Pinnacle West Capital Corporation $PNW Shares Bought by DNB Asset Management AS

Key Points

• DNB Asset Management AS increased its stake in Pinnacle West Capital by 61.3% in the fourth quarter, ending with 44,843 shares valued at about $3.98 million.
• Insider selling was reported as EVP Jacob Tetlow sold 6,567 shares at $99.00 each, cutting his position by nearly 50%.
• Pinnacle West Capital posted better-than-expected quarterly results with EPS of $0.27 and revenue of $1.15 billion, while analysts currently rate the stock a consensus Hold with a $103.14 target price.

DNB Asset Management AS raised its stake in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 61.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 44,843 shares of the utilities provider's stock after purchasing an additional 17,037 shares during the period. DNB Asset Management AS's holdings in Pinnacle West Capital were worth $3,978,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of PNW. Brighton Jones LLC acquired a new stake in Pinnacle West Capital in the 4th quarter valued at about $417,000. NewEdge Advisors LLC increased its holdings in shares of Pinnacle West Capital by 999.1% in the 1st quarter. NewEdge Advisors LLC now owns 8,210 shares of the utilities provider's stock valued at $782,000 after acquiring an additional 7,463 shares during the last quarter. Jones Financial Companies Lllp increased its holdings in shares of Pinnacle West Capital by 109.8% in the 1st quarter. Jones Financial Companies Lllp now owns 2,255 shares of the utilities provider's stock valued at $215,000 after acquiring an additional 1,180 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Pinnacle West Capital by 10.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 441,047 shares of the utilities provider's stock valued at $42,010,000 after acquiring an additional 41,173 shares during the last quarter. Finally, Empowered Funds LLC increased its holdings in shares of Pinnacle West Capital by 12.8% in the 1st quarter. Empowered Funds LLC now owns 4,600 shares of the utilities provider's stock valued at $438,000 after acquiring an additional 523 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company's stock.

Insider Transactions at Pinnacle West Capital

In related news, EVP Jacob Tetlow sold 6,567 shares of the firm's stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $99.00, for a total transaction of $650,133.00. Following the transaction, the executive vice president owned 6,634 shares in the company, valued at $656,766. This trade represents a 49.75% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.19% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have recently commented on PNW shares. Stifel Nicolaus set a $107.00 price objective on Pinnacle West Capital in a report on Thursday, February 26th. Truist Financial started coverage on Pinnacle West Capital in a report on Monday, April 20th. They issued a "hold" rating and a $108.00 price objective on the stock. Weiss Ratings upgraded Pinnacle West Capital from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, May 6th. Royal Bank Of Canada reiterated a "sector perform" rating and issued a $103.00 price objective on shares of Pinnacle West Capital in a report on Friday, January 23rd. Finally, TD Cowen increased their price objective on Pinnacle West Capital from $100.00 to $101.00 and gave the company a "hold" rating in a report on Friday. Three investment analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $103.14.

Pinnacle West Capital Trading Up 1.9%

NYSE:PNW opened at $101.63 on Wednesday. The stock's 50 day moving average price is $101.26 and its 200 day moving average price is $95.15. The company has a market capitalization of $12.32 billion, a PE ratio of 18.92, a P/E/G ratio of 3.65 and a beta of 0.46. The company has a quick ratio of 0.39, a current ratio of 0.60 and a debt-to-equity ratio of 1.38. Pinnacle West Capital Corporation has a 52-week low of $85.32 and a 52-week high of $104.92.

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

Pinnacle West Capital Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Monday, May 4th will be paid a dividend of $0.91 per share. This represents a $3.64 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date is Monday, May 4th. Pinnacle West Capital's dividend payout ratio (DPR) is currently 67.78%.

Pinnacle West Capital Company Profile

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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