Norges Bank Takes $140.47 Million Position in Pinnacle West Capital Corporation $PNW

Norges Bank bought a new position in shares of Pinnacle West Capital Corporation (NYSE:PNW) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 1,583,634 shares of the utilities provider’s stock, valued at approximately $140,468,000. Norges Bank owned about 1.32% of Pinnacle West Capital as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Capital Research Global Investors lifted its position in Pinnacle West Capital by 5.0% during the third quarter. Capital Research Global Investors now owns 15,853,302 shares of the utilities provider’s stock worth $1,421,407,000 after acquiring an additional 758,190 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC boosted its holdings in shares of Pinnacle West Capital by 8.5% during the third quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 7,223,725 shares of the utilities provider’s stock worth $647,679,000 after acquiring an additional 568,581 shares during the period. Assenagon Asset Management S.A. grew its position in shares of Pinnacle West Capital by 133.4% in the fourth quarter. Assenagon Asset Management S.A. now owns 920,687 shares of the utilities provider’s stock valued at $81,665,000 after purchasing an additional 526,212 shares during the last quarter. Reaves W H & Co. Inc. increased its stake in shares of Pinnacle West Capital by 21.3% during the third quarter. Reaves W H & Co. Inc. now owns 1,804,114 shares of the utilities provider’s stock worth $161,757,000 after purchasing an additional 316,193 shares during the period. Finally, Qube Research & Technologies Ltd increased its stake in shares of Pinnacle West Capital by 458.3% during the third quarter. Qube Research & Technologies Ltd now owns 296,963 shares of the utilities provider’s stock worth $26,626,000 after purchasing an additional 243,769 shares during the period. Institutional investors own 91.51% of the company’s stock.

Insider Buying and Selling

In other Pinnacle West Capital news, EVP Jacob Tetlow sold 6,567 shares of the company’s stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $99.00, for a total value of $650,133.00. Following the sale, the executive vice president owned 6,634 shares in the company, valued at approximately $656,766. The trade was a 49.75% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.19% of the company’s stock.

Pinnacle West Capital Stock Up 1.2%

Shares of NYSE PNW opened at $100.56 on Friday. Pinnacle West Capital Corporation has a 12 month low of $85.32 and a 12 month high of $104.92. The company has a current ratio of 0.60, a quick ratio of 0.39 and a debt-to-equity ratio of 1.38. The company has a market cap of $12.19 billion, a price-to-earnings ratio of 18.73, a PEG ratio of 3.64 and a beta of 0.44. The stock has a 50-day moving average price of $101.38 and a two-hundred day moving average price of $96.20.

Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings data on Monday, May 4th. The utilities provider reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.03) by $0.30. The company had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.08 billion. Pinnacle West Capital had a return on equity of 9.27% and a net margin of 11.99%.The firm’s revenue was up 11.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.04) earnings per share. Pinnacle West Capital has set its FY 2026 guidance at 4.550-4.750 EPS. As a group, analysts forecast that Pinnacle West Capital Corporation will post 4.7 earnings per share for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Monday, May 4th were given a dividend of $0.91 per share. This represents a $3.64 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend was Monday, May 4th. Pinnacle West Capital’s dividend payout ratio (DPR) is currently 67.78%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Barclays lifted their price target on Pinnacle West Capital from $101.00 to $102.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 5th. BMO Capital Markets increased their price objective on Pinnacle West Capital from $98.00 to $107.00 and gave the stock a “market perform” rating in a research report on Thursday, February 26th. TD Cowen lifted their target price on Pinnacle West Capital from $100.00 to $101.00 and gave the stock a “hold” rating in a report on Friday, May 15th. Truist Financial reduced their target price on shares of Pinnacle West Capital from $108.00 to $105.00 and set a “hold” rating for the company in a research report on Friday, May 29th. Finally, Morgan Stanley set a $92.00 price target on shares of Pinnacle West Capital in a research note on Thursday, May 21st. Three analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $102.50.

Pinnacle West Capital Profile

Pinnacle West Capital Corporation is a publicly traded utility holding company headquartered in Phoenix, Arizona. Through its principal subsidiary, Arizona Public Service Company (APS), Pinnacle West generates, transmits and distributes electricity to more than one million residential, commercial and industrial customers across central and southern Arizona. The company’s regulated operations focus on delivering safe, reliable power while meeting evolving environmental standards.

The company’s diversified generation portfolio includes natural gas–fired plants, the nuclear-powered Palo Verde Generating Station—the largest nuclear facility in the United States by net output—plus growing investments in solar and battery storage projects.