OppenheimerFunds Inc. increased its stake in shares of Pinnacle West Capital Co. (NYSE:PNW) by 11.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,029 shares of the utilities provider’s stock after buying an additional 959 shares during the quarter. OppenheimerFunds Inc.’s holdings in Pinnacle West Capital were worth $863,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the stock. Zions Bancorporation N.A. acquired a new stake in shares of Pinnacle West Capital during the first quarter worth $26,000. Altshuler Shaham Ltd acquired a new stake in shares of Pinnacle West Capital during the fourth quarter worth $26,000. Bartlett & Co. LLC acquired a new stake in shares of Pinnacle West Capital during the fourth quarter worth $30,000. Old North State Trust LLC grew its stake in shares of Pinnacle West Capital by 316.7% during the fourth quarter. Old North State Trust LLC now owns 400 shares of the utilities provider’s stock worth $34,000 after purchasing an additional 304 shares during the period. Finally, Global Retirement Partners LLC grew its stake in shares of Pinnacle West Capital by 72.7% during the fourth quarter. Global Retirement Partners LLC now owns 411 shares of the utilities provider’s stock worth $35,000 after purchasing an additional 173 shares during the period. Institutional investors and hedge funds own 84.70% of the company’s stock.

A number of equities research analysts recently commented on PNW shares. Credit Suisse Group set a $102.00 price objective on Pinnacle West Capital and gave the stock a “buy” rating in a research note on Monday, April 22nd. Wells Fargo & Co lowered Pinnacle West Capital from an “outperform” rating to a “market perform” rating and set a $87.36 target price on the stock. in a report on Wednesday, January 30th. Royal Bank of Canada lowered Pinnacle West Capital from an “outperform” rating to a “sector perform” rating and set a $93.00 target price on the stock. in a report on Friday, March 1st. ValuEngine lowered Pinnacle West Capital from a “buy” rating to a “hold” rating in a report on Tuesday, April 23rd. Finally, Bank of America upgraded Pinnacle West Capital from a “neutral” rating to a “buy” rating and set a $105.00 target price on the stock in a report on Monday, April 15th. 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’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $94.09.

In other news, CAO Denise R. Danner sold 3,278 shares of the business’s stock in a transaction dated Wednesday, February 27th. The stock was sold at an average price of $92.88, for a total value of $304,460.64. Following the sale, the chief accounting officer now directly owns 6,479 shares in the company, valued at $601,769.52. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Michael L. Gallagher sold 5,000 shares of the business’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $95.90, for a total value of $479,500.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 52,420 shares of company stock worth $4,895,239. Corporate insiders own 0.41% of the company’s stock.

PNW stock traded down $0.65 during midday trading on Friday, hitting $96.67. 568,244 shares of the company’s stock were exchanged, compared to its average volume of 1,006,005. The company has a current ratio of 0.55, a quick ratio of 0.36 and a debt-to-equity ratio of 0.92. The firm has a market cap of $10.85 billion, a PE ratio of 21.29, a P/E/G ratio of 3.96 and a beta of 0.18. Pinnacle West Capital Co. has a one year low of $73.41 and a one year high of $97.37.

Pinnacle West Capital (NYSE:PNW) last posted its earnings results on Wednesday, May 1st. The utilities provider reported $0.16 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.17 by ($0.01). The business had revenue of $740.53 million for the quarter, compared to the consensus estimate of $718.60 million. Pinnacle West Capital had a return on equity of 9.84% and a net margin of 14.06%. The business’s revenue was up 6.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.03 earnings per share. On average, analysts forecast that Pinnacle West Capital Co. will post 4.85 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Wednesday, May 1st will be issued a dividend of $0.7375 per share. The ex-dividend date is Tuesday, April 30th. This represents a $2.95 annualized dividend and a yield of 3.05%. Pinnacle West Capital’s dividend payout ratio is presently 64.98%.

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About Pinnacle West Capital

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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