Oppenheimer & Co. Inc. Lowers Stake in Pinnacle West Capital Co. (NYSE:PNW)

Oppenheimer & Co. Inc. reduced its stake in shares of Pinnacle West Capital Co. (NYSE:PNW) by 5.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,761 shares of the utilities provider’s stock after selling 299 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Pinnacle West Capital were worth $404,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. YANKCOM Partnership acquired a new position in shares of Pinnacle West Capital during the fourth quarter valued at about $29,000. Venturi Wealth Management LLC increased its holdings in shares of Pinnacle West Capital by 124.6% during the third quarter. Venturi Wealth Management LLC now owns 429 shares of the utilities provider’s stock valued at $38,000 after acquiring an additional 238 shares in the last quarter. Brown Lisle Cummings Inc. acquired a new position in Pinnacle West Capital in the 4th quarter worth approximately $38,000. Roble Belko & Company Inc acquired a new position in Pinnacle West Capital in the 4th quarter worth approximately $42,000. Finally, Prospera Private Wealth LLC acquired a new position in Pinnacle West Capital in the 3rd quarter worth approximately $43,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on PNW shares. Guggenheim reiterated a “buy” rating and issued a $100.00 price target on shares of Pinnacle West Capital in a report on Wednesday, February 26th. Jefferies Financial Group cut their price target on shares of Pinnacle West Capital from $106.00 to $104.00 and set a “buy” rating on the stock in a report on Tuesday, January 28th. KeyCorp upgraded shares of Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 price target on the stock in a report on Wednesday, December 4th. Wells Fargo & Company upped their price objective on Pinnacle West Capital from $92.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 26th. Finally, Barclays lowered Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $93.00 to $91.00 in a research report on Monday, November 18th. Six investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $90.15.

Pinnacle West Capital Stock Performance

Pinnacle West Capital stock opened at $91.91 on Friday. The firm has a market capitalization of $10.95 billion, a P/E ratio of 17.41, a PEG ratio of 3.59 and a beta of 0.53. The stock has a fifty day moving average price of $87.62 and a 200 day moving average price of $88.41. Pinnacle West Capital Co. has a 52 week low of $69.50 and a 52 week high of $95.42. The company has a current ratio of 0.71, a quick ratio of 0.54 and a debt-to-equity ratio of 1.20.

Pinnacle West Capital (NYSE:PNW) last announced its quarterly earnings results on Tuesday, February 25th. The utilities provider reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.31) by $0.25. Pinnacle West Capital had a return on equity of 9.60% and a net margin of 12.26%. The company had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.06 billion. Equities research analysts anticipate that Pinnacle West Capital Co. will post 5.13 earnings per share for the current year.

Pinnacle West Capital Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Monday, February 3rd were issued a dividend of $0.895 per share. This represents a $3.58 dividend on an annualized basis and a yield of 3.90%. The ex-dividend date was Monday, February 3rd. Pinnacle West Capital’s dividend payout ratio is presently 68.58%.

Pinnacle West Capital 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.