Geode Capital Management LLC Acquires 27,861 Shares of Pinnacle West Capital Corporation $PNW

Key Points

• Geode Capital Management increased its stake in Pinnacle West Capital by 0.9% in Q4, buying 27,861 additional shares and bringing its total holding to 3.10 million shares valued at about $274.1 million.
• Pinnacle West Capital beat earnings and revenue estimates for the quarter, reporting EPS of $0.27 versus a loss estimate and revenue of $1.15 billion, up 11.4% year over year.
• The utility also paid a quarterly dividend of $0.91 per share, implying an annualized yield of 3.7%, while analysts currently rate the stock a consensus Hold with an average target price of $102.50.

Geode Capital Management LLC raised its holdings in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 0.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 3,095,691 shares of the utilities provider's stock after acquiring an additional 27,861 shares during the quarter. Geode Capital Management LLC owned about 2.59% of Pinnacle West Capital worth $274,117,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Capital Research Global Investors boosted its stake in Pinnacle West Capital by 5.0% in the third quarter. Capital Research Global Investors now owns 15,853,302 shares of the utilities provider's stock valued at $1,421,407,000 after acquiring an additional 758,190 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC boosted its stake in Pinnacle West Capital by 8.5% in the third quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 7,223,725 shares of the utilities provider's stock valued at $647,679,000 after acquiring an additional 568,581 shares during the last quarter. Reaves W H & Co. Inc. boosted its stake in Pinnacle West Capital by 21.3% in the third quarter. Reaves W H & Co. Inc. now owns 1,804,114 shares of the utilities provider's stock valued at $161,757,000 after acquiring an additional 316,193 shares during the last quarter. First Trust Advisors LP boosted its stake in Pinnacle West Capital by 6.3% in the third quarter. First Trust Advisors LP now owns 1,307,421 shares of the utilities provider's stock valued at $117,223,000 after acquiring an additional 76,930 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Pinnacle West Capital by 9.9% in the third quarter. Dimensional Fund Advisors LP now owns 1,265,651 shares of the utilities provider's stock valued at $113,466,000 after acquiring an additional 113,585 shares during the last quarter. 91.51% of the stock is owned by institutional investors.

Pinnacle West Capital Stock Down 2.4%

Shares of PNW stock opened at $97.39 on Tuesday. The company has a current ratio of 0.60, a quick ratio of 0.39 and a debt-to-equity ratio of 1.38. Pinnacle West Capital Corporation has a 1 year low of $85.32 and a 1 year high of $104.92. The firm's fifty day moving average price is $101.26 and its two-hundred day moving average price is $95.97. The firm has a market capitalization of $11.80 billion, a P/E ratio of 18.14, a PEG ratio of 3.65 and a beta of 0.44.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last issued its quarterly earnings results on Monday, May 4th. The utilities provider reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.03) by $0.30. Pinnacle West Capital had a net margin of 11.99% and a return on equity of 9.27%. The firm had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.08 billion. During the same period in the previous year, the business earned ($0.04) EPS. The company's revenue was up 11.4% compared to the same quarter last year. Pinnacle West Capital has set its FY 2026 guidance at 4.550-4.750 EPS. On average, equities analysts predict that Pinnacle West Capital Corporation will post 4.7 EPS for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 4th were paid a $0.91 dividend. This represents a $3.64 annualized dividend and a yield of 3.7%. The ex-dividend date was Monday, May 4th. Pinnacle West Capital's payout ratio is presently 67.78%.

Analyst Ratings Changes

Several equities research analysts have weighed in on PNW shares. Wells Fargo & Company set a $106.00 target price on shares of Pinnacle West Capital in a report on Tuesday, April 21st. Citigroup increased their target price on shares of Pinnacle West Capital from $100.00 to $109.00 and gave the stock a "neutral" rating in a report on Thursday, February 26th. Barclays increased their target price on shares of Pinnacle West Capital from $101.00 to $102.00 and gave the stock an "equal weight" rating in a report on Tuesday, May 5th. Weiss Ratings upgraded shares of Pinnacle West Capital from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, May 6th. Finally, BMO Capital Markets increased their target price on shares of Pinnacle West Capital from $98.00 to $107.00 and gave the stock a "market perform" rating in a report on Thursday, February 26th. Three equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $102.50.

Insider Transactions at Pinnacle West Capital

In other Pinnacle West Capital news, EVP Jacob Tetlow sold 6,567 shares of Pinnacle West Capital stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $99.00, for a total value of $650,133.00. Following the sale, the executive vice president directly owned 6,634 shares in the company, valued at approximately $656,766. The trade was a 49.75% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.19% of the company's stock.

About Pinnacle West Capital

Pinnacle West Capital Corporation is a publicly traded utility holding company headquartered in Phoenix, Arizona. Through its principal subsidiary, Arizona Public Service Company (APS), Pinnacle West generates, transmits and distributes electricity to more than one million residential, commercial and industrial customers across central and southern Arizona. The company's regulated operations focus on delivering safe, reliable power while meeting evolving environmental standards.

The company's diversified generation portfolio includes natural gas–fired plants, the nuclear-powered Palo Verde Generating Station—the largest nuclear facility in the United States by net output—plus growing investments in solar and battery storage projects.

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