Pinnacle West Capital Corporation $PNW Shares Newly Purchased by Banque Pictet & Cie SA

Key Points

• Banque Pictet & Cie SA purchased 17,577 shares of Pinnacle West Capital in the third quarter, valued at approximately $1.64 million. Institutional investors collectively own 91.51% of the company.
• Analyst sentiment remains cautious: four analysts rate PNW a Buy and eleven rate it Hold, producing an overall “Hold” consensus and an average price target of $102.
• Pinnacle West reported quarterly EPS of $1.43, slightly below the $1.46 consensus, while revenue rose 7.1% year over year to $1.46 billion. Shares opened at $103.43, with a market capitalization of roughly $12.54 billion.

Banque Pictet & Cie SA bought a new position in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 17,577 shares of the utilities provider's stock, valued at approximately $1,635,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Barrow Hanley Mewhinney & Strauss LLC bought a new position in Pinnacle West Capital in the 2nd quarter valued at about $703,598,000. Soroban Capital Partners LP lifted 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 worth $388,373,000 after acquiring an additional 977,411 shares during the last quarter. Wellington Management Group LLP lifted its position in Pinnacle West Capital by 101.3% during the second quarter. Wellington Management Group LLP now owns 1,456,941 shares of the utilities provider's stock worth $155,893,000 after acquiring an additional 733,069 shares during the last quarter. Hsbc Holdings PLC bought a new stake in shares of Pinnacle West Capital during the second quarter worth approximately $64,952,000. Finally, Legal & General Group Plc bought a new stake in shares of Pinnacle West Capital during the second quarter worth approximately $61,683,000. Institutional investors own 91.51% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on PNW. BMO Capital Markets decreased their target price on Pinnacle West Capital from $106.00 to $104.00 and set a "market perform" rating on the stock in a research report on Wednesday, July 22nd. Wall Street Zen upgraded Pinnacle West Capital from a "sell" rating to a "hold" rating in a research note on Saturday, October 3rd. Jefferies Financial Group dropped their price target on Pinnacle West Capital from $129.00 to $109.00 and set a "buy" rating for the company in a report on Monday, October 5th. Citigroup reissued a "neutral" rating on shares of Pinnacle West Capital in a report on Thursday, October 8th. Finally, Morgan Stanley reduced their price target on Pinnacle West Capital from $94.00 to $89.00 and set an "equal weight" rating for the company in a research note on Friday, September 18th. Four investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $102.00.

Insider Transactions at Pinnacle West Capital

In other Pinnacle West Capital news, SVP 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 transaction of $183,618.00. Following the transaction, the senior vice president owned 4,910 shares in the company, valued at $500,869.10. This represents a 26.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Elizabeth Blankenship sold 980 shares of the stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $99.17, for a total transaction of $97,186.60. Following the transaction, the chief accounting officer owned 10,886 shares in the company, valued at approximately $1,079,564.62. The trade was a 8.26% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.19% of the company's stock.

Pinnacle West Capital Trading Up 1.8%

Shares of Pinnacle West Capital stock opened at $103.43 on Friday. 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 has a 50-day moving average of $97.25 and a 200-day moving average of $101.15. Pinnacle West Capital Corporation has a 52-week low of $86.18 and a 52-week high of $111.16. The stock has a market cap of $12.54 billion, a PE ratio of 19.81, a PEG ratio of 3.71 and a beta of 0.43.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last released 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). Pinnacle West Capital had a return on equity of 8.99% and a net margin of 11.52%. The business had revenue of $1.46 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same period in the prior year, the business posted $1.58 earnings per share. Pinnacle West Capital's revenue was up 7.1% compared to the same quarter last year. Pinnacle West Capital has set its FY 2026 guidance at 4.550-4.750 EPS. As a group, sell-side analysts forecast that Pinnacle West Capital Corporation will post 4.80 EPS for the current year.

Pinnacle West Capital Company 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 a regulated electric utility that generates, transmits and distributes electricity to residential, commercial and industrial customers across Arizona.

APS operates a diverse portfolio of power resources, including natural gas, nuclear, solar and other renewable generation facilities. The company is also one of the owners and operators of the Palo Verde Generating Station, a nuclear power facility west of Phoenix that supplies electricity to customers in Arizona and other western states.

Pinnacle West was incorporated in 1985 and has focused primarily on providing reliable electricity and supporting Arizona's growing energy needs.

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