As of the 1st quarter of this year, O Shaughnessy Asset Management LLC has reduced its holdings in Pinnacle West Capital Co. (NYSE:PNW) by 6.9%, according to their recent disclosure with the Securities and Exchange Commission (SEC). The firm now owns 52,111 shares of Pinnacle West Capital’s stock, down from 55,966 shares after selling 3,855 shares during the period. At the end of the most recent reporting period, O Shaughnessy Asset Management LLC’s holdings in Pinnacle West Capital were valued at $4,129,000.
Pinnacle West Capital (NYSE:PNW) recently announced its quarterly earnings results on August 3rd. For the quarter, the utilities provider reported an EPS (earnings per share) of $0.94. This figure fell short of the consensus estimate of $1.19 by a margin of $0.25. Despite missing expectations, Pinnacle West Capital managed to achieve a return on equity of 6.55% and maintain a net margin of 8.92%. The company recorded revenue worth $1.12 billion during the quarter, surpassing the consensus estimate of $1.09 billion. However, compared to the same quarter last year, Pinnacle West Capital experienced lower earnings per share at $1.45.
Despite this drop in earnings per share from last year, Pinnacle West Capital’s revenue increased by 5.7% during the reported quarter when compared to the same period in 2022.
Equities analysts anticipate that Pinnacle West Capital Co will post an EPS of 4.21 for the current year.
As always with investment decisions and evaluations based on financial information such as this research report released on September 8, 2023,
it is important for individuals and institutions to conduct thorough analysis and consider multiple factors before making any investment decisions. They should also prioritize their own financial goals, risk tolerance, and investment strategies.
Pinnacle West Capital Co.: Increased Interest from Hedge Funds and Institutional Investors
Pinnacle West Capital Co., a leading utilities provider, has recently seen activity from several hedge funds and institutional investors in the buying and selling of its shares. Norges Bank, for instance, acquired a new stake in Pinnacle West Capital during the fourth quarter of last year, amounting to approximately $104,067,000. State Street Corp also grew its position in the company by 18.4% during the first quarter, now owning over 6 million shares worth $539,808,000. These are just a couple examples of the increased interest in Pinnacle West Capital demonstrated by these large investment entities.
Another noteworthy investor is Jennison Associates LLC, which acquired a new stake in Pinnacle West Capital during the first quarter with an estimated value of $74,297,000. Invesco Ltd., on the other hand, expanded its position by 29.6% during the same period. Their holdings now consist of over 3 million shares valued at around $276,313,000. Envestnet Asset Management Inc., too, showed significant growth in its position by 50.4% during the first quarter.
Overall, hedge funds and other institutional investors collectively own approximately 84.95% of Pinnacle West Capital’s stock at present.
On Friday September 8th , shares of Pinnacle West Capital Co., traded on the New York Stock Exchange under “PNW,” opened at $75.98. The stock has experienced fluctuations with a fifty-two week low of $59.03 and a fifty-two week high of $86.03.
The company has shown stability with its quick ratio of 0.70 and current ratio of 0.96 as well as its relatively low debt-to-equity ratio of 1.34.
With a market capitalization totaling $8.61 billion and a price-to-earnings (P/E) ratio standing at 21.22, Pinnacle West Capital has established itself as a significant player in the industry. The company also boasts a dividend payout ratio (DPR) of 96.65%, rewarding its shareholders with an annualized dividend of $3.46 per share.
The research and analysis conducted by various firms have shed further light on the performance and outlook for Pinnacle West Capital. StockNews.com, for example, recently initiated coverage on the company and issued a “sell” rating. Bank of America also adjusted their target price from $80.00 to $78.00, while KeyCorp raised their target price from $55.00 to $61.00. Another notable rating change came from Mizuho, who upgraded Pinnacle West Capital from “neutral” to “buy” with a target price increase from $78.00 to $85.00.
Wells Fargo & Company, however, took a slightly different stance by lowering their target price from $89.00 to $88.00 and assigning an “equal weight” rating on the stock.
According to Bloomberg’s consensus rating system, two analysts have given a sell rating, five have assigned a hold rating, and three have assigned a buy rating to Pinnacle West Capital stock.
As of now, the consensus among analysts suggests that investors should exercise caution when considering Pinnacle West Capital shares as an investment opportunity due to varying opinions regarding its potential performance in the market.