Pinnacle West Capital Co. (NYSE:PNW) Short Interest Down 12.2% in May

Pinnacle West Capital Co. (NYSE:PNW - Get Free Report) saw a significant decline in short interest in May. As of May 15th, there was short interest totalling 3,800,000 shares, a decline of 12.2% from the April 30th total of 4,330,000 shares. Based on an average daily trading volume, of 1,250,000 shares, the short-interest ratio is currently 3.0 days. Currently, 3.3% of the shares of the stock are short sold.

Pinnacle West Capital Stock Performance

NYSE:PNW traded down $0.26 during mid-day trading on Thursday, hitting $89.28. The company's stock had a trading volume of 652,423 shares, compared to its average volume of 1,118,682. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54. Pinnacle West Capital has a 1 year low of $74.45 and a 1 year high of $96.50. The business's fifty day moving average is $92.17 and its two-hundred day moving average is $90.18. The stock has a market cap of $10.66 billion, a price-to-earnings ratio of 16.91, a PEG ratio of 3.59 and a beta of 0.43.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The utilities provider reported ($0.04) earnings per share for the quarter, missing analysts' consensus estimates 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 company had revenue of $1.03 billion during the quarter, compared to analysts' expectations of $988.95 million. During the same period in the prior year, the business posted $0.15 earnings per share. The company's quarterly revenue was up 8.5% compared to the same quarter last year. Analysts anticipate that Pinnacle West Capital will post 5.13 EPS for the current fiscal year.

Pinnacle West Capital Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Monday, May 5th were given a $0.895 dividend. This represents a $3.58 dividend on an annualized basis and a yield of 4.01%. The ex-dividend date of this dividend was Monday, May 5th. Pinnacle West Capital's payout ratio is 71.17%.

Institutional Investors Weigh In On Pinnacle West Capital

Several large investors have recently added to or reduced their stakes in PNW. Ellsworth Advisors LLC increased its holdings in shares of Pinnacle West Capital by 4.6% in the 1st quarter. Ellsworth Advisors LLC now owns 21,691 shares of the utilities provider's stock valued at $2,066,000 after acquiring an additional 960 shares during the last quarter. Geneos Wealth Management Inc. increased its stake in shares of Pinnacle West Capital by 17.1% during the first quarter. Geneos Wealth Management Inc. now owns 1,567 shares of the utilities provider's stock worth $149,000 after acquiring an additional 229 shares during the period. Intech Investment Management LLC purchased a new position in Pinnacle West Capital in the first quarter worth $1,165,000. Integrity Alliance LLC. acquired a new position in Pinnacle West Capital during the first quarter worth about $284,000. Finally, Bayforest Capital Ltd grew its holdings in shares of Pinnacle West Capital by 82.6% in the 1st quarter. Bayforest Capital Ltd now owns 935 shares of the utilities provider's stock worth $89,000 after acquiring an additional 423 shares during the period. 91.51% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PNW has been the topic of several recent research reports. Barclays increased their price target on Pinnacle West Capital from $87.00 to $94.00 and gave the company an "equal weight" rating in a report on Tuesday, April 1st. Wall Street Zen lowered Pinnacle West Capital from a "hold" rating to a "sell" rating in a research note on Monday, May 5th. Wells Fargo & Company lifted their target price on Pinnacle West Capital from $95.00 to $98.00 and gave the company an "equal weight" rating in a research note on Friday, May 2nd. UBS Group boosted their target price on Pinnacle West Capital from $96.00 to $99.00 and gave the stock a "neutral" rating in a research note on Friday, March 21st. Finally, Guggenheim reissued a "buy" rating and set a $100.00 target price on shares of Pinnacle West Capital in a research report on Wednesday, February 26th. One 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. According to data from MarketBeat.com, Pinnacle West Capital presently has an average rating of "Hold" and a consensus price target of $95.65.

Pinnacle West Capital Company 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.