Reaves W H & Co. Inc. Decreases Holdings in Pinnacle West Capital Corporation $PNW

Key Points

• Reaves W H & Co. Inc. trimmed its stake in Pinnacle West Capital by 4.7% in the fourth quarter, selling 84,340 shares and leaving it with 1,719,774 shares worth about $152.5 million.
• Institutional ownership remains heavy, with hedge funds and other institutional investors holding about 91.51% of Pinnacle West Capital; several large funds recently increased their positions, including Capital Research Global Investors and Barrow Hanley.
• Pinnacle West Capital reported strong quarterly results, beating earnings and revenue expectations, while analysts currently rate the stock a consensus Hold with an average price target of $102.50.

Reaves W H & Co. Inc. cut its holdings in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 4.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,719,774 shares of the utilities provider's stock after selling 84,340 shares during the quarter. Pinnacle West Capital makes up 2.7% of Reaves W H & Co. Inc.'s investment portfolio, making the stock its 12th largest holding. Reaves W H & Co. Inc. owned 1.44% of Pinnacle West Capital worth $152,544,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. Capital Research Global Investors increased its position in shares of Pinnacle West Capital by 5.0% during the 3rd quarter. Capital Research Global Investors now owns 15,853,302 shares of the utilities provider's stock valued at $1,421,407,000 after purchasing an additional 758,190 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its position in shares of Pinnacle West Capital by 8.5% during the 3rd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 7,223,725 shares of the utilities provider's stock valued at $647,679,000 after purchasing an additional 568,581 shares during the last quarter. Geode Capital Management LLC increased its holdings in Pinnacle West Capital by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 3,095,691 shares of the utilities provider's stock worth $274,117,000 after acquiring an additional 27,861 shares during the last quarter. Norges Bank purchased a new stake in Pinnacle West Capital in the 4th quarter worth about $140,468,000. Finally, First Trust Advisors LP increased its holdings in Pinnacle West Capital by 6.3% in the 3rd quarter. First Trust Advisors LP now owns 1,307,421 shares of the utilities provider's stock worth $117,223,000 after acquiring an additional 76,930 shares during the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Pinnacle West Capital

In other news, EVP Jacob Tetlow sold 6,567 shares of the company's stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $99.00, for a total transaction of $650,133.00. Following the sale, the executive vice president directly owned 6,634 shares in the company, valued at $656,766. This represents a 49.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 0.19% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on PNW shares. Wells Fargo & Company set a $106.00 price objective on Pinnacle West Capital in a report on Tuesday, April 21st. Truist Financial decreased their price objective on Pinnacle West Capital from $108.00 to $105.00 and set a "hold" rating for the company in a report on Friday. Argus lifted their price objective on Pinnacle West Capital from $95.00 to $106.00 and gave the stock a "buy" rating in a report on Tuesday, April 14th. Wall Street Zen raised Pinnacle West Capital from a "sell" rating to a "hold" rating in a report on Saturday, May 9th. Finally, BMO Capital Markets lifted their price objective on Pinnacle West Capital from $98.00 to $107.00 and gave the stock a "market perform" rating in a report on Thursday, February 26th. Three investment analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $102.50.

Pinnacle West Capital Trading Up 0.1%

Shares of PNW opened at $99.84 on Monday. The company has a debt-to-equity ratio of 1.38, a quick ratio of 0.39 and a current ratio of 0.60. The firm has a market cap of $12.10 billion, a P/E ratio of 18.59, a price-to-earnings-growth ratio of 3.65 and a beta of 0.44. Pinnacle West Capital Corporation has a fifty-two week low of $85.32 and a fifty-two week high of $104.92. The business has a 50-day moving average of $101.31 and a 200 day moving average of $95.91.

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

Pinnacle West Capital Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Monday, May 4th will be given a dividend of $0.91 per share. The ex-dividend date is Monday, May 4th. This represents a $3.64 annualized dividend and a dividend yield of 3.6%. Pinnacle West Capital's dividend payout ratio 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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