Arvest Investments Inc. Takes $512,000 Position in Pinnacle West Capital Corporation $PNW

Key Points

• Arvest Investments Inc. has purchased a new stake in Pinnacle West Capital Corporation, acquiring 5,724 shares valued at approximately $512,000.
• Several large investors, including Brighton Jones LLC and Ethic Inc., have also recently initiated or increased their holdings in Pinnacle West, indicating strong institutional interest in the stock.
• Pinnacle West Capital's recent earnings results met consensus estimates with an EPS of $1.58, and the company announced a quarterly dividend of $0.895 per share, representing a 4.1% dividend yield.

Arvest Investments Inc. bought a new stake in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 5,724 shares of the utilities provider's stock, valued at approximately $512,000.

Other large investors also recently modified their holdings of the company. Brighton Jones LLC acquired a new stake in shares of Pinnacle West Capital during the 4th quarter valued at $417,000. Ethic Inc. bought a new stake in Pinnacle West Capital during the 4th quarter worth $251,000. Focus Partners Wealth bought a new stake in Pinnacle West Capital during the 4th quarter worth $614,000. Janus Henderson Group PLC grew its position in Pinnacle West Capital by 0.5% during the 4th quarter. Janus Henderson Group PLC now owns 54,955 shares of the utilities provider's stock worth $4,657,000 after acquiring an additional 260 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Pinnacle West Capital by 31.9% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 30,962 shares of the utilities provider's stock worth $2,625,000 after acquiring an additional 7,488 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on PNW. Mizuho lowered Pinnacle West Capital from an "outperform" rating to a "neutral" rating and reduced their price objective for the stock from $102.00 to $90.00 in a research report on Tuesday, September 9th. BMO Capital Markets boosted their price objective on Pinnacle West Capital from $96.00 to $98.00 and gave the stock a "market perform" rating in a research report on Thursday, August 7th. UBS Group reduced their price objective on Pinnacle West Capital from $98.00 to $95.00 and set a "neutral" rating on the stock in a research report on Friday, September 12th. KeyCorp reduced their price objective on Pinnacle West Capital from $101.00 to $100.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 16th. Finally, Barclays reduced their price objective on Pinnacle West Capital from $94.00 to $93.00 and set an "equal weight" rating on the stock in a research report on Wednesday, August 13th. Four research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $96.20.

Pinnacle West Capital Trading Up 0.4%

Shares of NYSE PNW traded up $0.34 during trading on Friday, reaching $86.21. The company had a trading volume of 261,871 shares, compared to its average volume of 1,136,635. The company's fifty day moving average price is $90.43 and its 200-day moving average price is $91.20. 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 cap of $10.30 billion, a P/E ratio of 17.77, a PEG ratio of 8.89 and a beta of 0.45. The company has a quick ratio of 0.37, a current ratio of 0.52 and a debt-to-equity ratio of 1.25.

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

Insider Activity

In other news, EVP Jacob Tetlow sold 6,496 shares of the business'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 transaction, the executive vice president directly owned 56 shares of the company's stock, valued at $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 is available through this link. 0.23% of the stock is owned by corporate insiders.

Pinnacle West Capital Company 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.