Ashton Thomas Private Wealth LLC Makes New Investment in Pinnacle West Capital Co. (NYSE:PNW)

Ashton Thomas Private Wealth LLC acquired a new stake in shares of Pinnacle West Capital Co. (NYSE:PNW) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 675 shares of the utilities provider’s stock, valued at approximately $52,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Capital Research Global Investors boosted its position in Pinnacle West Capital by 97.5% during the 1st quarter. Capital Research Global Investors now owns 12,851,930 shares of the utilities provider’s stock valued at $960,425,000 after buying an additional 6,344,121 shares during the period. Lazard Asset Management LLC boosted its holdings in shares of Pinnacle West Capital by 72.7% during the first quarter. Lazard Asset Management LLC now owns 6,719,397 shares of the utilities provider’s stock worth $502,139,000 after purchasing an additional 2,828,450 shares during the period. Zimmer Partners LP bought a new stake in shares of Pinnacle West Capital in the first quarter worth about $198,409,000. Norges Bank purchased a new position in Pinnacle West Capital during the 4th quarter valued at about $112,914,000. Finally, First Trust Advisors LP increased its holdings in Pinnacle West Capital by 2.5% during the 4th quarter. First Trust Advisors LP now owns 1,205,800 shares of the utilities provider’s stock valued at $86,625,000 after purchasing an additional 29,767 shares during the period. Institutional investors own 91.51% of the company’s stock.

Insider Activity

In related news, EVP Robert Edgar Smith sold 4,950 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $85.80, for a total value of $424,710.00. Following the completion of the transaction, the executive vice president now directly owns 6,397 shares in the company, valued at approximately $548,862.60. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.23% of the company’s stock.

Pinnacle West Capital Stock Performance

Pinnacle West Capital stock opened at $90.70 on Monday. Pinnacle West Capital Co. has a twelve month low of $65.20 and a twelve month high of $90.74. The company has a quick ratio of 0.48, a current ratio of 0.66 and a debt-to-equity ratio of 1.28. The company has a market capitalization of $10.30 billion, a P/E ratio of 19.76, a PEG ratio of 2.27 and a beta of 0.52. The stock’s 50 day moving average is $85.30 and its 200 day moving average is $78.34.

Pinnacle West Capital (NYSE:PNW) last issued its quarterly earnings results on Thursday, August 1st. The utilities provider reported $1.76 earnings per share for the quarter, beating the consensus estimate of $1.31 by $0.45. The firm had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.21 billion. Pinnacle West Capital had a return on equity of 9.75% and a net margin of 12.65%. The company’s revenue was up 15.7% on a year-over-year basis. During the same period last year, the company earned $0.94 earnings per share. On average, equities research analysts predict that Pinnacle West Capital Co. will post 4.77 earnings per share for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Thursday, August 1st were paid a $0.88 dividend. The ex-dividend date of this dividend was Thursday, August 1st. This represents a $3.52 annualized dividend and a dividend yield of 3.88%. Pinnacle West Capital’s dividend payout ratio is presently 76.69%.

Analyst Upgrades and Downgrades

PNW has been the topic of a number of recent analyst reports. StockNews.com upgraded Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Monday, August 5th. Morgan Stanley lifted their price target on shares of Pinnacle West Capital from $72.00 to $78.00 and gave the company an “equal weight” rating in a report on Friday, August 23rd. 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 stock from $74.00 to $83.50 in a research report on Thursday, June 6th. Barclays reduced their price target on shares of Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 2nd. Finally, Wells Fargo & Company raised their price objective on shares of Pinnacle West Capital from $80.00 to $87.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Eight investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $77.95.

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.