Merewether Investment Management LP Takes $69.23 Million Position in Pinnacle West Capital Co. (NYSE:PNW)

Merewether Investment Management LP purchased a new stake in shares of Pinnacle West Capital Co. (NYSE:PNW - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 816,710 shares of the utilities provider's stock, valued at approximately $69,233,000. Pinnacle West Capital accounts for 2.8% of Merewether Investment Management LP's portfolio, making the stock its 10th biggest holding. Merewether Investment Management LP owned 0.72% of Pinnacle West Capital as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. YANKCOM Partnership bought a new stake in shares of Pinnacle West Capital during the 4th quarter worth $29,000. Canada Post Corp Registered Pension Plan acquired a new stake in shares of Pinnacle West Capital during the 4th quarter worth about $35,000. Brown Lisle Cummings Inc. acquired a new stake in shares of Pinnacle West Capital during the 4th quarter worth about $38,000. Roble Belko & Company Inc acquired a new stake in shares of Pinnacle West Capital during the 4th quarter worth about $42,000. Finally, Transcendent Capital Group LLC acquired a new stake in shares of Pinnacle West Capital during the 4th quarter worth about $46,000. 91.51% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. UBS Group increased their target price on shares of Pinnacle West Capital from $96.00 to $99.00 and gave the stock a "neutral" rating in a research report on Friday, March 21st. Morgan Stanley increased their price objective on shares of Pinnacle West Capital from $84.00 to $88.00 and gave the stock an "equal weight" rating in a report on Thursday, March 20th. Jefferies Financial Group reduced their target price on shares of Pinnacle West Capital from $106.00 to $104.00 and set a "buy" rating on the stock in a research note on Tuesday, January 28th. Barclays increased their price target on shares of Pinnacle West Capital from $87.00 to $94.00 and gave the company an "equal weight" rating in a research report on Tuesday, April 1st. Finally, Wells Fargo & Company increased their price target on shares of 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. One analyst has rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $95.83.

Pinnacle West Capital Stock Down 1.7%

PNW opened at $90.04 on Tuesday. The company has a market capitalization of $10.75 billion, a P/E ratio of 17.05, a P/E/G ratio of 3.59 and a beta of 0.45. The stock has a fifty day moving average of $92.99 and a 200-day moving average of $90.02. Pinnacle West Capital Co. has a fifty-two week low of $74.45 and a fifty-two week high of $96.50. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.54 and a current ratio of 0.71.

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 net margin of 12.26% and a return on equity of 9.60%. The firm had revenue of $1.03 billion during the quarter, compared to analyst estimates of $988.95 million. During the same period in the prior year, the company earned $0.15 EPS. The business's quarterly revenue was up 8.5% compared to the same quarter last year. On average, equities analysts expect that Pinnacle West Capital Co. will post 5.13 EPS for the current year.

Pinnacle West Capital Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Monday, May 5th will be issued a dividend of $0.895 per share. This represents a $3.58 dividend on an annualized basis and a dividend yield of 3.98%. The ex-dividend date of this dividend is Monday, May 5th. Pinnacle West Capital's payout ratio is 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.

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