Parallel Advisors LLC Increases Stock Holdings in Pinnacle West Capital Co. (NYSE:PNW)

Parallel Advisors LLC lifted its position in Pinnacle West Capital Co. (NYSE:PNW) by 7.6% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,822 shares of the utilities provider’s stock after purchasing an additional 129 shares during the quarter. Parallel Advisors LLC’s holdings in Pinnacle West Capital were worth $171,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. IFM Investors Pty Ltd lifted its position in Pinnacle West Capital by 23.8% in the second quarter. IFM Investors Pty Ltd now owns 7,020 shares of the utilities provider’s stock valued at $661,000 after buying an additional 1,350 shares during the last quarter. Zions Bancorporation N.A. acquired a new position in Pinnacle West Capital in the first quarter valued at about $26,000. BP PLC acquired a new position in Pinnacle West Capital in the second quarter valued at about $1,129,000. Wakefield Asset Management LLLP lifted its position in Pinnacle West Capital by 2.1% in the first quarter. Wakefield Asset Management LLLP now owns 10,705 shares of the utilities provider’s stock valued at $1,023,000 after buying an additional 225 shares during the last quarter. Finally, City Holding Co. lifted its position in Pinnacle West Capital by 15.7% in the second quarter. City Holding Co. now owns 12,524 shares of the utilities provider’s stock valued at $1,178,000 after buying an additional 1,697 shares during the last quarter. 86.82% of the stock is owned by hedge funds and other institutional investors.

A number of research analysts have commented on PNW shares. SunTrust Banks decreased their target price on shares of Pinnacle West Capital from $99.00 to $98.00 and set a “hold” rating on the stock in a research report on Friday, August 9th. Argus raised shares of Pinnacle West Capital from a “hold” rating to a “buy” rating and set a $102.00 price target on the stock in a research report on Tuesday, July 30th. Morgan Stanley set a $92.00 price target on shares of Pinnacle West Capital and gave the stock a “sell” rating in a research report on Friday, August 16th. Wells Fargo & Co reissued a “hold” rating on shares of Pinnacle West Capital in a research report on Friday, August 9th. Finally, ValuEngine cut shares of Pinnacle West Capital from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the stock. Pinnacle West Capital presently has an average rating of “Hold” and an average price target of $97.33.

Shares of PNW opened at $94.14 on Friday. The stock has a market capitalization of $10.57 billion, a PE ratio of 20.74, a P/E/G ratio of 3.30 and a beta of 0.15. Pinnacle West Capital Co. has a 1 year low of $77.19 and a 1 year high of $99.81. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.38 and a current ratio of 0.54. The company’s 50-day simple moving average is $93.44 and its 200-day simple moving average is $94.19.

Pinnacle West Capital (NYSE:PNW) last issued its earnings results on Thursday, August 8th. The utilities provider reported $1.28 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.43 by ($0.15). The firm had revenue of $869.50 million during the quarter, compared to analyst estimates of $973.16 million. Pinnacle West Capital had a net margin of 13.84% and a return on equity of 9.33%. The firm’s revenue was down 10.7% compared to the same quarter last year. During the same period last year, the business earned $1.48 EPS. On average, sell-side analysts predict that Pinnacle West Capital Co. will post 4.76 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Thursday, August 1st will be issued a $0.738 dividend. This is a boost from Pinnacle West Capital’s previous quarterly dividend of $0.74. The ex-dividend date of this dividend is Wednesday, July 31st. This represents a $2.95 annualized dividend and a yield of 3.14%. Pinnacle West Capital’s dividend payout ratio (DPR) is 64.98%.

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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Institutional Ownership by Quarter for Pinnacle West Capital (NYSE:PNW)

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