Ranch Capital Advisors Inc. Acquires New Holdings in Pinnacle West Capital Co. (NYSE:PNW)

Ranch Capital Advisors Inc. purchased a new position in Pinnacle West Capital Co. (NYSE:PNW) during the 4th quarter, Holdings Channel reports. The fund purchased 5,203 shares of the utilities provider’s stock, valued at approximately $441,000.

Other institutional investors have also added to or reduced their stakes in the company. HITE Hedge Asset Management LLC raised its position in Pinnacle West Capital by 261.2% in the third quarter. HITE Hedge Asset Management LLC now owns 92,311 shares of the utilities provider’s stock worth $8,178,000 after acquiring an additional 66,755 shares during the period. XTX Topco Ltd bought a new position in Pinnacle West Capital in the third quarter worth approximately $2,235,000. Principal Financial Group Inc. raised its position in Pinnacle West Capital by 7.7% in the third quarter. Principal Financial Group Inc. now owns 139,243 shares of the utilities provider’s stock worth $12,336,000 after acquiring an additional 9,993 shares during the period. Entropy Technologies LP raised its position in Pinnacle West Capital by 170.1% in the third quarter. Entropy Technologies LP now owns 30,314 shares of the utilities provider’s stock worth $2,686,000 after acquiring an additional 19,089 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in Pinnacle West Capital by 47.2% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,716 shares of the utilities provider’s stock worth $995,000 after acquiring an additional 3,758 shares during the period. 91.51% of the stock is currently owned by institutional investors.

Pinnacle West Capital Stock Performance

PNW opened at $91.91 on Monday. The stock has a market capitalization of $10.95 billion, a price-to-earnings ratio of 17.41, a PEG ratio of 3.59 and a beta of 0.53. The company has a fifty day moving average of $87.62 and a 200 day moving average of $88.43. Pinnacle West Capital Co. has a fifty-two week low of $69.50 and a fifty-two week high of $95.42. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.54 and a current ratio of 0.71.

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

Pinnacle West Capital Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Monday, February 3rd were given a dividend of $0.895 per share. The ex-dividend date of this dividend was Monday, February 3rd. This represents a $3.58 annualized dividend and a yield of 3.90%. Pinnacle West Capital’s dividend payout ratio (DPR) is currently 68.58%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Jefferies Financial Group decreased their price target on shares of Pinnacle West Capital from $106.00 to $104.00 and set a “buy” rating on the stock in a research report on Tuesday, January 28th. Guggenheim reissued a “buy” rating and issued a $100.00 price objective on shares of Pinnacle West Capital in a research note on Wednesday, February 26th. KeyCorp raised shares of Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 price objective for the company in a research note on Wednesday, December 4th. Wells Fargo & Company increased their price objective on shares of Pinnacle West Capital from $92.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 26th. Finally, Barclays cut shares of Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $93.00 to $91.00 in a research note on Monday, November 18th. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $90.15.

About Pinnacle West Capital

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.