Pinnacle West Capital (NYSE:PNW) Director Paula Sims Sells 2,000 Shares of Company Stock

Pinnacle West Capital Corporation (NYSE:PNW) Director Paula Sims sold 2,000 shares of Pinnacle West Capital stock in a transaction on Monday, November 9th. The shares were sold at an average price of $105.44, for a total value of $210,880.00. Following the transaction, the director owned 9,032 shares in the company, valued at $952,334.08. This trade represents a 18.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link.

Pinnacle West Capital Stock Performance

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 stock has a 50-day simple moving average of $99.77 and a two-hundred day simple moving average of $100.91. The firm has a market capitalization of $12.98 billion, a PE ratio of 20.13, a P/E/G ratio of 3.77 and a beta of 0.48. Pinnacle West Capital Corporation has a 52-week low of $86.18 and a 52-week high of $111.16.

Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings data on Tuesday, November 3rd. The utilities provider reported $3.49 EPS for the quarter, topping the consensus estimate of $3.32 by $0.17. Pinnacle West Capital had a return on equity of 9.18% and a net margin of 11.59%. The firm had revenue of $1.97 billion for the quarter, compared to the consensus estimate of $1.90 billion. During the same quarter last year, the company earned $3.39 earnings per share. The business’s revenue for the quarter was up 8.3% compared to the same quarter last year. Analysts forecast that Pinnacle West Capital Corporation will post 4.92 EPS for the current year.

Pinnacle West Capital Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Monday, November 2nd will be issued a $0.9250 dividend. The ex-dividend date of this dividend is Monday, November 2nd. This represents a $3.70 annualized dividend and a yield of 3.5%. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.91. Pinnacle West Capital’s payout ratio is currently 69.55%.

Hedge Funds Weigh In On Pinnacle West Capital

Several large investors have recently made changes to their positions in the business. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in shares of Pinnacle West Capital during the second quarter worth about $703,598,000. Soroban Capital Partners LP raised its stake in 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 purchasing an additional 977,411 shares during the period. Massachusetts Financial Services Co. MA raised its stake in Pinnacle West Capital by 0.3% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,853,685 shares of the utilities provider’s stock valued at $305,344,000 after purchasing an additional 9,298 shares during the period. Wellington Management Group LLP lifted its holdings in 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 purchasing an additional 733,069 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in Pinnacle West Capital by 2.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,345,955 shares of the utilities provider’s stock worth $135,604,000 after purchasing an additional 27,244 shares in the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PNW has been the topic of a number of recent analyst reports. Barclays decreased their target price on shares of Pinnacle West Capital from $108.00 to $94.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 1st. Mizuho set a $109.00 price target on shares of Pinnacle West Capital in a research report on Tuesday, November 3rd. BMO Capital Markets reduced their price objective on shares of Pinnacle West Capital from $106.00 to $104.00 and set a “market perform” rating for the company in a research note on Wednesday, July 22nd. Morgan Stanley increased their price objective on shares of Pinnacle West Capital from $89.00 to $91.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 21st. Finally, Jefferies Financial Group decreased their price objective on shares of Pinnacle West Capital from $129.00 to $109.00 and set a “buy” rating on the stock in a research report on Monday, October 5th. Five analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $103.77.

About Pinnacle West Capital

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.