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

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

Insider Buying and Selling

In related news, EVP Jacob Tetlow sold 6,496 shares of the company's stock in a transaction 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 completion of the transaction, the executive vice president directly owned 56 shares of the company's stock, valued at approximately $5,172.72. This represents a 99.15% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.23% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on PNW shares. Mizuho lowered shares of Pinnacle West Capital from an "outperform" rating to a "neutral" rating and decreased their price objective for the stock from $102.00 to $90.00 in a report on Tuesday, September 9th. BMO Capital Markets boosted their price objective on shares of 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. 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 report on Wednesday, August 13th. Morgan Stanley set a $89.00 target price on Pinnacle West Capital and gave the company an "outperform" rating in a research note on Thursday, August 21st. Finally, UBS Group dropped their target price on Pinnacle West Capital from $98.00 to $95.00 and set a "neutral" rating for the company in a research report on Friday. Four equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $96.20.

Pinnacle West Capital Trading Down 0.2%

Shares of NYSE PNW opened at $88.19 on Monday. Pinnacle West Capital Corporation has a twelve month low of $81.47 and a twelve month high of $96.50. The stock has a market cap of $10.53 billion, a price-to-earnings ratio of 18.18, a P/E/G ratio of 9.11 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. The company's fifty day moving average is $90.74 and its 200-day moving average is $91.37.

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

Pinnacle West Capital Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Friday, August 1st were issued a dividend of $0.895 per share. This represents a $3.58 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date was Friday, August 1st. Pinnacle West Capital's dividend payout ratio (DPR) is presently 73.81%.

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.

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