Pinnacle West Capital Co. (NYSE:PNW) Director Sells $283,677.68 in Stock

Pinnacle West Capital Co. (NYSE:PNW) Director Denis A. Cortese sold 3,014 shares of the company’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $94.12, for a total transaction of $283,677.68. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

NYSE PNW traded up $0.91 on Friday, reaching $93.91. The company’s stock had a trading volume of 1,268,700 shares, compared to its average volume of 1,002,931. Pinnacle West Capital Co. has a twelve month low of $73.41 and a twelve month high of $97.92. The company has a current ratio of 0.55, a quick ratio of 0.36 and a debt-to-equity ratio of 0.92. The company has a market capitalization of $10.54 billion, a price-to-earnings ratio of 20.69, a PEG ratio of 3.88 and a beta of 0.18.

Pinnacle West Capital (NYSE:PNW) last issued its quarterly earnings results on Wednesday, May 1st. The utilities provider reported $0.16 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.17 by ($0.01). Pinnacle West Capital had a net margin of 14.06% and a return on equity of 9.84%. The business had revenue of $740.53 million during the quarter, compared to analyst estimates of $718.60 million. During the same period in the previous year, the company posted $0.03 earnings per share. Pinnacle West Capital’s revenue was up 6.9% compared to the same quarter last year. As a group, research analysts predict that Pinnacle West Capital Co. will post 4.85 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Wednesday, May 1st will be paid a dividend of $0.7375 per share. This represents a $2.95 dividend on an annualized basis and a yield of 3.14%. The ex-dividend date of this dividend is Tuesday, April 30th. Pinnacle West Capital’s dividend payout ratio is presently 64.98%.

Several equities research analysts recently weighed in on PNW shares. Wells Fargo & Co reaffirmed a “market perform” rating and issued a $99.00 price objective (up previously from $93.00) on shares of Pinnacle West Capital in a report on Sunday, February 24th. Credit Suisse Group upped their price objective on shares of Pinnacle West Capital from $93.00 to $100.00 and gave the stock an “outperform” rating in a report on Monday, February 25th. Royal Bank of Canada downgraded shares of Pinnacle West Capital from an “outperform” rating to a “sector perform” rating and set a $93.00 price objective for the company. in a report on Friday, March 1st. Williams Capital reaffirmed a “hold” rating on shares of Pinnacle West Capital in a report on Monday, March 18th. Finally, Bank of America raised shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and set a $105.00 price objective for the company in a report on Monday, April 15th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $94.09.

A number of hedge funds have recently bought and sold shares of PNW. Securian Asset Management Inc increased its holdings in shares of Pinnacle West Capital by 1.0% in the 1st quarter. Securian Asset Management Inc now owns 11,655 shares of the utilities provider’s stock valued at $1,114,000 after purchasing an additional 116 shares during the period. Dean Investment Associates LLC increased its holdings in shares of Pinnacle West Capital by 1.1% in the 4th quarter. Dean Investment Associates LLC now owns 11,215 shares of the utilities provider’s stock valued at $956,000 after purchasing an additional 119 shares during the period. First Manhattan Co. increased its holdings in shares of Pinnacle West Capital by 0.5% in the 1st quarter. First Manhattan Co. now owns 27,521 shares of the utilities provider’s stock valued at $2,630,000 after purchasing an additional 131 shares during the period. City Holding Co. increased its holdings in shares of Pinnacle West Capital by 1.5% in the 4th quarter. City Holding Co. now owns 9,362 shares of the utilities provider’s stock valued at $798,000 after purchasing an additional 135 shares during the period. Finally, Rare Infrastructure Ltd increased its holdings in shares of Pinnacle West Capital by 9.1% in the 4th quarter. Rare Infrastructure Ltd now owns 1,691 shares of the utilities provider’s stock valued at $145,000 after purchasing an additional 141 shares during the period. 85.24% of the stock is owned by institutional investors.

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Pinnacle West Capital Company Profile

Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, provides retail and wholesale electric services primarily in the state of Arizona. It generates, transmits, and distributes electricity using coal, nuclear, gas, oil, and solar generating facilities. The company serves approximately 1.2 million customers.

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