Graham Capital Management L.P. Has $2.52 Million Stock Position in Pinnacle West Capital Corporation $PNW

Key Points

• Graham Capital Management L.P. increased its stake in Pinnacle West Capital Corporation by 101.0%, acquiring a total of 26,408 shares worth approximately $2.5 million at the end of the last quarter.
• Pinnacle West Capital reported a quarterly earnings per share (EPS) of $1.58, meeting analyst expectations, with revenues of $1.36 billion representing a 3.8% increase year-over-year.
• The company declared a quarterly dividend of $0.895 per share, yielding 4.0%, and its dividend payout ratio currently stands at 73.81%.

Graham Capital Management L.P. lifted its position in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 101.0% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 26,408 shares of the utilities provider's stock after buying an additional 13,269 shares during the quarter. Graham Capital Management L.P.'s holdings in Pinnacle West Capital were worth $2,515,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in PNW. Clearstead Trust LLC acquired a new position in Pinnacle West Capital in the 1st quarter valued at about $25,000. Costello Asset Management INC acquired a new position in Pinnacle West Capital in the 1st quarter valued at about $26,000. Brooklyn Investment Group raised its stake in Pinnacle West Capital by 440.0% in the 1st quarter. Brooklyn Investment Group now owns 486 shares of the utilities provider's stock valued at $46,000 after purchasing an additional 396 shares during the last quarter. HM Payson & Co. raised its stake in Pinnacle West Capital by 49.7% in the 1st quarter. HM Payson & Co. now owns 590 shares of the utilities provider's stock valued at $56,000 after purchasing an additional 196 shares during the last quarter. Finally, Spirit of America Management Corp NY acquired a new position in shares of Pinnacle West Capital during the 1st quarter valued at about $57,000. Institutional investors and hedge funds own 91.51% of the company's stock.

Insider Buying and Selling at Pinnacle West Capital

In related news, EVP Jacob Tetlow sold 6,496 shares of the stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $92.37, for a total value of $600,035.52. Following the completion of the sale, the executive vice president directly owned 56 shares of the company's stock, valued at approximately $5,172.72. This represents a 99.15% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.23% of the stock is owned by company insiders.

Pinnacle West Capital Stock Performance

NYSE PNW traded down $0.31 during trading hours on Friday, hitting $88.97. The company had a trading volume of 567,462 shares, compared to its average volume of 907,237. Pinnacle West Capital Corporation has a fifty-two week low of $81.47 and a fifty-two week high of $96.50. The firm has a market cap of $10.63 billion, a P/E ratio of 18.34, a price-to-earnings-growth ratio of 9.22 and a beta of 0.45. The business has a fifty day simple moving average of $90.98 and a 200-day simple moving average of $91.49. The company has a quick ratio of 0.37, a current ratio of 0.52 and a debt-to-equity ratio of 1.25.

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 for the quarter, meeting the consensus estimate of $1.58. Pinnacle West Capital had a return on equity of 8.45% and a net margin of 10.96%.The business had revenue of $1.36 billion during the quarter, compared to analysts' expectations of $1.35 billion. During the same quarter last year, the business posted $1.76 earnings per share. The company's quarterly revenue was up 3.8% on a year-over-year basis. Equities analysts predict that Pinnacle West Capital Corporation will post 5.13 EPS for the current year.

Pinnacle West Capital Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Friday, August 1st were given a $0.895 dividend. The ex-dividend date was Friday, August 1st. This represents a $3.58 dividend on an annualized basis and a dividend yield of 4.0%. Pinnacle West Capital's dividend payout ratio (DPR) is 73.81%.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. BMO Capital Markets boosted their target price on Pinnacle West Capital from $96.00 to $98.00 and gave the stock a "market perform" rating in a report on Thursday, August 7th. Morgan Stanley set a $89.00 price target on Pinnacle West Capital and gave the stock an "outperform" rating in a report on Thursday, August 21st. KeyCorp decreased their price target on Pinnacle West Capital from $101.00 to $100.00 and set an "overweight" rating for the company in a report on Wednesday, July 16th. Barclays decreased their price target on Pinnacle West Capital from $94.00 to $93.00 and set an "equal weight" rating for the company in a report on Wednesday, August 13th. Finally, LADENBURG THALM/SH SH upgraded Pinnacle West Capital to a "hold" rating in a report on Friday, May 9th. Four research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, Pinnacle West Capital has a consensus rating of "Hold" and an average target price of $97.22.

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.