Magellan Asset Management Ltd Has $11.62 Million Position in Pinnacle West Capital Corporation $PNW

Magellan Asset Management Ltd grew its stake in Pinnacle West Capital Corporation (NYSE:PNW) by 24.6% in the first quarter, HoldingsChannel.com reports. The fund owned 115,293 shares of the utilities provider’s stock after acquiring an additional 22,790 shares during the period. Magellan Asset Management Ltd’s holdings in Pinnacle West Capital were worth $11,616,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of PNW. Brighton Jones LLC bought a new position in Pinnacle West Capital during the 4th quarter worth approximately $417,000. NewEdge Advisors LLC increased its stake in Pinnacle West Capital by 999.1% in the first quarter. NewEdge Advisors LLC now owns 8,210 shares of the utilities provider’s stock valued at $782,000 after purchasing an additional 7,463 shares in the last quarter. Jones Financial Companies Lllp raised its holdings in Pinnacle West Capital by 109.8% in the first quarter. Jones Financial Companies Lllp now owns 2,255 shares of the utilities provider’s stock worth $215,000 after purchasing an additional 1,180 shares during the period. Goldman Sachs Group Inc. raised its holdings in Pinnacle West Capital by 10.3% in the first quarter. Goldman Sachs Group Inc. now owns 441,047 shares of the utilities provider’s stock worth $42,010,000 after purchasing an additional 41,173 shares during the period. Finally, Empowered Funds LLC raised its holdings in Pinnacle West Capital by 12.8% in the first quarter. Empowered Funds LLC now owns 4,600 shares of the utilities provider’s stock worth $438,000 after purchasing an additional 523 shares during the period. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle West Capital Stock Performance

Shares of PNW opened at $105.61 on Wednesday. The firm has a market cap of $12.80 billion, a P/E ratio of 19.67, a PEG ratio of 3.87 and a beta of 0.43. Pinnacle West Capital Corporation has a twelve month low of $85.32 and a twelve month high of $111.16. The company has a debt-to-equity ratio of 1.38, a quick ratio of 0.39 and a current ratio of 0.60. The firm’s 50 day moving average price is $104.01 and its two-hundred day moving average price is $100.19.

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

Pinnacle West Capital Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Monday, August 3rd will be paid a $0.91 dividend. The ex-dividend date of this dividend is Monday, August 3rd. This represents a $3.64 dividend on an annualized basis and a yield of 3.4%. Pinnacle West Capital’s dividend payout ratio is presently 67.78%.

Analysts Set New Price Targets

PNW has been the subject of several research analyst reports. Barclays boosted 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. Truist Financial reduced their target price on Pinnacle West Capital from $108.00 to $105.00 and set a “hold” rating on the stock in a report on Friday, May 29th. Jefferies Financial Group reissued a “buy” rating and issued a $129.00 target price on shares of Pinnacle West Capital in a research note on Wednesday, July 8th. TD Cowen increased their price target on Pinnacle West Capital from $100.00 to $101.00 and gave the stock a “hold” rating in a report on Friday, May 15th. Finally, Argus raised their price target on Pinnacle West Capital from $95.00 to $106.00 and gave the stock a “buy” rating in a research report on Tuesday, April 14th. Three research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company. Based on data from MarketBeat.com, Pinnacle West Capital presently has an average rating of “Hold” and an average price target of $104.14.

Insider Transactions at Pinnacle West Capital

In other Pinnacle West Capital news, EVP Jacob Tetlow sold 6,567 shares of the stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $99.00, for a total transaction of $650,133.00. Following the completion of the transaction, the executive vice president owned 6,634 shares in the company, valued at approximately $656,766. This represents a 49.75% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.19% of the company’s stock.

About Pinnacle West Capital

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.