Pinnacle West Capital Corporation $PNW Stock: Pictet Asset Management Holding SA Lowers Position

Pictet Asset Management Holding SA cut its stake in shares of Pinnacle West Capital Corporation (NYSE:PNW) by 3.9% during the 3rd quarter, Holdings Channel.com reports. The firm owned 1,356,149 shares of the utilities provider’s stock after selling 54,308 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Pinnacle West Capital were worth $126,176,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of PNW. Parallel Advisors LLC raised its stake in shares of Pinnacle West Capital by 2.7% in the third quarter. Parallel Advisors LLC now owns 5,025 shares of the utilities provider’s stock worth $468,000 after buying an additional 132 shares during the period. Alps Advisors Inc. grew its stake in shares of Pinnacle West Capital by 151.3% during the 3rd quarter. Alps Advisors Inc. now owns 41,875 shares of the utilities provider’s stock valued at $3,896,000 after acquiring an additional 25,209 shares during the period. Quest 10 Wealth Builders Inc. grew its stake in shares of Pinnacle West Capital by 73.3% during the 3rd quarter. Quest 10 Wealth Builders Inc. now owns 480 shares of the utilities provider’s stock valued at $45,000 after acquiring an additional 203 shares during the period. Commonwealth Equity Services LLC grew its stake in shares of Pinnacle West Capital by 7.8% during the 3rd quarter. Commonwealth Equity Services LLC now owns 50,463 shares of the utilities provider’s stock valued at $4,695,000 after acquiring an additional 3,636 shares during the period. Finally, Chicago Partners Investment Group LLC increased its holdings in Pinnacle West Capital by 27.9% in the 3rd quarter. Chicago Partners Investment Group LLC now owns 9,584 shares of the utilities provider’s stock worth $1,015,000 after acquiring an additional 2,090 shares in the last quarter. Institutional investors own 91.51% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the stock. Wall Street Zen downgraded shares of Pinnacle West Capital from a “hold” rating to a “sell” rating in a report on Saturday. Scotiabank assumed coverage on shares of Pinnacle West Capital in a research note on Tuesday, September 29th. They issued a “sector outperform” rating and a $104.00 price objective for the company. Barclays reduced their price objective on shares of Pinnacle West Capital from $108.00 to $94.00 and set an “equal weight” rating for the company in a research note on Thursday, October 1st. Weiss Ratings restated a “buy (b)” rating on shares of Pinnacle West Capital in a research report on Friday, October 30th. Finally, HSBC started coverage on shares of Pinnacle West Capital in a research report on Thursday, October 22nd. They set a “buy” rating and a $119.50 price objective on the stock. Five research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $103.77.

Pinnacle West Capital Stock Down 0.1%

Shares of NYSE:PNW opened at $104.11 on Monday. The company has a market cap of $12.62 billion, a price-to-earnings ratio of 19.57, a PEG ratio of 3.65 and a beta of 0.48. Pinnacle West Capital Corporation has a 12 month low of $86.18 and a 12 month high of $111.16. The company has a current ratio of 0.71, a quick ratio of 0.50 and a debt-to-equity ratio of 1.35. The company has a 50-day moving average price of $99.05 and a 200 day moving average price of $100.63.

Pinnacle West Capital (NYSE:PNW) last issued its quarterly earnings data on Tuesday, November 3rd. The utilities provider reported $3.49 earnings per share for the quarter, topping the consensus estimate of $3.32 by $0.17. Pinnacle West Capital had a return on equity of 9.18% and a net margin of 11.59%. The company had revenue of $1.97 billion for the quarter, compared to analysts’ expectations of $1.90 billion. During the same period in the previous year, the firm posted $3.39 earnings per share. The firm’s revenue for the quarter was up 8.3% on a year-over-year basis. As a group, equities research analysts predict that Pinnacle West Capital Corporation will post 4.91 earnings per share for the current year.

Pinnacle West Capital Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Monday, November 2nd will be paid a $0.9250 dividend. This represents a $3.70 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend is Monday, November 2nd. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.91. Pinnacle West Capital’s dividend payout ratio is 69.55%.

About Pinnacle West Capital

Pinnacle West Capital Corporation is an energy holding company whose principal subsidiary, Arizona Public Service Company (APS), provides electric service in Arizona. APS generates, transmits and distributes electricity to residential, commercial and industrial customers.

APS serves communities across central and northern Arizona, including the Phoenix metropolitan area. Its electricity supply comes from a mix of generating resources, including nuclear, natural gas, coal and renewable energy.

Pinnacle West became the parent company of APS in 1985.