,364 shares of the utilities provider's stock, valued at approximately $539,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. YANKCOM Partnership acquired a new stake in shares of Pinnacle West Capital in the 4th quarter valued at approximately $29,000. Canada Post Corp Registered Pension Plan acquired a new position in Pinnacle West Capital in the 4th quarter valued at about $35,000. Brown Lisle Cummings Inc. purchased a new position in shares of Pinnacle West Capital during the fourth quarter valued at approximately $38,000. Roble Belko & Company Inc acquired a new position in Pinnacle West Capital in the fourth quarter valued at $42,000. Finally, Transcendent Capital Group LLC purchased a new position in shares of Pinnacle West Capital during the 4th quarter worth about $46,000. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Pinnacle West Capital Price Performance

Shares of NYSE:PNW traded down $0.41 during trading on Tuesday, reaching $93.50. The company had a trading volume of 2,429,672 shares, compared to its average volume of 1,108,477. The firm's fifty day moving average is $92.98 and its 200 day moving average is $89.89. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.54 and a current ratio of 0.71. The firm has a market capitalization of $11.15 billion, a PE ratio of 17.71, a price-to-earnings-growth ratio of 3.59 and a beta of 0.45. Pinnacle West Capital Co. has a twelve month low of $74.45 and a twelve month high of $96.50.

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 firm had revenue of $1.03 billion for the quarter, compared to analyst estimates of $988.95 million. Pinnacle West Capital had a return on equity of 9.60% and a net margin of 12.26%. Pinnacle West Capital's revenue was up 8.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.15 earnings per share. On average, equities analysts forecast that Pinnacle West Capital Co. will post 5.13 EPS for the current year.

Pinnacle West Capital Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Investors of record on Monday, May 5th will be issued a $0.895 dividend. This represents a $3.58 dividend on an annualized basis and a dividend yield of 3.83%. The ex-dividend date is Monday, May 5th. Pinnacle West Capital's payout ratio is 71.17%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on PNW shares. Guggenheim restated a "buy" rating and set a $100.00 price target on shares of Pinnacle West Capital in a research note on Wednesday, February 26th. Wells Fargo & Company raised their price objective on Pinnacle West Capital from $95.00 to $98.00 and gave the company an "equal weight" rating in a research note on Friday. StockNews.com cut shares of Pinnacle West Capital from a "hold" rating to a "sell" rating in a research report on Monday. Morgan Stanley boosted their target price on shares of Pinnacle West Capital from $84.00 to $88.00 and gave the company an "equal weight" rating in a research note on Thursday, March 20th. Finally, Barclays raised their price target on Pinnacle West Capital from $87.00 to $94.00 and gave the stock an "equal weight" rating in a report on Tuesday, April 1st. One investment analyst has rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, Pinnacle West Capital has an average rating of "Hold" and an average price target of $95.83.

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.