Pinnacle West Capital (NYSE:PNW) Stock: Insider Paula Sims Sells 2,000 Shares

Pinnacle West Capital Corporation (NYSE:PNW) Director Paula Sims sold 2,000 shares of the stock in a transaction on Monday, November 9th. The shares were sold at an average price of $105.44, for a total value of $210,880.00. Following the completion of the transaction, the director directly owned 9,032 shares in the company, valued at $952,334.08. This trade represents a 18.13% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Pinnacle West Capital Stock Down 0.8%

Pinnacle West Capital stock traded down $0.82 during midday trading on Thursday, reaching $107.09. The company’s stock had a trading volume of 2,312,966 shares, compared to its average volume of 1,281,842. Pinnacle West Capital Corporation has a fifty-two week low of $86.18 and a fifty-two week high of $111.16. The company has a quick ratio of 0.50, a current ratio of 0.71 and a debt-to-equity ratio of 1.35. The company has a market cap of $12.98 billion, a P/E ratio of 20.13, a P/E/G ratio of 3.70 and a beta of 0.48. The business has a 50-day simple moving average of $99.57 and a 200-day simple moving average of $100.84.

Pinnacle West Capital (NYSE:PNW) last announced its quarterly earnings results on Tuesday, November 3rd. The utilities provider reported $3.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.32 by $0.17. The company had revenue of $1.97 billion during the quarter, compared to the consensus estimate of $1.90 billion. Pinnacle West Capital had a return on equity of 9.18% and a net margin of 11.59%. Pinnacle West Capital’s revenue for the quarter was up 8.3% on a year-over-year basis. During the same period in the previous year, the business earned $3.39 EPS. On average, research analysts expect that Pinnacle West Capital Corporation will post 4.92 earnings per share for the current fiscal year.

Pinnacle West Capital Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Monday, November 2nd will be paid a dividend of $0.9250 per share. The ex-dividend date is Monday, November 2nd. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.91. This represents a $3.70 annualized dividend and a yield of 3.5%. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 69.55%.

Institutional Investors Weigh In On Pinnacle West Capital

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PNW. Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in shares of Pinnacle West Capital in the second quarter valued at approximately $703,598,000. Soroban Capital Partners LP increased its holdings in shares of Pinnacle West Capital by 34.0% in the 1st quarter. Soroban Capital Partners LP now owns 3,854,815 shares of the utilities provider’s stock valued at $388,373,000 after acquiring an additional 977,411 shares during the period. Massachusetts Financial Services Co. MA increased its holdings in shares of Pinnacle West Capital by 0.3% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,853,685 shares of the utilities provider’s stock valued at $305,344,000 after acquiring an additional 9,298 shares during the period. Wellington Management Group LLP raised its position in Pinnacle West Capital by 101.3% in the 2nd quarter. Wellington Management Group LLP now owns 1,456,941 shares of the utilities provider’s stock valued at $155,893,000 after purchasing an additional 733,069 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Pinnacle West Capital by 2.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,345,955 shares of the utilities provider’s stock valued at $135,604,000 after purchasing an additional 27,244 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Wall Street Analyst Weigh In

PNW has been the topic of several recent analyst reports. Scotiabank assumed coverage on shares of Pinnacle West Capital in a research note on Tuesday, September 29th. They issued a “sector outperform” rating and a $104.00 price target on the stock. Mizuho set a $109.00 price objective on shares of Pinnacle West Capital in a research report on Tuesday, November 3rd. Weiss Ratings restated a “buy (b)” rating on shares of Pinnacle West Capital in a report on Friday, October 30th. Morgan Stanley upped their target price on shares of Pinnacle West Capital from $89.00 to $91.00 and gave the company an “equal weight” rating in a report on Wednesday, October 21st. Finally, Jefferies Financial Group dropped their target price on shares of Pinnacle West Capital from $129.00 to $109.00 and set a “buy” rating on the stock in a research report on Monday, October 5th. Five research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $103.77.

About Pinnacle West Capital

Pinnacle West Capital Corporation is an energy holding company whose principal subsidiary, Arizona Public Service Company (APS), provides electric service in Arizona. APS generates, transmits and distributes electricity to residential, commercial and industrial customers. APS serves communities across central and northern Arizona, including the Phoenix metropolitan area. Its electricity supply comes from a mix of generating resources, including nuclear, natural gas, coal and renewable energy. Pinnacle West became the parent company of APS in 1985.