Hennion & Walsh Asset Management Inc. Boosts Stake in Pinnacle West Capital Co. (NYSE:PNW)

Hennion & Walsh Asset Management Inc. lifted its position in Pinnacle West Capital Co. (NYSE:PNW) by 12.8% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 25,376 shares of the utilities provider’s stock after purchasing an additional 2,885 shares during the quarter. Hennion & Walsh Asset Management Inc.’s holdings in Pinnacle West Capital were worth $1,896,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in PNW. ERn Financial LLC grew its position in shares of Pinnacle West Capital by 57.9% during the first quarter. ERn Financial LLC now owns 12,816 shares of the utilities provider’s stock worth $958,000 after acquiring an additional 4,697 shares during the last quarter. Riverview Trust Co purchased a new position in Pinnacle West Capital during the 1st quarter worth $46,000. Gateway Investment Advisers LLC increased its stake in Pinnacle West Capital by 89.0% in the first quarter. Gateway Investment Advisers LLC now owns 57,921 shares of the utilities provider’s stock valued at $4,328,000 after purchasing an additional 27,283 shares during the period. Rockland Trust Co. raised its holdings in shares of Pinnacle West Capital by 5.0% in the first quarter. Rockland Trust Co. now owns 14,284 shares of the utilities provider’s stock valued at $1,067,000 after buying an additional 684 shares during the last quarter. Finally, Perpetual Ltd boosted its stake in shares of Pinnacle West Capital by 3.0% during the first quarter. Perpetual Ltd now owns 290,729 shares of the utilities provider’s stock worth $21,523,000 after buying an additional 8,412 shares during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have commented on PNW shares. Barclays upped their price objective on Pinnacle West Capital from $76.00 to $81.00 and gave the company an “overweight” rating in a research note on Monday, May 13th. Mizuho decreased their price target on Pinnacle West Capital from $77.00 to $75.00 and set a “buy” rating for the company in a report on Wednesday, March 6th. Wells Fargo & Company boosted their price target on shares of Pinnacle West Capital from $77.00 to $80.00 and gave the stock an “equal weight” rating in a research note on Wednesday, June 5th. Citigroup initiated coverage on Pinnacle West Capital in a report on Monday, April 29th. They set a “neutral” rating and a $78.00 price objective on the stock. Finally, Bank of America raised shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and increased their target price for the company from $71.00 to $80.00 in a report on Monday, March 18th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Pinnacle West Capital currently has an average rating of “Hold” and a consensus price target of $75.71.

Pinnacle West Capital Stock Performance

Shares of PNW opened at $76.38 on Friday. Pinnacle West Capital Co. has a 1 year low of $65.20 and a 1 year high of $86.03. The company’s 50 day simple moving average is $76.22 and its 200 day simple moving average is $72.92. The company has a market capitalization of $8.67 billion, a price-to-earnings ratio of 16.64, a PEG ratio of 1.95 and a beta of 0.50. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.42 and a current ratio of 0.58.

Pinnacle West Capital (NYSE:PNW) last issued its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $0.15 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.17. The company had revenue of $951.71 million for the quarter, compared to analyst estimates of $981.82 million. Pinnacle West Capital had a return on equity of 8.29% and a net margin of 11.09%. The business’s revenue for the quarter was up .7% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.03) EPS. On average, sell-side analysts predict that Pinnacle West Capital Co. will post 4.76 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. Investors of record on Thursday, August 1st will be given a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a yield of 4.61%. The ex-dividend date of this dividend is Thursday, August 1st. Pinnacle West Capital’s dividend payout ratio (DPR) is 76.69%.

Pinnacle West Capital Company 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.