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

A number of other institutional investors also recently modified their holdings of PNW. Brighton Jones LLC bought a new stake in shares of Pinnacle West Capital in the 4th quarter valued at $417,000. Raymond James Financial Inc. bought a new stake in shares of Pinnacle West Capital in the 4th quarter valued at $4,892,000. Mariner LLC boosted its stake in shares of Pinnacle West Capital by 7.8% in the 4th quarter. Mariner LLC now owns 27,239 shares of the utilities provider's stock valued at $2,309,000 after purchasing an additional 1,960 shares during the last quarter. Marshall Wace LLP lifted its position in shares of Pinnacle West Capital by 266.1% during the 4th quarter. Marshall Wace LLP now owns 69,739 shares of the utilities provider's stock valued at $5,912,000 after acquiring an additional 50,692 shares during the period. Finally, Canada Pension Plan Investment Board lifted its position in shares of Pinnacle West Capital by 63.2% during the 4th quarter. Canada Pension Plan Investment Board now owns 22,200 shares of the utilities provider's stock valued at $1,882,000 after acquiring an additional 8,600 shares during the period. 91.51% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Pinnacle West Capital news, EVP Jacob Tetlow sold 6,496 shares of the firm's stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $92.37, for a total value of $600,035.52. Following the completion of the transaction, the executive vice president owned 56 shares in the company, valued at $5,172.72. This trade represents a 99.15% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.23% of the stock is currently owned by corporate insiders.

Pinnacle West Capital Stock Performance

Shares of NYSE:PNW traded up $0.43 during midday trading on Wednesday, reaching $90.39. The company had a trading volume of 350,062 shares, compared to its average volume of 1,157,659. The company's 50 day moving average price is $90.92 and its 200 day moving average price is $91.50. Pinnacle West Capital Corporation has a 52-week low of $81.47 and a 52-week high of $96.50. The stock has a market cap of $10.80 billion, a P/E ratio of 18.62, a P/E/G ratio of 9.29 and a beta of 0.38. The company has a current ratio of 0.52, a quick ratio of 0.37 and a debt-to-equity ratio of 1.25.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The utilities provider reported $1.58 earnings per share for the quarter, hitting the consensus estimate of $1.58. Pinnacle West Capital had a return on equity of 8.45% and a net margin of 10.96%.The company had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. During the same quarter last year, the firm posted $1.76 EPS. The firm's revenue for the quarter was up 3.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Pinnacle West Capital Corporation will post 5.13 EPS for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Friday, August 1st will be paid a $0.895 dividend. The ex-dividend date is Friday, August 1st. This represents a $3.58 annualized dividend and a yield of 4.0%. Pinnacle West Capital's dividend payout ratio (DPR) is currently 73.81%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on PNW shares. Wells Fargo & Company boosted their target price on shares of Pinnacle West Capital from $95.00 to $98.00 and gave the company an "equal weight" rating in a research report on Friday, May 2nd. Morgan Stanley set a $89.00 price target on shares of Pinnacle West Capital and gave the company an "outperform" rating in a research note on Thursday, August 21st. LADENBURG THALM/SH SH raised shares of Pinnacle West Capital to a "hold" rating in a report on Friday, May 9th. KeyCorp cut their price objective on shares of Pinnacle West Capital from $101.00 to $100.00 and set an "overweight" rating on the stock in a report on Wednesday, July 16th. Finally, Barclays cut their price objective on shares of Pinnacle West Capital from $94.00 to $93.00 and set an "equal weight" rating on the stock in a report on Wednesday, August 13th. Four analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat, Pinnacle West Capital currently has an average rating of "Hold" and a consensus price target of $97.22.

About Pinnacle West Capital

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.