MADDEN SECURITIES Corp Decreases Stock Position in Pinnacle West Capital Corporation $PNW

Key Points

• MADDEN SECURITIES Corp has reduced its stake in Pinnacle West Capital Corporation by 55.2%, now owning 8,175 shares valued at approximately $731,000.
• Pinnacle West Capital reported earnings of $1.58 per share for the latest quarter, meeting consensus estimates, with revenues of $1.36 billion exceeding expectations.
• Institutional investors now hold 91.51% of Pinnacle West Capital's stock, reflecting significant interest from the financial sector.

MADDEN SECURITIES Corp lessened its stake in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 55.2% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 8,175 shares of the utilities provider's stock after selling 10,085 shares during the period. MADDEN SECURITIES Corp's holdings in Pinnacle West Capital were worth $731,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Brighton Jones LLC purchased a new position in shares of Pinnacle West Capital in the 4th quarter worth approximately $417,000. Merit Financial Group LLC bought a new stake in Pinnacle West Capital in the first quarter worth $244,000. Park Avenue Securities LLC boosted its stake in Pinnacle West Capital by 31.7% during the first quarter. Park Avenue Securities LLC now owns 4,231 shares of the utilities provider's stock worth $403,000 after buying an additional 1,018 shares during the period. Farther Finance Advisors LLC boosted its stake in Pinnacle West Capital by 51.2% during the first quarter. Farther Finance Advisors LLC now owns 2,715 shares of the utilities provider's stock worth $259,000 after buying an additional 919 shares during the period. Finally, Yousif Capital Management LLC increased its position in Pinnacle West Capital by 2.9% during the first quarter. Yousif Capital Management LLC now owns 24,904 shares of the utilities provider's stock valued at $2,372,000 after acquiring an additional 692 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors.

Pinnacle West Capital Stock Performance

Shares of PNW stock opened at $90.99 on Tuesday. The firm has a market cap of $10.87 billion, a price-to-earnings ratio of 18.76, a PEG ratio of 9.31 and a beta of 0.46. Pinnacle West Capital Corporation has a 52-week low of $81.47 and a 52-week high of $96.50. 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 50 day moving average is $89.51 and its 200 day moving average is $90.79.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last announced its earnings results on Wednesday, August 6th. The utilities provider reported $1.58 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.58. The business had revenue of $1.36 billion for the quarter, compared to analysts' expectations 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% on a year-over-year basis. During the same quarter last year, the firm earned $1.76 EPS. On average, sell-side analysts anticipate that Pinnacle West Capital Corporation will post 5.13 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts recently weighed in on PNW shares. Mizuho lowered shares of 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. Barclays decreased their target price on Pinnacle West Capital from $94.00 to $93.00 and set an "equal weight" rating for the company in a research report on Wednesday, August 13th. BMO Capital Markets upped their price target 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. UBS Group reduced their price target on shares of Pinnacle West Capital from $98.00 to $95.00 and set a "neutral" rating on the stock in a research note on Friday, September 12th. Finally, Morgan Stanley lowered their price objective on shares of Pinnacle West Capital from $89.00 to $87.00 and set an "equal weight" rating for the company in a research report on Thursday, September 25th. Five research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $95.91.

Insider Transactions at Pinnacle West Capital

In other Pinnacle West Capital news, EVP Jacob Tetlow sold 6,496 shares of the business's stock in a transaction dated 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 in the company, valued at approximately $5,172.72. The trade was a 99.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.23% of the stock is owned by company 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.

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