Riverwater Partners LLC Increases Stock Position in Pinnacle West Capital Co. (NYSE:PNW)

Riverwater Partners LLC boosted its holdings in Pinnacle West Capital Co. (NYSE:PNW) by 2.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,926 shares of the utilities provider’s stock after purchasing an additional 346 shares during the quarter. Riverwater Partners LLC’s holdings in Pinnacle West Capital were worth $1,251,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Blue Trust Inc. raised its holdings in shares of Pinnacle West Capital by 377.9% in the second quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock valued at $28,000 after buying an additional 291 shares during the last quarter. Cape Investment Advisory Inc. acquired a new stake in Pinnacle West Capital during the 1st quarter worth approximately $30,000. Ashton Thomas Private Wealth LLC purchased a new position in shares of Pinnacle West Capital in the 2nd quarter valued at approximately $52,000. First Horizon Advisors Inc. increased its holdings in shares of Pinnacle West Capital by 20.9% in the second quarter. First Horizon Advisors Inc. now owns 794 shares of the utilities provider’s stock valued at $61,000 after purchasing an additional 137 shares during the period. Finally, Neo Ivy Capital Management purchased a new stake in shares of Pinnacle West Capital during the second quarter worth approximately $82,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on PNW shares. Morgan Stanley lifted their price objective on shares of Pinnacle West Capital from $78.00 to $83.00 and gave the company an “equal weight” rating in a research report on Wednesday, September 25th. Jefferies Financial Group started coverage on shares of Pinnacle West Capital in a research note on Thursday, September 19th. They set a “buy” rating and a $104.00 price target on the stock. Barclays reduced their price objective on shares of Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating for the company in a research report on Tuesday, July 2nd. StockNews.com upgraded Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Monday, August 5th. Finally, Wells Fargo & Company raised their price target on Pinnacle West Capital from $87.00 to $90.00 and gave the company an “equal weight” rating in a report on Wednesday, October 16th. Seven analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $80.79.

Pinnacle West Capital Stock Up 1.4 %

Shares of NYSE PNW opened at $89.31 on Thursday. The firm’s 50 day moving average price is $88.12 and its 200 day moving average price is $81.52. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.48 and a current ratio of 0.66. The firm has a market cap of $10.14 billion, a P/E ratio of 19.46, a price-to-earnings-growth ratio of 2.20 and a beta of 0.52. Pinnacle West Capital Co. has a 1 year low of $65.20 and a 1 year high of $91.57.

Pinnacle West Capital (NYSE:PNW) last released its earnings results on Thursday, August 1st. The utilities provider reported $1.76 EPS for the quarter, beating the consensus estimate of $1.31 by $0.45. Pinnacle West Capital had a return on equity of 9.75% and a net margin of 12.65%. The firm had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.21 billion. During the same period in the prior year, the firm posted $0.94 earnings per share. The business’s quarterly revenue was up 15.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Pinnacle West Capital Co. will post 4.77 earnings per share for the current year.

Pinnacle West Capital Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 4th will be given a $0.895 dividend. This is a boost from Pinnacle West Capital’s previous quarterly dividend of $0.88. This represents a $3.58 annualized dividend and a dividend yield of 4.01%. Pinnacle West Capital’s dividend payout ratio (DPR) is currently 76.69%.

Insider Activity at Pinnacle West Capital

In other Pinnacle West Capital news, EVP Robert Edgar Smith sold 4,950 shares of the stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $85.80, for a total transaction of $424,710.00. Following the transaction, the executive vice president now owns 6,397 shares of the company’s stock, valued at $548,862.60. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.23% of the stock is owned by insiders.

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.