MADDEN SECURITIES Corp Has $1.48 Million Stake in Pinnacle West Capital Co. (NYSE:PNW)

MADDEN SECURITIES Corp boosted its holdings in Pinnacle West Capital Co. (NYSE:PNW) by 7.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 19,810 shares of the utilities provider’s stock after purchasing an additional 1,410 shares during the quarter. MADDEN SECURITIES Corp’s holdings in Pinnacle West Capital were worth $1,480,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of PNW. Capital Research Global Investors boosted its holdings in shares of Pinnacle West Capital by 116.8% in the 4th quarter. Capital Research Global Investors now owns 6,507,809 shares of the utilities provider’s stock worth $467,521,000 after buying an additional 3,506,181 shares during the last quarter. Norges Bank purchased a new stake in shares of Pinnacle West Capital during the fourth quarter valued at approximately $112,914,000. First Trust Advisors LP lifted its stake in Pinnacle West Capital by 2.5% in the fourth quarter. First Trust Advisors LP now owns 1,205,800 shares of the utilities provider’s stock worth $86,625,000 after acquiring an additional 29,767 shares during the period. FMR LLC lifted its stake in Pinnacle West Capital by 1.0% in the third quarter. FMR LLC now owns 1,153,505 shares of the utilities provider’s stock worth $84,990,000 after acquiring an additional 11,591 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in Pinnacle West Capital by 2.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 991,371 shares of the utilities provider’s stock valued at $71,220,000 after buying an additional 28,178 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on PNW shares. Wells Fargo & Company lifted their price objective on Pinnacle West Capital from $77.00 to $80.00 and gave the stock an “equal weight” rating in a report on Wednesday, June 5th. Citigroup started coverage on Pinnacle West Capital in a research report on Monday, April 29th. They set a “neutral” rating and a $78.00 target price on the stock. StockNews.com raised Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Friday, June 7th. Evercore ISI lowered their target price on Pinnacle West Capital from $76.00 to $69.00 and set an “in-line” rating for the company in a report on Monday, March 4th. Finally, Royal Bank of Canada decreased their price target on Pinnacle West Capital from $83.00 to $80.00 and set a “sector perform” rating for the company in a research note on Friday, March 1st. Eight equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Pinnacle West Capital currently has a consensus rating of “Hold” and a consensus target price of $76.04.

Pinnacle West Capital Stock Up 1.0 %

NYSE:PNW traded up $0.74 during mid-day trading on Thursday, hitting $75.48. The company had a trading volume of 881,074 shares, compared to its average volume of 1,210,731. The company has a current ratio of 0.58, a quick ratio of 0.42 and a debt-to-equity ratio of 1.20. The firm has a market capitalization of $8.57 billion, a price-to-earnings ratio of 16.28, a PEG ratio of 1.91 and a beta of 0.50. Pinnacle West Capital Co. has a 1 year low of $65.20 and a 1 year high of $86.03. The business has a fifty day simple moving average of $75.78 and a 200-day simple moving average of $72.91.

Pinnacle West Capital (NYSE:PNW) last issued its earnings results on Thursday, May 2nd. The utilities provider reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.17. The company had revenue of $951.71 million during the quarter, compared to the consensus estimate of $981.82 million. Pinnacle West Capital had a return on equity of 8.29% and a net margin of 11.09%. Pinnacle West Capital’s quarterly revenue was up .7% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.03) earnings per share. Equities analysts forecast that Pinnacle West Capital Co. will post 4.77 earnings per share for the current fiscal year.

Pinnacle West Capital Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 1st will be given a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a yield of 4.66%. Pinnacle West Capital’s dividend payout ratio (DPR) is 76.69%.

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.