Pictet Asset Management Ltd. Decreases Stock Holdings in Pinnacle West Capital Co. (NYSE:PNW)

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Pictet Asset Management Ltd. trimmed its position in shares of Pinnacle West Capital Co. (NYSE:PNW) by 15.3% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 54,847 shares of the utilities provider’s stock after selling 9,936 shares during the quarter. Pictet Asset Management Ltd.’s holdings in Pinnacle West Capital were worth $5,161,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. LSV Asset Management lifted its position in shares of Pinnacle West Capital by 2.7% during the second quarter. LSV Asset Management now owns 233,430 shares of the utilities provider’s stock valued at $21,963,000 after buying an additional 6,200 shares during the last quarter. Westpac Banking Corp lifted its position in shares of Pinnacle West Capital by 37.2% during the second quarter. Westpac Banking Corp now owns 14,169 shares of the utilities provider’s stock valued at $1,333,000 after buying an additional 3,845 shares during the last quarter. IFM Investors Pty Ltd lifted its position in shares of Pinnacle West Capital by 23.8% during the second quarter. IFM Investors Pty Ltd now owns 7,020 shares of the utilities provider’s stock valued at $661,000 after buying an additional 1,350 shares during the last quarter. Zions Bancorporation N.A. purchased a new stake in shares of Pinnacle West Capital during the first quarter valued at about $26,000. Finally, BP PLC purchased a new stake in shares of Pinnacle West Capital during the second quarter valued at about $1,129,000. 88.10% of the stock is owned by institutional investors and hedge funds.

Shares of Pinnacle West Capital stock traded up $0.95 during midday trading on Tuesday, hitting $94.44. The company had a trading volume of 15,932 shares, compared to its average volume of 977,427. The stock has a market cap of $10.45 billion, a price-to-earnings ratio of 20.79, a PEG ratio of 3.21 and a beta of 0.11. The company has a quick ratio of 0.38, a current ratio of 0.54 and a debt-to-equity ratio of 0.92. The company has a fifty day simple moving average of $93.61 and a 200 day simple moving average of $94.63. Pinnacle West Capital Co. has a 12-month low of $77.19 and a 12-month high of $99.81.

Pinnacle West Capital (NYSE:PNW) last announced its quarterly earnings data on Thursday, August 8th. The utilities provider reported $1.28 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.43 by ($0.15). The company had revenue of $869.50 million during the quarter, compared to analysts’ expectations of $973.16 million. Pinnacle West Capital had a net margin of 13.84% and a return on equity of 9.33%. The business’s revenue for the quarter was down 10.7% compared to the same quarter last year. During the same period in the previous year, the business earned $1.48 earnings per share. As a group, analysts expect that Pinnacle West Capital Co. will post 4.76 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 1st were given a dividend of $0.738 per share. The ex-dividend date of this dividend was Wednesday, July 31st. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.74. This represents a $2.95 dividend on an annualized basis and a yield of 3.13%. Pinnacle West Capital’s dividend payout ratio (DPR) is currently 64.98%.

PNW has been the subject of several analyst reports. Williams Capital reissued a “hold” rating and set a $97.00 price target (up from $87.00) on shares of Pinnacle West Capital in a research report on Monday, August 12th. Evercore ISI lowered shares of Pinnacle West Capital from an “in-line” rating to an “underperform” rating in a research report on Friday, August 9th. UBS Group decreased their price target on shares of Pinnacle West Capital from $103.00 to $99.00 and set a “neutral” rating for the company in a research report on Monday, August 12th. SunTrust Banks decreased their price objective on shares of Pinnacle West Capital from $99.00 to $98.00 and set a “hold” rating for the company in a research report on Friday, August 9th. Finally, ValuEngine lowered shares of Pinnacle West Capital from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and four have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $97.33.

Pinnacle West Capital Company Profile

Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, provides retail and wholesale electric services primarily in the state of Arizona. It generates, transmits, and distributes electricity using coal, nuclear, gas, oil, and solar generating facilities. The company serves approximately 1.2 million customers.

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Institutional Ownership by Quarter for Pinnacle West Capital (NYSE:PNW)

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