Magellan Asset Management Ltd Lowers Stock Position in Pinnacle West Capital Corporation $PNW

Magellan Asset Management Ltd trimmed its holdings in Pinnacle West Capital Corporation (NYSE:PNW) by 1.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 81,875 shares of the utilities provider’s stock after selling 1,379 shares during the period. Magellan Asset Management Ltd’s holdings in Pinnacle West Capital were worth $7,325,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Exchange Traded Concepts LLC grew its position in Pinnacle West Capital by 1.3% in the second quarter. Exchange Traded Concepts LLC now owns 9,846 shares of the utilities provider’s stock worth $881,000 after acquiring an additional 122 shares in the last quarter. Mesirow Financial Investment Management Inc. grew its holdings in Pinnacle West Capital by 0.9% during the 2nd quarter. Mesirow Financial Investment Management Inc. now owns 13,516 shares of the utilities provider’s stock worth $1,209,000 after acquiring an additional 122 shares in the last quarter. Allworth Financial LP raised its stake in Pinnacle West Capital by 19.1% in the first quarter. Allworth Financial LP now owns 780 shares of the utilities provider’s stock worth $74,000 after buying an additional 125 shares in the last quarter. AE Wealth Management LLC lifted its position in shares of Pinnacle West Capital by 4.9% during the first quarter. AE Wealth Management LLC now owns 2,929 shares of the utilities provider’s stock valued at $279,000 after buying an additional 137 shares during the last quarter. Finally, IFP Advisors Inc increased its position in Pinnacle West Capital by 4.0% during the 1st quarter. IFP Advisors Inc now owns 4,062 shares of the utilities provider’s stock valued at $387,000 after buying an additional 156 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on PNW. TD Cowen initiated coverage on Pinnacle West Capital in a report on Thursday, October 16th. They set a “hold” rating and a $97.00 target price for the company. UBS Group lifted their price target on shares of Pinnacle West Capital from $95.00 to $101.00 and gave the company a “neutral” rating in a research note on Friday, October 10th. Barclays increased their target price on Pinnacle West Capital from $93.00 to $95.00 and gave the company an “equal weight” rating in a report on Tuesday, October 7th. Argus lowered their price target on shares of Pinnacle West Capital from $98.00 to $95.00 and set a “buy” rating on the stock in a research report on Tuesday, September 30th. Finally, Wells Fargo & Company raised shares of Pinnacle West Capital to a “hold” rating in a report on Tuesday, October 28th. Six analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Pinnacle West Capital has an average rating of “Hold” and a consensus price target of $97.54.

Insider Activity at Pinnacle West Capital

In related news, EVP Jacob Tetlow sold 6,496 shares of the firm’s stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $92.37, for a total value of $600,035.52. Following the sale, the executive vice president directly owned 56 shares of the company’s stock, valued at approximately $5,172.72. This trade represents a 99.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.23% of the stock is currently owned by corporate insiders.

Pinnacle West Capital Stock Performance

Shares of Pinnacle West Capital stock opened at $87.88 on Friday. Pinnacle West Capital Corporation has a 12 month low of $81.47 and a 12 month high of $96.50. The stock has a market capitalization of $10.52 billion, a price-to-earnings ratio of 18.12, a PEG ratio of 9.23 and a beta of 0.50. The firm’s fifty day simple moving average is $89.43 and its 200-day simple moving average is $90.55. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.52 and a quick ratio of 0.37.

Pinnacle West Capital (NYSE:PNW) last released its earnings results on Monday, November 3rd. The utilities provider reported $3.39 EPS for the quarter, topping the consensus estimate of $3.04 by $0.35. The company had revenue of $1.82 billion during the quarter, compared to analysts’ expectations of $1.78 billion. Pinnacle West Capital had a net margin of 10.96% and a return on equity of 8.45%. The business’s revenue was up 2.9% on a year-over-year basis. During the same quarter last year, the business earned $3.37 EPS. Pinnacle West Capital has set its FY 2026 guidance at 4.550-4.750 EPS. FY 2025 guidance at 4.900-5.100 EPS. As a group, equities analysts forecast that Pinnacle West Capital Corporation will post 5.13 earnings per share for the current year.

Pinnacle West Capital Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Investors of record on Monday, November 3rd will be given a dividend of $0.91 per share. This represents a $3.64 dividend on an annualized basis and a yield of 4.1%. This is an increase from Pinnacle West Capital’s previous quarterly dividend of $0.90. The ex-dividend date is Monday, November 3rd. Pinnacle West Capital’s dividend payout ratio (DPR) is 74.74%.

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.