nVerses Capital LLC Makes New $481,000 Investment in Pinnacle West Capital Co. (NYSE:PNW)

nVerses Capital LLC purchased a new position in Pinnacle West Capital Co. (NYSE:PNW - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 6,300 shares of the utilities provider's stock, valued at approximately $481,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Capital Research Global Investors increased its holdings in shares of Pinnacle West Capital by 97.5% in the first quarter. Capital Research Global Investors now owns 12,851,930 shares of the utilities provider's stock worth $960,425,000 after purchasing an additional 6,344,121 shares during the last quarter. Lazard Asset Management LLC boosted its position in shares of Pinnacle West Capital by 72.7% during the 1st quarter. Lazard Asset Management LLC now owns 6,719,397 shares of the utilities provider's stock valued at $502,139,000 after acquiring an additional 2,828,450 shares during the last quarter. Zimmer Partners LP purchased a new position in shares of Pinnacle West Capital in the first quarter valued at $198,409,000. Norges Bank bought a new stake in Pinnacle West Capital in the fourth quarter worth $112,914,000. Finally, First Trust Advisors LP raised its stake in Pinnacle West Capital by 2.5% during the fourth quarter. First Trust Advisors LP now owns 1,205,800 shares of the utilities provider's stock valued at $86,625,000 after purchasing an additional 29,767 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. StockNews.com upgraded shares of Pinnacle West Capital from a "sell" rating to a "hold" rating in a report on Monday, August 5th. Morgan Stanley raised their price objective on Pinnacle West Capital from $72.00 to $78.00 and gave the company an "equal weight" rating in a research note on Friday, August 23rd. Wells Fargo & Company lifted their target price on Pinnacle West Capital from $80.00 to $87.00 and gave the stock an "equal weight" rating in a report on Friday, August 2nd. Barclays decreased their price target on Pinnacle West Capital from $81.00 to $78.00 and set an "overweight" rating on the stock in a report on Tuesday, July 2nd. Finally, LADENBURG THALM/SH SH raised shares of Pinnacle West Capital from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $74.00 to $83.50 in a research note on Thursday, June 6th. Eight analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $77.95.

Pinnacle West Capital Trading Up 0.4 %

PNW stock traded up $0.37 during mid-day trading on Friday, reaching $87.52. The company had a trading volume of 736,113 shares, compared to its average volume of 1,117,230. The company has a market capitalization of $9.94 billion, a PE ratio of 19.07, a price-to-earnings-growth ratio of 2.26 and a beta of 0.50. The firm has a 50 day moving average of $82.67 and a 200 day moving average of $76.86. Pinnacle West Capital Co. has a 12 month low of $65.20 and a 12 month high of $89.39. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.58 and a quick ratio of 0.42.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last announced its quarterly earnings data on Thursday, August 1st. The utilities provider reported $1.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.45. The company had revenue of $1.31 billion for the quarter, compared to analysts' expectations of $1.21 billion. Pinnacle West Capital had a return on equity of 9.73% and a net margin of 12.65%. Pinnacle West Capital's revenue was up 15.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.94 earnings per share. On average, equities analysts predict that Pinnacle West Capital Co. will post 4.75 earnings per share for the current fiscal year.

Pinnacle West Capital Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 1st will be issued a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a yield of 4.02%. The ex-dividend date is Thursday, August 1st. Pinnacle West Capital's payout ratio is 76.69%.

Insider Activity

In other news, EVP Robert Edgar Smith sold 4,950 shares of Pinnacle West Capital stock in a transaction on Friday, August 9th. The stock was sold at an average price of $85.80, for a total value of $424,710.00. Following the transaction, the executive vice president now directly owns 6,397 shares in the company, valued at approximately $548,862.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.23% of the company's stock.

Pinnacle West Capital 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.