Pinnacle West Capital Corporation $PNW Shares Sold by Yaupon Capital Management LP

Key Points

• Yaupon Capital Management LP reduced its stake in Pinnacle West Capital by 17.5%, selling 50,821 shares and now holds 239,533 shares valued at approximately $22.8 million.
• Pinnacle West Capital announced a quarterly dividend of $0.895 per share, resulting in a 4.1% yield, and a payout ratio of 73.81%.
• Analysts have mixed views on Pinnacle West Capital, with a consensus rating of "Hold" and an average target price of $97.22, reflecting a slight reduction in expectations from previous target prices.

Yaupon Capital Management LP reduced its position in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 17.5% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 239,533 shares of the utilities provider's stock after selling 50,821 shares during the period. Pinnacle West Capital accounts for about 1.2% of Yaupon Capital Management LP's holdings, making the stock its 27th biggest holding. Yaupon Capital Management LP owned 0.20% of Pinnacle West Capital worth $22,816,000 at the end of the most recent reporting period.

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

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Morgan Stanley set a $89.00 target price on Pinnacle West Capital and gave the stock an "outperform" rating in a research note on Thursday, August 21st. KeyCorp cut their target price on Pinnacle West Capital from $101.00 to $100.00 and set an "overweight" rating for the company in a research note on Wednesday, July 16th. Mizuho downgraded Pinnacle West Capital from an "outperform" rating to a "neutral" rating and cut their target price for the stock from $102.00 to $90.00 in a research note on Tuesday, September 9th. BMO Capital Markets increased their target price on Pinnacle West Capital from $96.00 to $98.00 and gave the stock a "market perform" rating in a research note on Thursday, August 7th. Finally, UBS Group lowered their price target on Pinnacle West Capital from $98.00 to $95.00 and set a "neutral" rating on the stock in a report on Friday. Four investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $96.20.

Pinnacle West Capital Price Performance

Shares of PNW traded down $0.18 on Friday, reaching $88.19. The stock had a trading volume of 758,982 shares, compared to its average volume of 891,215. The firm has a market capitalization of $10.53 billion, a PE ratio of 18.18, a PEG ratio of 9.13 and a beta of 0.45. The company has a quick ratio of 0.37, a current ratio of 0.52 and a debt-to-equity ratio of 1.25. The firm has a 50-day moving average of $90.74 and a 200 day moving average of $91.36. Pinnacle West Capital Corporation has a twelve month low of $81.47 and a twelve month high of $96.50.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last announced its earnings results on Wednesday, August 6th. The utilities provider reported $1.58 EPS for the quarter, meeting analysts' consensus estimates of $1.58. The firm had revenue of $1.36 billion for 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 quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.76 EPS. Sell-side analysts expect that Pinnacle West Capital Corporation will post 5.13 EPS for the current year.

Pinnacle West Capital Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Friday, August 1st were issued a dividend of $0.895 per share. This represents a $3.58 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date was Friday, August 1st. Pinnacle West Capital's dividend payout ratio is 73.81%.

Insider Buying and Selling

In other Pinnacle West Capital news, EVP Jacob Tetlow sold 6,496 shares of the stock in a transaction on 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 owned 56 shares in the company, valued at approximately $5,172.72. This represents a 99.15% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.23% of the company's stock.

Pinnacle West Capital 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.