Jennison Associates LLC Reduces Stock Position in Pinnacle West Capital Corporation $PNW

Jennison Associates LLC decreased its position in Pinnacle West Capital Corporation (NYSE:PNW) by 2.1% in the 1st quarter, HoldingsChannel reports. The firm owned 226,053 shares of the utilities provider’s stock after selling 4,879 shares during the period. Jennison Associates LLC’s holdings in Pinnacle West Capital were worth $22,775,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. DNB Asset Management AS raised its position in shares of Pinnacle West Capital by 61.3% in the 4th quarter. DNB Asset Management AS now owns 44,843 shares of the utilities provider’s stock worth $3,978,000 after buying an additional 17,037 shares during the period. Deroy & Devereaux Private Investment Counsel Inc. boosted its holdings in Pinnacle West Capital by 53.0% in the fourth quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 277,946 shares of the utilities provider’s stock valued at $24,654,000 after acquiring an additional 96,236 shares during the last quarter. Assenagon Asset Management S.A. grew its position in Pinnacle West Capital by 133.4% during 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 acquiring an additional 526,212 shares during the period. Murphy Middleton Hinkle & Parker Inc. purchased a new stake in Pinnacle West Capital during the fourth quarter valued at about $1,505,000. Finally, Integrated Investment Consultants LLC acquired a new stake in Pinnacle West Capital during the fourth quarter worth about $1,047,000. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Wall Street Zen upgraded Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Saturday, June 27th. Truist Financial dropped 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. Barclays raised their price target on shares of Pinnacle West Capital from $102.00 to $108.00 and gave the company an “equal weight” rating in a report on Wednesday, July 1st. Argus lifted their price target on shares of Pinnacle West Capital from $95.00 to $106.00 and gave the company a “buy” rating in a research report on Tuesday, April 14th. Finally, Wells Fargo & Company set a $106.00 price objective on shares of Pinnacle West Capital in a research note on Tuesday, April 21st. Three research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. According to data from MarketBeat.com, Pinnacle West Capital currently has a consensus rating of “Hold” and a consensus target price of $104.14.

Pinnacle West Capital Stock Performance

Shares of PNW stock opened at $106.43 on Tuesday. Pinnacle West Capital Corporation has a 12 month low of $85.32 and a 12 month high of $111.16. The company has a debt-to-equity ratio of 1.38, a current ratio of 0.60 and a quick ratio of 0.39. The firm has a market capitalization of $12.90 billion, a P/E ratio of 19.82, a P/E/G ratio of 3.92 and a beta of 0.43. The company’s fifty day moving average price is $103.89 and its two-hundred day moving average price is $100.07.

Pinnacle West Capital (NYSE:PNW) last announced its earnings results on Monday, May 4th. The utilities provider reported $0.27 earnings per share for the quarter, beating the consensus estimate of ($0.03) by $0.30. Pinnacle West Capital had a return on equity of 9.27% and a net margin of 11.99%.The company had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.08 billion. During the same period last year, the firm earned ($0.04) earnings per share. The company’s revenue was up 11.4% on a year-over-year basis. Pinnacle West Capital has set its FY 2026 guidance at 4.550-4.750 EPS. On average, research analysts anticipate that Pinnacle West Capital Corporation will post 4.73 earnings per share for the current fiscal year.

Pinnacle West Capital Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Monday, August 3rd will be issued a dividend of $0.91 per share. The ex-dividend date is Monday, August 3rd. This represents a $3.64 annualized dividend and a yield of 3.4%. Pinnacle West Capital’s payout ratio is currently 67.78%.

Insider Activity

In other Pinnacle West Capital news, EVP Jacob Tetlow sold 6,567 shares of the company’s stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $99.00, for a total value of $650,133.00. Following the transaction, the executive vice president directly owned 6,634 shares of the company’s stock, valued at $656,766. This represents a 49.75% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.19% of the stock is currently owned by insiders.

Pinnacle West Capital Company 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.