Entropy Technologies LP Has $1.32 Million Position in Pinnacle West Capital Corporation (NYSE:PNW)

Key Points

• Entropy Technologies LP reduced its holdings in Pinnacle West Capital Corporation by 27.8% after selling 5,330 shares, leaving the fund with 13,851 shares valued at approximately $1.32 million.
• Pinnacle West Capital recently announced a quarterly dividend of $0.895 per share, with a dividend yield of 3.9% and a dividend payout ratio of 73.81%.
• The company's quarterly earnings met analysts' expectations at $1.58 per share, with revenue increasing by 3.8% year-over-year to reach $1.36 billion.

Entropy Technologies LP lessened its holdings in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 27.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,851 shares of the utilities provider's stock after selling 5,330 shares during the quarter. Entropy Technologies LP's holdings in Pinnacle West Capital were worth $1,319,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Clearstead Trust LLC acquired a new position in shares of Pinnacle West Capital during the first quarter valued at $25,000. Costello Asset Management INC acquired a new position in shares of Pinnacle West Capital during the first quarter valued at $26,000. Canada Post Corp Registered Pension Plan acquired a new position in shares of Pinnacle West Capital during the fourth quarter valued at $35,000. HM Payson & Co. boosted its holdings in shares of Pinnacle West Capital by 49.7% during the first quarter. HM Payson & Co. now owns 590 shares of the utilities provider's stock valued at $56,000 after acquiring an additional 196 shares during the period. Finally, Spirit of America Management Corp NY acquired a new stake in Pinnacle West Capital in the first quarter worth about $57,000. Institutional investors and hedge funds own 91.51% of the company's stock.

Wall Street Analyst Weigh In

PNW has been the subject of several research analyst reports. BMO Capital Markets upped 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 report on Thursday, August 7th. Wall Street Zen downgraded shares of Pinnacle West Capital from a "hold" rating to a "sell" rating in a report on Monday, May 5th. Morgan Stanley reduced 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. 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 report on Wednesday. Finally, KeyCorp reduced their price objective on shares of Pinnacle West Capital from $101.00 to $100.00 and set an "overweight" rating for the company in a report on Wednesday, July 16th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, Pinnacle West Capital has a consensus rating of "Hold" and an average price target of $97.00.

Insider Buying and Selling at Pinnacle West Capital

In other news, EVP Jacob Tetlow sold 6,496 shares of the company'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 owned 56 shares in the company, valued at $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 available at this link. 0.23% of the stock is owned by corporate insiders.

Pinnacle West Capital Price Performance

NYSE PNW traded down $0.61 on Friday, reaching $91.30. The company's stock had a trading volume of 1,463,106 shares, compared to its average volume of 1,258,529. The firm's 50 day moving average is $90.71 and its two-hundred day moving average is $91.28. 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 stock has a market cap of $10.90 billion, a PE ratio of 18.82, a PEG ratio of 9.49 and a beta of 0.38. Pinnacle West Capital Corporation has a twelve month low of $81.47 and a twelve month high of $96.50.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $1.36 billion for 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 business's revenue for the quarter was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.76 EPS. As a group, sell-side analysts predict that Pinnacle West Capital Corporation will post 5.13 EPS for the current year.

Pinnacle West Capital Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Friday, August 1st will be issued a $0.895 dividend. The ex-dividend date is Friday, August 1st. This represents a $3.58 dividend on an annualized basis and a dividend yield of 3.9%. Pinnacle West Capital's dividend payout ratio is currently 73.81%.

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.