QRG Capital Management Inc. Sells 37,978 Shares of Pinnacle West Capital Corporation $PNW

Key Points

• QRG Capital Management Inc. reduced its stake in Pinnacle West Capital Corporation by 53.3%, selling 37,978 shares and now holds 33,314 shares valued at approximately $2.98 million.
• Executive Vice President Jacob Tetlow sold 6,496 shares of the company at an average price of $92.37, representing a significant 99.15% decrease in ownership.
• Pinnacle West Capital reported $1.58 EPS last quarter, meeting analysts' expectations, with revenues of $1.36 billion, up 3.8% year-over-year.

QRG Capital Management Inc. trimmed its holdings in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 53.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 33,314 shares of the utilities provider's stock after selling 37,978 shares during the period. QRG Capital Management Inc.'s holdings in Pinnacle West Capital were worth $2,981,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the stock. Brighton Jones LLC bought a new stake in shares of Pinnacle West Capital during the 4th quarter valued at $417,000. Merit Financial Group LLC acquired a new position in Pinnacle West Capital in the first quarter valued at about $244,000. Park Avenue Securities LLC lifted its position 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 purchasing an additional 1,018 shares during the period. Farther Finance Advisors LLC lifted its position 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 purchasing an additional 919 shares during the period. Finally, Yousif Capital Management LLC grew its stake 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 worth $2,372,000 after buying an additional 692 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company's stock.

Insider Activity at Pinnacle West Capital

In other news, EVP Jacob Tetlow sold 6,496 shares of the business's stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $92.37, for a total transaction of $600,035.52. Following the sale, 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 transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.23% of the company's stock.

Pinnacle West Capital Stock Performance

Shares of Pinnacle West Capital stock opened at $90.99 on Tuesday. The company's 50 day moving average price is $89.51 and its two-hundred day moving average price is $90.79. The firm has a market capitalization of $10.87 billion, a P/E ratio of 18.76, a P/E/G ratio of 9.31 and a beta of 0.46. Pinnacle West Capital Corporation has a fifty-two week low of $81.47 and a fifty-two week high of $96.50. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.52 and a quick ratio of 0.37.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The utilities provider reported $1.58 EPS for the quarter, meeting analysts' consensus estimates of $1.58. The company had revenue of $1.36 billion during 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%.Pinnacle West Capital's revenue was up 3.8% compared to the same quarter last year. During the same period in the prior year, the company earned $1.76 EPS. On average, equities analysts forecast that Pinnacle West Capital Corporation will post 5.13 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently commented on PNW shares. Barclays dropped their target price on shares of 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. Weiss Ratings reissued a "buy (b)" rating on shares of Pinnacle West Capital in a research note on Saturday, September 27th. Argus lowered their price objective on shares of Pinnacle West Capital from $98.00 to $95.00 and set a "buy" rating for the company in a research report on Tuesday, September 30th. Morgan Stanley reduced their target price on Pinnacle West Capital from $89.00 to $87.00 and set an "equal weight" rating on the stock in a report on Thursday, September 25th. Finally, UBS Group decreased their price target on 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. 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.com, the stock presently has a consensus rating of "Hold" and an average target price of $95.91.

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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