Machina Capital S.A.S. Purchases 1,412 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Machina Capital S.A.S. raised its position in Pinnacle West Capital Co. (NYSE:PNW) by 18.1% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 9,206 shares of the utilities provider’s stock after purchasing an additional 1,412 shares during the quarter. Machina Capital S.A.S.’s holdings in Pinnacle West Capital were worth $661,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in PNW. abrdn plc boosted its stake in Pinnacle West Capital by 120.0% in the fourth quarter. abrdn plc now owns 58,335 shares of the utilities provider’s stock worth $4,191,000 after purchasing an additional 31,821 shares in the last quarter. Comerica Bank acquired a new position in Pinnacle West Capital in the third quarter worth $4,620,000. Duality Advisers LP acquired a new position in Pinnacle West Capital in the fourth quarter worth $1,422,000. Pacer Advisors Inc. boosted its stake in Pinnacle West Capital by 604.2% in the fourth quarter. Pacer Advisors Inc. now owns 50,631 shares of the utilities provider’s stock worth $3,637,000 after purchasing an additional 43,441 shares in the last quarter. Finally, Financial Counselors Inc. boosted its stake in Pinnacle West Capital by 37.5% in the fourth quarter. Financial Counselors Inc. now owns 172,558 shares of the utilities provider’s stock worth $12,397,000 after purchasing an additional 47,035 shares in the last quarter. 91.51% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on PNW. Bank of America raised Pinnacle West Capital from a “neutral” rating to a “buy” rating and upped their price target for the company from $71.00 to $80.00 in a research note on Monday, March 18th. StockNews.com lowered Pinnacle West Capital from a “hold” rating to a “sell” rating in a research note on Thursday, March 14th. Evercore ISI cut their price target on Pinnacle West Capital from $76.00 to $69.00 and set an “in-line” rating on the stock in a research note on Monday, March 4th. Citigroup began coverage on Pinnacle West Capital in a research note on Monday, April 29th. They set a “neutral” rating and a $78.00 price target on the stock. Finally, Morgan Stanley increased their target price on Pinnacle West Capital from $69.00 to $70.00 and gave the company an “equal weight” rating in a research note on Thursday, March 21st. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $73.67.

Pinnacle West Capital Stock Up 0.3 %

PNW stock traded up $0.22 during mid-day trading on Monday, reaching $76.01. The company had a trading volume of 706,274 shares, compared to its average volume of 1,306,161. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.58 and a quick ratio of 0.42. The stock has a 50 day simple moving average of $72.55 and a two-hundred day simple moving average of $72.08. The company has a market capitalization of $8.63 billion, a price-to-earnings ratio of 16.56, a PEG ratio of 2.12 and a beta of 0.48. Pinnacle West Capital Co. has a 52 week low of $65.20 and a 52 week high of $86.03.

Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.17. The firm had revenue of $951.71 million during the quarter, compared to the consensus estimate 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 was up .7% compared to the same quarter last year. During the same period last year, the company earned ($0.03) earnings per share. As a group, equities analysts predict that Pinnacle West Capital Co. will post 4.72 earnings per share for the current fiscal year.

Pinnacle West Capital Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Wednesday, May 1st will be given a $0.88 dividend. The ex-dividend date of this dividend is Tuesday, April 30th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 4.63%. Pinnacle West Capital’s payout ratio 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.