Riverwater Partners LLC Increases Stake in Pinnacle West Capital Co. (NYSE:PNW)

Riverwater Partners LLC boosted its stake in shares of Pinnacle West Capital Co. (NYSE:PNW) by 2.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 13,926 shares of the utilities provider’s stock after purchasing an additional 346 shares during the period. Riverwater Partners LLC’s holdings in Pinnacle West Capital were worth $1,251,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of PNW. Empirical Finance LLC lifted its position in Pinnacle West Capital by 3.4% during the 1st quarter. Empirical Finance LLC now owns 4,059 shares of the utilities provider’s stock worth $303,000 after acquiring an additional 134 shares during the period. First Horizon Advisors Inc. lifted its holdings in shares of Pinnacle West Capital by 20.9% during the second quarter. First Horizon Advisors Inc. now owns 794 shares of the utilities provider’s stock worth $61,000 after purchasing an additional 137 shares during the period. GAMMA Investing LLC boosted its position in Pinnacle West Capital by 13.7% in the third quarter. GAMMA Investing LLC now owns 1,147 shares of the utilities provider’s stock valued at $102,000 after buying an additional 138 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in Pinnacle West Capital by 0.9% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 21,724 shares of the utilities provider’s stock worth $1,659,000 after buying an additional 199 shares during the period. Finally, Private Advisor Group LLC raised its position in Pinnacle West Capital by 2.2% during the 3rd quarter. Private Advisor Group LLC now owns 9,392 shares of the utilities provider’s stock worth $832,000 after buying an additional 203 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Insider Buying and Selling at Pinnacle West Capital

In other Pinnacle West Capital news, EVP Robert Edgar Smith sold 4,950 shares of the company’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $85.80, for a total transaction of $424,710.00. Following the sale, the executive vice president now owns 6,397 shares in the company, valued at $548,862.60. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.23% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

PNW has been the topic of a number of research reports. StockNews.com upgraded shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a research note on Monday, August 5th. Wells Fargo & Company increased their price target on Pinnacle West Capital from $87.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 16th. Jefferies Financial Group began coverage on Pinnacle West Capital in a report on Thursday, September 19th. They issued a “buy” rating and a $104.00 price objective for the company. Morgan Stanley lifted their price target on Pinnacle West Capital from $78.00 to $83.00 and gave the company an “equal weight” rating in a research report on Wednesday, September 25th. Finally, Barclays lowered their price objective on 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. Seven research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $80.79.

Pinnacle West Capital Trading Up 1.4 %

PNW opened at $89.31 on Thursday. Pinnacle West Capital Co. has a 1-year low of $65.20 and a 1-year high of $91.57. The firm has a market capitalization of $10.14 billion, a price-to-earnings ratio of 19.46, a price-to-earnings-growth ratio of 2.20 and a beta of 0.52. The company’s 50 day simple moving average is $88.12 and its two-hundred day simple moving average is $81.52. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.66 and a quick ratio of 0.48.

Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings data on Thursday, August 1st. The utilities provider reported $1.76 earnings per share for the quarter, topping analysts’ consensus estimates of $1.31 by $0.45. Pinnacle West Capital had a net margin of 12.65% and a return on equity of 9.75%. The firm had revenue of $1.31 billion during the quarter, compared to analysts’ expectations of $1.21 billion. During the same quarter last year, the company posted $0.94 EPS. The firm’s quarterly revenue was up 15.7% on a year-over-year basis. Analysts expect that Pinnacle West Capital Co. will post 4.77 EPS for the current fiscal year.

Pinnacle West Capital Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 4th will be issued a dividend of $0.895 per share. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.88. This represents a $3.58 dividend on an annualized basis and a yield of 4.01%. Pinnacle West Capital’s dividend payout ratio is 76.69%.

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.