Squarepoint Ops LLC decreased its holdings in Pinnacle West Capital Co. (NYSE:PNW) by 56.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 59,599 shares of the utilities provider’s stock after selling 75,943 shares during the quarter. Squarepoint Ops LLC owned 0.05% of Pinnacle West Capital worth $5,785,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in PNW. Harvest Fund Management Co. Ltd purchased a new position in shares of Pinnacle West Capital in the 2nd quarter valued at about $35,000. HM Payson & Co. acquired a new stake in Pinnacle West Capital in the second quarter valued at approximately $37,000. CSat Investment Advisory L.P. lifted its stake in Pinnacle West Capital by 50.3% in the second quarter. CSat Investment Advisory L.P. now owns 448 shares of the utilities provider’s stock worth $42,000 after acquiring an additional 150 shares during the last quarter. Cerebellum GP LLC purchased a new position in Pinnacle West Capital in the third quarter worth approximately $68,000. Finally, Bartlett & Co. LLC lifted its stake in Pinnacle West Capital by 142.9% in the third quarter. Bartlett & Co. LLC now owns 850 shares of the utilities provider’s stock worth $83,000 after acquiring an additional 500 shares during the last quarter. Hedge funds and other institutional investors own 86.64% of the company’s stock.
A number of analysts have issued reports on the company. Evercore ISI downgraded Pinnacle West Capital from an “in-line” rating to an “underperform” rating in a report on Friday, August 9th. Barclays raised Pinnacle West Capital from an “equal weight” rating to an “overweight” rating and lowered their price objective for the stock from $103.00 to $98.00 in a research report on Thursday, November 21st. Williams Capital reiterated a “hold” rating and issued a $97.00 price objective (up previously from $87.00) on shares of Pinnacle West Capital in a report on Monday, August 12th. Zacks Investment Research lowered Pinnacle West Capital from a “hold” rating to a “sell” rating and set a $99.00 target price on the stock. in a research report on Friday, October 18th. Finally, Bank of America cut Pinnacle West Capital from a “buy” rating to a “neutral” rating and set a $90.00 target price for the company. in a research note on Friday, November 8th. Four analysts have rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $96.50.
Pinnacle West Capital (NYSE:PNW) last posted its earnings results on Thursday, November 7th. The utilities provider reported $2.77 EPS for the quarter, missing the Zacks’ consensus estimate of $3.00 by ($0.23). Pinnacle West Capital had a return on equity of 9.19% and a net margin of 14.07%. The firm had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.25 billion. During the same quarter last year, the firm posted $2.80 EPS. The firm’s revenue for the quarter was down 6.1% on a year-over-year basis. As a group, equities analysts expect that Pinnacle West Capital Co. will post 4.7 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Monday, November 4th were given a dividend of $0.7825 per share. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.74. The ex-dividend date of this dividend was Friday, November 1st. This represents a $3.13 annualized dividend and a yield of 3.64%. Pinnacle West Capital’s payout ratio is 68.94%.
In other Pinnacle West Capital news, VP Barbara D. Lockwood sold 1,750 shares of Pinnacle West Capital stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $86.19, for a total value of $150,832.50. Following the completion of the sale, the vice president now owns 1,646 shares in the company, valued at approximately $141,868.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.41% of the company’s stock.
Pinnacle West Capital Company Profile
Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, provides retail and wholesale electric services primarily in the state of Arizona. It generates, transmits, and distributes electricity using coal, nuclear, gas, oil, and solar generating facilities. The company serves approximately 1.2 million customers.
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