Pictet Asset Management Holding SA Sells 54,308 Shares of Pinnacle West Capital Corporation $PNW

Pictet Asset Management Holding SA cut its stake in shares of Pinnacle West Capital Corporation (NYSE:PNW) by 3.9% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,356,149 shares of the utilities provider’s stock after selling 54,308 shares during the quarter. Pictet Asset Management Holding SA owned 1.12% of Pinnacle West Capital worth $126,176,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of PNW. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in shares of Pinnacle West Capital in the second quarter worth about $703,598,000. Soroban Capital Partners LP lifted its holdings in 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 worth $388,373,000 after buying an additional 977,411 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in 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 worth $305,344,000 after buying an additional 9,298 shares during the period. Wellington Management Group LLP lifted its holdings 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 worth $155,893,000 after buying an additional 733,069 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in shares of 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 worth $135,604,000 after buying an additional 27,244 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Scotiabank began coverage on Pinnacle West Capital in a research note on Tuesday, September 29th. They set a “sector outperform” rating and a $104.00 target price on the stock. BMO Capital Markets decreased their target price on Pinnacle West Capital from $106.00 to $104.00 and set a “market perform” rating for the company in a report on Wednesday, July 22nd. Barclays dropped their price target on Pinnacle West Capital from $108.00 to $94.00 and set an “equal weight” rating for the company in a research note on Thursday, October 1st. Truist Financial cut their price target on shares of Pinnacle West Capital from $101.00 to $99.00 and set a “hold” rating on the stock in a report on Monday, October 5th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Pinnacle West Capital in a report on Friday, October 30th. Five equities research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $103.77.

Pinnacle West Capital Stock Performance

Shares of PNW stock opened at $104.11 on Monday. Pinnacle West Capital Corporation has a one year low of $86.18 and a one year high of $111.16. The company’s 50-day moving average is $99.05 and its 200 day moving average is $100.63. The company has a market capitalization of $12.62 billion, a price-to-earnings ratio of 19.57, a price-to-earnings-growth ratio of 3.65 and a beta of 0.48. The company has a debt-to-equity ratio of 1.35, a quick ratio of 0.50 and a current ratio of 0.71.

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, beating analysts’ consensus estimates of $3.32 by $0.17. The firm had revenue of $1.97 billion for 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%. The company’s quarterly revenue was up 8.3% on a year-over-year basis. During the same period in the prior year, the company posted $3.39 earnings per share. Sell-side analysts expect that Pinnacle West Capital Corporation will post 4.91 EPS 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. Shareholders of record on Monday, November 2nd will be issued a dividend of $0.9250 per share. This is an increase from Pinnacle West Capital’s previous quarterly dividend of $0.91. This represents a $3.70 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend is Monday, November 2nd. Pinnacle West Capital’s dividend payout ratio is currently 69.55%.

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.