Renaissance Technologies LLC Increases Stake in Pinnacle West Capital Corporation $PNW

Key Points

• Renaissance Technologies increased its Pinnacle West Capital stake by 39.4% in the first quarter, adding 162,700 shares to own 576,100 shares valued at approximately $58 million. Institutional investors collectively hold 91.51% of PNW.
• Analyst sentiment remains cautious: three analysts rate PNW a Buy and twelve rate it a Hold, producing a consensus Hold rating and a $104.07 price target.
• Pinnacle West reported quarterly EPS of $0.27, beating the $0.03 loss expected, while revenue rose 11.4% year over year to $1.15 billion. The company also declared a $0.91 quarterly dividend, representing a 3.4% annualized yield.

Renaissance Technologies LLC lifted its stake in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 39.4% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 576,100 shares of the utilities provider's stock after purchasing an additional 162,700 shares during the period. Renaissance Technologies LLC owned 0.48% of Pinnacle West Capital worth $58,042,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of PNW. CYBER HORNET ETFs LLC purchased a new position in shares of Pinnacle West Capital during the 2nd quarter valued at about $27,000. MUFG Securities EMEA plc purchased a new position in Pinnacle West Capital during the second quarter valued at approximately $32,000. Clearstead Advisors LLC boosted its position in shares of Pinnacle West Capital by 88.5% in the fourth quarter. Clearstead Advisors LLC now owns 394 shares of the utilities provider's stock worth $35,000 after purchasing an additional 185 shares during the period. Dorato Capital Management purchased a new stake in shares of Pinnacle West Capital in the fourth quarter worth $69,000. Finally, Brown Brothers Harriman & Co. increased its stake in shares of Pinnacle West Capital by 102.1% in the third quarter. Brown Brothers Harriman & Co. now owns 966 shares of the utilities provider's stock worth $87,000 after purchasing an additional 488 shares in the last quarter. Institutional investors own 91.51% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on PNW. Truist Financial dropped their target price on shares of Pinnacle West Capital from $108.00 to $105.00 and set a "hold" rating for the company in a report on Friday, May 29th. Jefferies Financial Group restated a "buy" rating and issued a $129.00 price objective on shares of Pinnacle West Capital in a research report on Wednesday, July 8th. Weiss Ratings upgraded Pinnacle West Capital from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, May 6th. 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 note on Wednesday. Finally, Argus upped their price target on Pinnacle West Capital from $95.00 to $106.00 and gave the stock a "buy" rating in a research note on Tuesday, April 14th. Three equities research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company's stock. According to data from MarketBeat, Pinnacle West Capital has a consensus rating of "Hold" and a consensus target price of $104.07.

Pinnacle West Capital Price Performance

NYSE:PNW opened at $106.22 on Monday. The business's 50-day moving average is $104.42 and its 200 day moving average is $100.56. Pinnacle West Capital Corporation has a 12 month low of $85.32 and a 12 month high of $111.16. The company has a market capitalization of $12.87 billion, a P/E ratio of 19.78, a P/E/G ratio of 3.86 and a beta of 0.43. The company has a current ratio of 0.60, a quick ratio of 0.39 and a debt-to-equity ratio of 1.38.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last posted its earnings results on Monday, May 4th. The utilities provider reported $0.27 EPS for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $1.08 billion. During the same period in the prior year, the company earned ($0.04) EPS. The company's quarterly revenue was up 11.4% compared to the same quarter last year. Pinnacle West Capital has set its FY 2026 guidance at 4.550-4.750 EPS. On average, equities research analysts forecast that Pinnacle West Capital Corporation will post 4.74 earnings per share for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Monday, August 3rd will be issued a $0.91 dividend. The ex-dividend date of this dividend is Monday, August 3rd. This represents a $3.64 dividend on an annualized basis and a dividend yield of 3.4%. Pinnacle West Capital's dividend payout ratio (DPR) is presently 67.78%.

Insider Buying and Selling

In other Pinnacle West Capital news, EVP Jacob Tetlow sold 6,567 shares of the business'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 sale, the executive vice president directly owned 6,634 shares of the company's stock, valued at $656,766. The trade was a 49.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.19% of the company's stock.

Pinnacle West Capital 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.