Pinnacle West Capital Corporation $PNW Position Lowered by Engineers Gate Manager LP

Key Points

• Engineers Gate Manager LP cut its Pinnacle West Capital position by 98.5% in the second quarter, selling 150,424 shares and retaining 2,220 shares valued at approximately $238,000.
• Institutional ownership remains high at 91.51%, with several major investors—including Barrow Hanley, Norges Bank, ATLAS Infrastructure, Soroban Capital and Wellington Management—initiating or increasing positions.
• Analysts maintain a mostly cautious view: Pinnacle West has an average “Hold” rating and a consensus price target of $104.23. The company recently missed quarterly EPS estimates but exceeded revenue expectations and reported 7.1% year-over-year revenue growth.

Engineers Gate Manager LP trimmed its holdings in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 98.5% in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 2,220 shares of the utilities provider's stock after selling 150,424 shares during the quarter. Engineers Gate Manager LP's holdings in Pinnacle West Capital were worth $238,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the business. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in Pinnacle West Capital in the 2nd quarter worth approximately $703,598,000. Norges Bank bought a new stake in shares of Pinnacle West Capital in the fourth quarter worth $140,468,000. ATLAS Infrastructure Partners UK Ltd. increased its position in Pinnacle West Capital by 44.3% during the fourth quarter. ATLAS Infrastructure Partners UK Ltd. now owns 4,461,243 shares of the utilities provider's stock valued at $395,712,000 after acquiring an additional 1,369,350 shares during the last quarter. Soroban Capital Partners LP increased its position in Pinnacle West Capital by 34.0% during the first quarter. Soroban Capital Partners LP now owns 3,854,815 shares of the utilities provider's stock valued at $388,373,000 after acquiring an additional 977,411 shares during the last quarter. Finally, Wellington Management Group LLP lifted its holdings in Pinnacle West Capital by 101.3% in the second quarter. Wellington Management Group LLP now owns 1,456,941 shares of the utilities provider's stock valued at $155,893,000 after acquiring an additional 733,069 shares during the period. Hedge funds and other institutional investors own 91.51% of the company's stock.

Insider Activity

In related news, CAO Elizabeth A. Blankenship sold 980 shares of the business's stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $99.17, for a total value of $97,186.60. Following the sale, the chief accounting officer directly owned 10,886 shares in the company, valued at approximately $1,079,564.62. The trade was a 8.26% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Jose Luis Esparza, Jr. sold 1,800 shares of the stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $102.01, for a total value of $183,618.00. Following the transaction, the senior vice president directly owned 4,910 shares of the company's stock, valued at approximately $500,869.10. The trade was a 26.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.19% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have issued reports on PNW shares. TD Cowen reissued a "hold" rating on shares of Pinnacle West Capital in a research report on Wednesday, August 12th. Barclays upped their price target on shares of Pinnacle West Capital from $102.00 to $108.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 1st. Jefferies Financial Group reiterated a "buy" rating and issued a $129.00 price objective on shares of Pinnacle West Capital in a research note on Wednesday, July 8th. Truist Financial dropped their price objective on shares of Pinnacle West Capital from $107.00 to $101.00 and set a "hold" rating on the stock in a report on Monday, August 17th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Pinnacle West Capital in a research report on Monday, August 3rd. Three investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat.com, Pinnacle West Capital currently has an average rating of "Hold" and a consensus price target of $104.23.

Pinnacle West Capital Stock Up 0.7%

PNW opened at $91.76 on Friday. The stock has a market cap of $11.12 billion, a price-to-earnings ratio of 17.58, a price-to-earnings-growth ratio of 3.35 and a beta of 0.45. The company has a debt-to-equity ratio of 1.38, a quick ratio of 0.41 and a current ratio of 0.59. The firm's fifty day moving average is $98.98 and its 200 day moving average is $101.41. Pinnacle West Capital Corporation has a fifty-two week low of $85.91 and a fifty-two week high of $111.16.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The utilities provider reported $1.43 EPS for the quarter, missing analysts' consensus estimates of $1.46 by ($0.03). The business had revenue of $1.46 billion during the quarter, compared to analysts' expectations of $1.40 billion. Pinnacle West Capital had a return on equity of 8.99% and a net margin of 11.52%.The firm's revenue for the quarter was up 7.1% on a year-over-year basis. During the same period in the prior year, the firm posted $1.58 earnings per share. Pinnacle West Capital has set its FY 2026 guidance at 4.550-4.750 EPS. On average, sell-side analysts forecast that Pinnacle West Capital Corporation will post 4.71 earnings per share for the current fiscal year.

Pinnacle West Capital Profile

Pinnacle West Capital Corporation NYSE: PNW is an energy holding company headquartered in Phoenix, Arizona. Its principal subsidiary, Arizona Public Service Company (APS), is an electric utility that provides power to residential, commercial and industrial customers throughout much of Arizona.

Through APS, Pinnacle West is involved in the generation, transmission and distribution of electricity. Its generation portfolio includes nuclear, natural gas, coal, solar and other renewable energy resources.

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