AlphaQuest LLC Trims Holdings in Pinnacle West Capital Corporation $PNW

Key Points

• AlphaQuest LLC has reduced its stake in Pinnacle West Capital Corporation by 38.7%, now holding 25,346 shares valued at approximately $2.41 million.
• Pinnacle West Capital reported $1.58 earnings per share for the last quarter, meeting analyst estimates with a revenue of $1.36 billion, a 3.8% increase from the same quarter last year.
• The company announced a quarterly dividend of $0.895 per share, representing an annualized yield of 3.9%, with a payout ratio of 73.81%.

AlphaQuest LLC lessened its stake in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 38.7% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 25,346 shares of the utilities provider's stock after selling 15,969 shares during the period. AlphaQuest LLC's holdings in Pinnacle West Capital were worth $2,414,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the stock. Exchange Traded Concepts LLC increased its holdings in Pinnacle West Capital by 1.3% during the first quarter. Exchange Traded Concepts LLC now owns 9,724 shares of the utilities provider's stock worth $926,000 after buying an additional 125 shares during the last quarter. Allworth Financial LP increased its holdings in Pinnacle West Capital by 19.1% during 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 during the last quarter. AE Wealth Management LLC increased its holdings in 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 worth $279,000 after buying an additional 137 shares during the last quarter. IFP Advisors Inc increased its holdings in Pinnacle West Capital by 4.0% during the first quarter. IFP Advisors Inc now owns 4,062 shares of the utilities provider's stock worth $387,000 after buying an additional 156 shares during the last quarter. Finally, Probity Advisors Inc. increased its holdings in Pinnacle West Capital by 2.6% during the first quarter. Probity Advisors Inc. now owns 6,214 shares of the utilities provider's stock worth $592,000 after buying an additional 158 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on PNW. Morgan Stanley decreased their price objective on shares of Pinnacle West Capital from $88.00 to $87.00 and set an "equal weight" rating for the company in a report on Thursday, May 22nd. Wall Street Zen cut shares of Pinnacle West Capital from a "hold" rating to a "sell" rating in a research note on Monday, May 5th. LADENBURG THALM/SH SH raised shares of Pinnacle West Capital to a "hold" rating in a research note on Friday, May 9th. Barclays reduced their price objective on shares of Pinnacle West Capital from $94.00 to $93.00 and set an "equal weight" rating for the company in a research note on Wednesday, August 13th. Finally, UBS Group reiterated a "neutral" rating and set a $98.00 target price (up from $96.00) on shares of Pinnacle West Capital in a research report on Friday, July 11th. Three research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $97.00.

Pinnacle West Capital Trading Down 1.4%

NYSE:PNW traded down $1.3220 during midday trading on Monday, reaching $90.0280. 783,492 shares of the stock traded hands, compared to its average volume of 1,164,970. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.37 and a current ratio of 0.52. The company has a fifty day moving average of $90.90 and a 200 day moving average of $91.51. The stock has a market capitalization of $10.75 billion, a P/E ratio of 18.56, a PEG ratio of 9.43 and a beta of 0.38. Pinnacle West Capital Corporation has a 12 month low of $81.47 and a 12 month high of $96.50.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The utilities provider reported $1.58 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $1.58. The business had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. Pinnacle West Capital had a net margin of 10.96% and a return on equity of 8.45%. The company's quarterly revenue was up 3.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.76 EPS. On average, research analysts predict that Pinnacle West Capital Corporation will post 5.13 EPS for the current year.

Pinnacle West Capital Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Friday, August 1st will be given a dividend of $0.895 per share. This represents a $3.58 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date of this dividend is Friday, August 1st. Pinnacle West Capital's payout ratio is presently 73.81%.

Insider Transactions at Pinnacle West Capital

In other Pinnacle West Capital news, EVP Jacob Tetlow sold 6,496 shares of the business's stock in a transaction on Monday, August 11th. The shares were sold at an average price of $92.37, for a total transaction of $600,035.52. Following the transaction, the executive vice president directly owned 56 shares of the company's stock, valued at approximately $5,172.72. The trade was a 99.15% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.23% of the company's stock.

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.