Key Points
- Director Paula Sims sold 2,000 Pinnacle West shares at an average price of $105.44, worth $210,880. She retained 9,032 shares after reducing her stake by 18.13%.
- Pinnacle West beat quarterly earnings and revenue expectations, reporting EPS of $3.49 and revenue of $1.97 billion; revenue rose 8.3% year over year.
- The company raised its quarterly dividend from $0.91 to $0.925 per share, equivalent to an annualized $3.70 and a 3.5% yield. Analysts’ consensus rating is Hold, with a $103.77 average price target.
Pinnacle West Capital Corporation (NYSE:PNW - Get Free Report) Director Paula Sims sold 2,000 shares of the business's stock in a transaction on Monday, November 9th. The stock was sold at an average price of $105.44, for a total transaction of $210,880.00. Following the completion of the transaction, the director directly owned 9,032 shares in the company, valued at $952,334.08. This trade represents a 18.13% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link.
Pinnacle West Capital Price Performance
Shares of NYSE:PNW opened at $107.09 on Friday. The company has a debt-to-equity ratio of 1.35, a quick ratio of 0.50 and a current ratio of 0.71. The firm has a fifty day moving average price of $99.77 and a 200 day moving average price of $100.91. Pinnacle West Capital Corporation has a fifty-two week low of $86.18 and a fifty-two week high of $111.16. The firm has a market cap of $12.98 billion, a price-to-earnings ratio of 20.13, a P/E/G ratio of 3.77 and a beta of 0.48.
Pinnacle West Capital (NYSE:PNW - Get Free Report) last posted its earnings results on Tuesday, November 3rd. The utilities provider reported $3.49 earnings per share for the quarter, beating the consensus estimate of $3.32 by $0.17. The company had revenue of $1.97 billion during the quarter, compared to analysts' expectations of $1.90 billion. Pinnacle West Capital had a net margin of 11.59% and a return on equity of 9.18%. Pinnacle West Capital's quarterly revenue was up 8.3% on a year-over-year basis. During the same period last year, the company posted $3.39 earnings per share. As a group, sell-side analysts expect that Pinnacle West Capital Corporation will post 4.92 earnings per share for the current fiscal year.
Pinnacle West Capital Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Monday, November 2nd will be issued a dividend of $0.9250 per share. This is a boost from Pinnacle West Capital's previous quarterly dividend of $0.91. The ex-dividend date of this dividend is Monday, November 2nd. This represents a $3.70 annualized dividend and a dividend yield of 3.5%. Pinnacle West Capital's payout ratio is currently 69.55%.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently modified their holdings of the business. Wellington Management Group LLP grew its stake in shares of Pinnacle West Capital by 101.3% in the 2nd quarter. Wellington Management Group LLP now owns 1,456,941 shares of the utilities provider's stock worth $155,893,000 after buying an additional 733,069 shares in the last quarter. Tidal Investments LLC raised its position in shares of Pinnacle West Capital by 233.3% during the 2nd quarter. Tidal Investments LLC now owns 35,637 shares of the utilities provider's stock valued at $3,813,000 after buying an additional 24,946 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Pinnacle West Capital by 3.7% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 291,694 shares of the utilities provider's stock valued at $31,211,000 after buying an additional 10,498 shares in the last quarter. Amundi raised its position in shares of Pinnacle West Capital by 41.4% during the 2nd quarter. Amundi now owns 218,811 shares of the utilities provider's stock valued at $23,413,000 after buying an additional 64,074 shares in the last quarter. Finally, Soroban Capital Partners LP raised its position in shares of Pinnacle West Capital by 34.0% during the 1st quarter. Soroban Capital Partners LP now owns 3,854,815 shares of the utilities provider's stock valued at $388,373,000 after buying an additional 977,411 shares in the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of brokerages have recently weighed in on PNW. TD Cowen restated a "hold" rating on shares of Pinnacle West Capital in a research report on Wednesday, August 12th. BMO Capital Markets decreased their target price on Pinnacle West Capital from $106.00 to $104.00 and set a "market perform" rating on the stock in a research report on Wednesday, July 22nd. Weiss Ratings reissued a "buy (b)" rating on shares of Pinnacle West Capital in a research note on Friday, October 30th. Citigroup reissued a "neutral" rating on shares of Pinnacle West Capital in a research note on Thursday, October 8th. Finally, Wall Street Zen cut Pinnacle West Capital from a "hold" rating to a "sell" rating in a report on Saturday, November 7th. Five investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $103.77.
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Pinnacle West Capital Company Profile
(
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Pinnacle West Capital Corporation is an energy holding company whose principal subsidiary, Arizona Public Service Company (APS), provides electric service in Arizona. APS generates, transmits and distributes electricity to residential, commercial and industrial customers. APS serves communities across central and northern Arizona, including the Phoenix metropolitan area. Its electricity supply comes from a mix of generating resources, including nuclear, natural gas, coal and renewable energy. Pinnacle West became the parent company of APS in 1985.
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