QRG Capital Management Inc. Acquires 3,162 Shares of Pinnacle West Capital Co. (NYSE:PNW)

QRG Capital Management Inc. grew its stake in Pinnacle West Capital Co. (NYSE:PNW) by 4.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 70,121 shares of the utilities provider’s stock after purchasing an additional 3,162 shares during the period. QRG Capital Management Inc. owned approximately 0.06% of Pinnacle West Capital worth $5,944,000 as of its most recent filing with the Securities and Exchange Commission.

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

Pinnacle West Capital Stock Performance

Shares of NYSE:PNW opened at $92.53 on Friday. The company has a market capitalization of $10.52 billion, a price-to-earnings ratio of 17.53, a P/E/G ratio of 3.59 and a beta of 0.57. The firm’s 50 day simple moving average is $86.80 and its 200 day simple moving average is $88.16. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54. Pinnacle West Capital Co. has a fifty-two week low of $67.51 and a fifty-two week high of $95.42.

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

Pinnacle West Capital Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Monday, February 3rd will be issued a $0.895 dividend. The ex-dividend date of this dividend is Monday, February 3rd. This represents a $3.58 annualized dividend and a dividend yield of 3.87%. Pinnacle West Capital’s dividend payout ratio (DPR) is currently 67.80%.

Analyst Ratings Changes

PNW has been the subject of several recent analyst reports. Guggenheim reaffirmed a “buy” rating and set a $100.00 price objective on shares of Pinnacle West Capital in a report on Wednesday. Jefferies Financial Group dropped their price target on Pinnacle West Capital from $106.00 to $104.00 and set a “buy” rating for the company in a report on Tuesday, January 28th. Citigroup boosted their price objective on Pinnacle West Capital from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 4th. Wells Fargo & Company raised their target price on Pinnacle West Capital from $92.00 to $95.00 and gave the company an “equal weight” rating in a research note on Wednesday. Finally, Barclays downgraded shares of Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $93.00 to $91.00 in a research report on Monday, November 18th. Eight research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $86.58.

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.