Thrive Wealth Management LLC, a prominent financial management company, has recently acquired a new position in Pinnacle West Capital Co. (NYSE:PNW), according to its latest disclosure with the Securities and Exchange Commission. The firm purchased 2,458 shares of the utilities provider’s stock during the second quarter, valued at approximately $200,000. This move by Thrive Wealth Management signifies their confidence in the potential of Pinnacle West Capital as an investment opportunity.
Pinnacle West Capital (NYSE:PNW) recently released its earnings results for the quarter ending on Thursday, August 3rd. The utilities provider reported earnings per share (EPS) of $0.94 for the quarter, falling short of analysts’ consensus estimates of $1.19 by ($0.25). Despite missing expectations, Pinnacle West Capital still demonstrated commendable financial performance with a net margin of 8.92% and a return on equity of 6.55%. In terms of revenue, the company recorded $1.12 billion during the quarter, exceeding analyst estimates of $1.09 billion. These figures indicate a year-over-year increase in revenue of 5.7% for Pinnacle West Capital.
Comparing this quarter’s earnings to the same period in the previous year, there was a decrease from $1.45 to $0.94 in earnings per share for Pinnacle West Capital Co. However, it is essential to note that these comparisons do not account for various economic factors or specific circumstances that may have influenced these results.
Research analysts have provided their projections for Pinnacle West Capital’s full fiscal year earnings per share estimate at an average of 4.22 based on available data and market trends.
Investors closely monitor such reports and disclosures to gain valuable insights into companies they are interested in investing in or already hold positions with. This information can assist them in making informed decisions about buying or selling stocks based on a company’s financial performance and other pertinent metrics.
Pinnacle West Capital serves as an integral player in the utilities sector, providing essential services to consumers and businesses alike. As an investment opportunity, it offers potential for long-term growth and stability. However, individuals should exercise caution before making any investment decisions and conduct thorough research or seek professional guidance.
As always, it is crucial to remember that investing in the stock market carries risks, and past performance is not indicative of future results. Investors should carefully weigh their options and consider their individual financial goals and risk tolerance before making any investment decisions.
Please be advised that this article is purely informative in nature and does not constitute financial advice. Readers are encouraged to consult with a certified financial advisor or professional before making any investment decisions.
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Prominent Hedge Funds Make Significant Modifications to Holdings of Pinnacle West Capital
In recent months, several prominent hedge funds have been making significant modifications to their holdings of Pinnacle West Capital, a well-known utilities provider. One such example is Fuller & Thaler Asset Management Inc., which boosted its position in the company by 13.3% during the fourth quarter. With this increase, Fuller & Thaler now owns 33,800 shares of Pinnacle West Capital’s stock, representing a value of $2,570,000. This acquisition was made possible by acquiring an additional 3,968 shares during the last quarter.
Following suit is Hennion & Walsh Asset Management Inc., whose position in Pinnacle West Capital grew by 12.6% in the first quarter. The firm now possesses 15,091 shares that are valued at $1,196,000. Similarly, Toronto Dominion Bank increased its stake in the company by 14.3% during the same period and currently holds 20,933 shares worth $1,658,000. In another noteworthy move, Headlands Technologies LLC purchased a new position in Pinnacle West Capital with an initial investment of approximately $26,000.
Bringing even more diversity to the range of investments is Bedel Financial Consulting Inc., which boosted its stake in Pinnacle West Capital by 12.5% during the first quarter. Presently owning 3,500 shares worth $277,000 after acquiring an additional 389 shares during that period.
It is important to mention that institutional investors and hedge funds hold a substantial amount (84.95%) of Pinnacle West Capital’s stock.
As for its performance on the New York Stock Exchange (NYSE), PNW opened at $79.09 on September 19th – our reference date – demonstrating stability and steady growth for the utilities provider. The company boasts a market capitalization of $8.96 billion and has shown excellent resiliency given its one-year low of $59.03 and its one-year high of $86.03. Pinnacle West Capital Co. continues to be competitively positioned within the market, evident through a P/E ratio of 22.09 along with a beta of 0.48.
On September 1st, Pinnacle West Capital declared a quarterly dividend, which was distributed to shareholders accordingly. Investors who held shares as of August 1st were paid a dividend of $0.865 per share, while the ex-dividend date for this payment was set on July 31st. This quarterly payment equates to an annualized dividend of $3.46 and an attractive yield of 4.37%. Additionally, Pinnacle West Capital’s dividend payout ratio (DPR) stands at an impressive 96.65%.
Several research analysts have shared their insights regarding PNW’s stock performance in recent times. Morgan Stanley reduced their price objective for Pinnacle West Capital from $78 to $73, maintaining an “equal weight” rating for the company based on their research findings published on August 23rd. Barclays also initiated coverage on PNW, awarding it with an “overweight” rating and setting a price target of $81 on August 23rd as well.
Another prominent firm that has assessed PNW is Bank of America; they lowered their price objective from $80 to $78 in late June this year. Notably, StockNews.com expressed a negative outlook towards Pinnacle West Capital when they began covering the stock on August 17th with a “sell” rating.
Overall consensus from nine different research analysts compiled by Bloomberg.com suggests that Pinnacle West Capital currently holds a “Hold” rating among investors in the market arena today, emphasizing the significance placed upon monitoring future developments surrounding the utilities provider closely.
