Jacob Tetlow Sells 6,496 Shares of Pinnacle West Capital Corporation (NYSE:PNW) Stock

Key Points

• Jacob Tetlow, EVP of Pinnacle West Capital, sold 6,496 shares of the company at an average price of $92.37, resulting in a total sale of approximately $600,035.52, drastically reducing his ownership by 99.15%.
• Pinnacle West Capital recently reported $1.58 earnings per share for the last quarter, matching analyst expectations, with a revenue of $1.36 billion, representing a year-over-year increase of 3.8%.
• The company announced a quarterly dividend of $0.895 per share, yielding 3.9%, which will be paid to shareholders of record on August 1st.

Pinnacle West Capital Corporation (NYSE:PNW - Get Free Report) 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 value of $600,035.52. Following the transaction, the executive vice president owned 56 shares of the company's stock, valued at approximately $5,172.72. This represents a 99.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Pinnacle West Capital Stock Performance

PNW stock traded down $0.29 during trading on Tuesday, hitting $92.19. The company had a trading volume of 211,295 shares, compared to its average volume of 1,167,979. The firm has a market cap of $11.01 billion, a PE ratio of 19.01, a price-to-earnings-growth ratio of 9.56 and a beta of 0.38. Pinnacle West Capital Corporation has a 1-year low of $81.47 and a 1-year high of $96.50. The firm has a 50-day moving average price of $90.50 and a 200-day moving average price of $91.20. 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 issued its quarterly earnings results on Wednesday, August 6th. The utilities provider reported $1.58 earnings per share (EPS) for the quarter, meeting the consensus estimate 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%. The firm's revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.76 EPS. On average, analysts expect that Pinnacle West Capital Corporation will post 5.13 earnings per share for the current year.

Pinnacle West Capital Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Friday, August 1st will be given a dividend of $0.895 per share. The ex-dividend date is Friday, August 1st. This represents a $3.58 annualized dividend and a yield of 3.9%. Pinnacle West Capital's payout ratio is presently 73.81%.

Wall Street Analysts Forecast Growth

PNW has been the subject of a number of research analyst reports. Wells Fargo & Company increased their price target on Pinnacle West Capital from $95.00 to $98.00 and gave the stock an "equal weight" rating in a report on Friday, May 2nd. Wall Street Zen cut Pinnacle West Capital from a "hold" rating to a "sell" rating in a research note on Monday, May 5th. LADENBURG THALM/SH SH raised Pinnacle West Capital to a "hold" rating in a research note on Friday, May 9th. Morgan Stanley dropped their price objective on Pinnacle West Capital from $88.00 to $87.00 and set an "equal weight" rating for the company in a research note on Thursday, May 22nd. Finally, KeyCorp decreased their target price 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. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $97.11.

Hedge Funds Weigh In On Pinnacle West Capital

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Norinchukin Bank The increased its holdings in Pinnacle West Capital by 2.7% in the 4th quarter. Norinchukin Bank The now owns 4,398 shares of the utilities provider's stock valued at $373,000 after purchasing an additional 117 shares in the last quarter. Exchange Traded Concepts LLC increased its holdings in Pinnacle West Capital by 1.3% in the 2nd quarter. Exchange Traded Concepts LLC now owns 9,846 shares of the utilities provider's stock valued at $881,000 after purchasing an additional 122 shares in the last quarter. Mesirow Financial Investment Management Inc. increased its holdings in Pinnacle West Capital by 0.9% in the 2nd quarter. Mesirow Financial Investment Management Inc. now owns 13,516 shares of the utilities provider's stock valued at $1,209,000 after purchasing an additional 122 shares in the last quarter. Allworth Financial LP increased its holdings in Pinnacle West Capital by 19.1% in the 1st quarter. Allworth Financial LP now owns 780 shares of the utilities provider's stock valued at $74,000 after purchasing an additional 125 shares in the last quarter. Finally, AE Wealth Management LLC increased its holdings in Pinnacle West Capital by 4.9% in the 1st quarter. AE Wealth Management LLC now owns 2,929 shares of the utilities provider's stock valued at $279,000 after purchasing an additional 137 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company's stock.

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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