Pinnacle West Capital Co. (NYSE:PNW) Position Reduced by ATLAS Infrastructure Partners UK Ltd.

ATLAS Infrastructure Partners UK Ltd. cut its position in shares of Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 76.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 845,130 shares of the utilities provider's stock after selling 2,711,701 shares during the quarter. Pinnacle West Capital comprises about 17.2% of ATLAS Infrastructure Partners UK Ltd.'s holdings, making the stock its 5th largest position. ATLAS Infrastructure Partners UK Ltd. owned 0.74% of Pinnacle West Capital worth $71,642,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. grew its holdings in Pinnacle West Capital by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 14,180,909 shares of the utilities provider's stock worth $1,202,116,000 after purchasing an additional 143,716 shares during the period. Barrow Hanley Mewhinney & Strauss LLC boosted its position in shares of Pinnacle West Capital by 0.6% during the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,864,993 shares of the utilities provider's stock worth $581,945,000 after purchasing an additional 37,768 shares in the last quarter. Invesco Ltd. increased its position in Pinnacle West Capital by 32.2% in the 4th quarter. Invesco Ltd. now owns 4,298,009 shares of the utilities provider's stock valued at $364,342,000 after buying an additional 1,045,788 shares in the last quarter. Geode Capital Management LLC raised its stake in Pinnacle West Capital by 7.7% during the 4th quarter. Geode Capital Management LLC now owns 2,880,315 shares of the utilities provider's stock worth $243,897,000 after buying an additional 204,805 shares during the period. Finally, Norges Bank acquired a new position in shares of Pinnacle West Capital during the fourth quarter worth approximately $194,655,000. Institutional investors own 91.51% of the company's stock.

Pinnacle West Capital Stock Performance

Pinnacle West Capital stock traded down $0.41 during mid-day trading on Tuesday, reaching $93.50. The company's stock 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 price is $92.98 and its two-hundred day moving average price 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. Pinnacle West Capital Co. has a 12-month low of $74.45 and a 12-month high of $96.50. The company has a market capitalization of $11.15 billion, a P/E ratio of 17.71, a PEG ratio of 3.59 and a beta of 0.45.

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 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 for the quarter, compared to the consensus estimate of $988.95 million. During the same quarter in the previous year, the firm posted $0.15 earnings per share. The business's revenue for the quarter was up 8.5% compared to the same quarter last year. Sell-side analysts predict that Pinnacle West Capital Co. will post 5.13 EPS for the current fiscal year.

Pinnacle West Capital Announces Dividend

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

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. UBS Group raised their price target on shares of Pinnacle West Capital from $96.00 to $99.00 and gave the company a "neutral" rating in a research report on Friday, March 21st. Morgan Stanley raised their target price on Pinnacle West Capital from $84.00 to $88.00 and gave the company an "equal weight" rating in a report on Thursday, March 20th. Guggenheim reiterated a "buy" rating and set a $100.00 price target on shares of Pinnacle West Capital in a report on Wednesday, February 26th. Jefferies Financial Group dropped their price objective on 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. Finally, Wells Fargo & Company lifted their price objective on shares of Pinnacle West Capital from $95.00 to $98.00 and gave the stock an "equal weight" rating in a report on Friday. One research analyst has rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, Pinnacle West Capital presently has a consensus rating of "Hold" and an average target price of $95.83.

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.