Pinnacle West Capital Co. (NYSE:PNW) Short Interest Up 16.4% in December

Pinnacle West Capital Co. (NYSE:PNW) saw a large increase in short interest in the month of December. As of December 31st, there was short interest totalling 3,050,000 shares, an increase of 16.4% from the December 15th total of 2,620,000 shares. Based on an average daily trading volume, of 932,900 shares, the short-interest ratio is currently 3.3 days. Approximately 2.7% of the shares of the company are short sold.

Shares of Pinnacle West Capital stock traded up $0.81 on Tuesday, hitting $92.04. 758,200 shares of the company traded hands, compared to its average volume of 869,378. The firm’s 50-day simple moving average is $88.20 and its 200 day simple moving average is $92.10. The company has a current ratio of 0.71, a quick ratio of 0.52 and a debt-to-equity ratio of 0.89. The company has a market cap of $10.18 billion, a P/E ratio of 20.27, a P/E/G ratio of 3.76 and a beta of 0.05. Pinnacle West Capital has a 12-month low of $82.42 and a 12-month high of $99.81.

Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings data on Thursday, November 7th. The utilities provider reported $2.77 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $3.00 by ($0.23). The company had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.25 billion. Pinnacle West Capital had a net margin of 14.07% and a return on equity of 9.19%. The business’s quarterly revenue was down 6.1% compared to the same quarter last year. During the same quarter last year, the business posted $2.80 EPS. Analysts predict that Pinnacle West Capital will post 4.7 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 2nd. Stockholders of record on Monday, February 3rd will be given a dividend of $0.7825 per share. This represents a $3.13 annualized dividend and a dividend yield of 3.40%. The ex-dividend date is Friday, January 31st. Pinnacle West Capital’s dividend payout ratio (DPR) is currently 68.94%.

In related news, VP Barbara D. Lockwood sold 1,750 shares of the firm’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $86.19, for a total value of $150,832.50. Following the completion of the transaction, the vice president now directly owns 1,646 shares of the company’s stock, valued at approximately $141,868.74. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.41% of the stock is currently owned by company insiders.

Several institutional investors have recently bought and sold shares of PNW. Harvest Fund Management Co. Ltd purchased a new stake in shares of Pinnacle West Capital during the 2nd quarter valued at $35,000. HM Payson & Co. purchased a new stake in shares of Pinnacle West Capital during the 2nd quarter valued at $37,000. CSat Investment Advisory L.P. raised its position in shares of Pinnacle West Capital by 50.3% during the 2nd quarter. CSat Investment Advisory L.P. now owns 448 shares of the utilities provider’s stock valued at $42,000 after buying an additional 150 shares in the last quarter. Cerebellum GP LLC purchased a new stake in shares of Pinnacle West Capital during the 3rd quarter valued at $68,000. Finally, Bartlett & Co. LLC raised its position in shares of Pinnacle West Capital by 142.9% during the 3rd quarter. Bartlett & Co. LLC now owns 850 shares of the utilities provider’s stock valued at $83,000 after buying an additional 500 shares in the last quarter. Hedge funds and other institutional investors own 85.77% of the company’s stock.

PNW has been the subject of several analyst reports. Credit Suisse Group raised their price target on shares of Pinnacle West Capital from $101.00 to $108.00 and gave the company an “outperform” rating in a report on Monday, October 7th. Morgan Stanley cut their price target on shares of Pinnacle West Capital from $95.00 to $87.00 and set an “underweight” rating for the company in a report on Friday, November 8th. Bank of America downgraded shares of Pinnacle West Capital from a “buy” rating to a “neutral” rating and set a $90.00 price target for the company. in a report on Friday, November 8th. Zacks Investment Research downgraded shares of Pinnacle West Capital from a “hold” rating to a “sell” rating and set a $99.00 price target for the company. in a report on Friday, October 18th. Finally, UBS Group cut their price target on shares of Pinnacle West Capital from $104.00 to $95.00 and set a “neutral” rating for the company in a report on Friday, December 20th. Four analysts have rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $95.75.

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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