Yaupon Capital Management LP Sells 50,821 Shares of Pinnacle West Capital Corporation $PNW

Yaupon Capital Management LP reduced its stake in Pinnacle West Capital Corporation (NYSE:PNW) by 17.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 239,533 shares of the utilities provider’s stock after selling 50,821 shares during the period. Pinnacle West Capital comprises approximately 1.2% of Yaupon Capital Management LP’s investment portfolio, making the stock its 27th largest position. Yaupon Capital Management LP owned 0.20% of Pinnacle West Capital worth $22,816,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. Wealth Enhancement Advisory Services LLC lifted its stake in Pinnacle West Capital by 26.2% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 29,775 shares of the utilities provider’s stock valued at $2,524,000 after purchasing an additional 6,183 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Pinnacle West Capital by 12.0% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,127 shares of the utilities provider’s stock worth $1,236,000 after buying an additional 1,411 shares during the last quarter. Stratos Wealth Partners LTD. increased its holdings in shares of Pinnacle West Capital by 26.2% during the first quarter. Stratos Wealth Partners LTD. now owns 5,546 shares of the utilities provider’s stock worth $528,000 after buying an additional 1,150 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of Pinnacle West Capital by 8.5% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,650 shares of the utilities provider’s stock valued at $443,000 after acquiring an additional 366 shares during the last quarter. Finally, Amalgamated Bank boosted its holdings in shares of Pinnacle West Capital by 1.7% during the 1st quarter. Amalgamated Bank now owns 22,300 shares of the utilities provider’s stock valued at $2,124,000 after acquiring an additional 372 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Pinnacle West Capital news, EVP Jacob Tetlow sold 6,496 shares of the company’s stock in a transaction on Monday, August 11th. The shares were 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 of the company’s stock, valued at approximately $5,172.72. This represents a 99.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.23% of the company’s stock.

Pinnacle West Capital Price Performance

Shares of PNW opened at $87.83 on Tuesday. The business has a 50-day moving average of $90.95 and a 200-day moving average of $91.48. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.52 and a quick ratio of 0.37. The company has a market capitalization of $10.49 billion, a price-to-earnings ratio of 18.11, a price-to-earnings-growth ratio of 9.19 and a beta of 0.45. Pinnacle West Capital Corporation has a 1 year low of $81.47 and a 1 year high of $96.50.

Pinnacle West Capital (NYSE:PNW) last released its earnings results on Wednesday, August 6th. The utilities provider reported $1.58 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.58. Pinnacle West Capital had a net margin of 10.96% and a return on equity of 8.45%. The business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. During the same quarter in the prior year, the firm posted $1.76 EPS. The company’s revenue for the quarter was up 3.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Pinnacle West Capital Corporation will post 5.13 earnings per share for the current year.

Pinnacle West Capital Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on PNW shares. Barclays lowered their target price on Pinnacle West Capital from $94.00 to $93.00 and set an “equal weight” rating for the company in a report on Wednesday, August 13th. Morgan Stanley set a $89.00 price target on Pinnacle West Capital and gave the stock an “outperform” rating in a report on Thursday, August 21st. KeyCorp dropped their price objective on shares of Pinnacle West Capital from $101.00 to $100.00 and set an “overweight” rating for the company in a report on Wednesday, July 16th. UBS Group reiterated a “neutral” rating and set a $98.00 target price (up from $96.00) on shares of Pinnacle West Capital in a research report on Friday, July 11th. Finally, BMO Capital Markets upped their price target on shares of Pinnacle West Capital from $96.00 to $98.00 and gave the company a “market perform” rating in a research report on Thursday, August 7th. Four research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $97.22.

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.