Reaves W H & Co. Inc. Has $58.50 Million Stake in Pinnacle West Capital Co. (NYSE:PNW)

Reaves W H & Co. Inc. boosted its holdings in Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 12.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 814,309 shares of the utilities provider's stock after purchasing an additional 89,442 shares during the period. Pinnacle West Capital comprises about 2.1% of Reaves W H & Co. Inc.'s portfolio, making the stock its 23rd largest holding. Reaves W H & Co. Inc. owned 0.72% of Pinnacle West Capital worth $58,500,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. lifted its holdings in Pinnacle West Capital by 2.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 991,371 shares of the utilities provider's stock valued at $71,220,000 after purchasing an additional 28,178 shares during the last quarter. Machina Capital S.A.S. boosted its holdings in shares of Pinnacle West Capital by 18.1% during the 4th quarter. Machina Capital S.A.S. now owns 9,206 shares of the utilities provider's stock worth $661,000 after buying an additional 1,412 shares during the period. MeadowBrook Investment Advisors LLC acquired a new position in Pinnacle West Capital in the 4th quarter valued at about $25,000. National Bank of Canada FI raised its holdings in Pinnacle West Capital by 9.3% in the 4th quarter. National Bank of Canada FI now owns 26,978 shares of the utilities provider's stock valued at $1,975,000 after acquiring an additional 2,293 shares during the period. Finally, Summit Global Investments lifted its position in Pinnacle West Capital by 188.1% during the fourth quarter. Summit Global Investments now owns 19,222 shares of the utilities provider's stock worth $1,381,000 after acquiring an additional 12,550 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on PNW. LADENBURG THALM/SH SH assumed coverage on shares of Pinnacle West Capital in a research report on Wednesday, February 14th. They issued a "neutral" rating and a $69.00 target price for the company. Evercore ISI cut their price target on Pinnacle West Capital from $76.00 to $69.00 and set an "in-line" rating for the company in a research note on Monday, March 4th. Bank of America upgraded Pinnacle West Capital from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $71.00 to $80.00 in a research note on Monday, March 18th. Royal Bank of Canada cut their target price on Pinnacle West Capital from $83.00 to $80.00 and set a "sector perform" rating for the company in a research report on Friday, March 1st. Finally, Citigroup started coverage on Pinnacle West Capital in a report on Monday, April 29th. They set a "neutral" rating and a $78.00 target price on the stock. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $73.67.

Pinnacle West Capital Price Performance

Shares of PNW traded down $0.16 during mid-day trading on Friday, reaching $77.24. 695,340 shares of the stock traded hands, compared to its average volume of 1,287,811. The company has a market cap of $8.77 billion, a price-to-earnings ratio of 16.83, a price-to-earnings-growth ratio of 2.12 and a beta of 0.48. Pinnacle West Capital Co. has a 1 year low of $65.20 and a 1 year high of $86.03. The firm has a fifty day moving average price of $73.25 and a 200 day moving average price of $72.19. The company has a current ratio of 0.58, a quick ratio of 0.42 and a debt-to-equity ratio of 1.20.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last announced its earnings results on Thursday, May 2nd. The utilities provider reported $0.15 earnings per share for the quarter, topping analysts' consensus estimates of ($0.02) by $0.17. The business had revenue of $951.71 million for the quarter, compared to analyst estimates of $981.82 million. Pinnacle West Capital had a return on equity of 8.29% and a net margin of 11.09%. The company's quarterly revenue was up .7% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.03) EPS. As a group, equities research analysts predict that Pinnacle West Capital Co. will post 4.72 earnings per share for the current year.

Pinnacle West Capital Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Wednesday, May 1st will be given a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a dividend yield of 4.56%. The ex-dividend date is Tuesday, April 30th. Pinnacle West Capital's dividend payout ratio (DPR) is currently 76.69%.

Pinnacle West Capital Profile

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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