Pinnacle West Capital Co. (NYSE:PNW) Shares Sold by Goldman Sachs Group Inc.

Goldman Sachs Group Inc. reduced its stake in Pinnacle West Capital Co. (NYSE:PNW) by 15.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 687,857 shares of the utilities provider’s stock after selling 129,878 shares during the period. Goldman Sachs Group Inc. owned 0.61% of Pinnacle West Capital worth $49,416,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in PNW. Virtu Financial LLC bought a new position in Pinnacle West Capital during the 4th quarter worth $977,000. Neo Ivy Capital Management acquired a new stake in shares of Pinnacle West Capital in the 4th quarter worth about $172,000. Quarry LP increased its holdings in shares of Pinnacle West Capital by 123.5% in the 4th quarter. Quarry LP now owns 1,734 shares of the utilities provider’s stock worth $125,000 after acquiring an additional 958 shares during the period. Redwood Investment Management LLC boosted its stake in Pinnacle West Capital by 1.2% during the 4th quarter. Redwood Investment Management LLC now owns 26,787 shares of the utilities provider’s stock valued at $1,924,000 after purchasing an additional 321 shares during the period. Finally, Nebula Research & Development LLC bought a new position in Pinnacle West Capital in the 4th quarter worth about $1,233,000. 91.51% of the stock is owned by institutional investors.

Pinnacle West Capital Trading Down 1.5 %

NYSE PNW opened at $74.74 on Thursday. The stock has a market cap of $8.49 billion, a price-to-earnings ratio of 16.28, a PEG ratio of 1.94 and a beta of 0.50. Pinnacle West Capital Co. has a twelve month low of $65.20 and a twelve month high of $86.03. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.42 and a current ratio of 0.58. The firm’s 50 day moving average price is $75.78 and its two-hundred day moving average price is $72.91.

Pinnacle West Capital (NYSE:PNW) last issued its earnings results on Thursday, May 2nd. The utilities provider reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.17. The company had revenue of $951.71 million for the quarter, compared to the consensus estimate of $981.82 million. Pinnacle West Capital had a return on equity of 8.29% and a net margin of 11.09%. The firm’s quarterly revenue was up .7% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.03) EPS. Equities analysts anticipate that Pinnacle West Capital Co. will post 4.77 EPS for the current year.

Pinnacle West Capital Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Thursday, August 1st will be issued a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a dividend yield of 4.71%. Pinnacle West Capital’s dividend payout ratio is currently 76.69%.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Royal Bank of Canada lowered their target price on Pinnacle West Capital from $83.00 to $80.00 and set a “sector perform” rating on the stock in a research report on Friday, March 1st. Bank of America raised shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $71.00 to $80.00 in a report on Monday, March 18th. LADENBURG THALM/SH SH raised shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and raised their target price for the company from $74.00 to $83.50 in a research note on Thursday, June 6th. Evercore ISI reduced their price target on shares of Pinnacle West Capital from $76.00 to $69.00 and set an “in-line” rating for the company in a research note on Monday, March 4th. Finally, Wells Fargo & Company raised their price objective on shares of Pinnacle West Capital from $77.00 to $80.00 and gave the company an “equal weight” rating in a research note on Wednesday, June 5th. Eight investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Pinnacle West Capital has an average rating of “Hold” and a consensus price target of $76.04.

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.