Short Interest in Pinnacle West Capital Co. (NYSE:PNW) Decreases By 37.8%

Pinnacle West Capital Co. (NYSE:PNW - Get Free Report) was the target of a large drop in short interest during the month of October. As of October 15th, there was short interest totalling 3,040,000 shares, a drop of 37.8% from the September 30th total of 4,890,000 shares. Based on an average trading volume of 1,030,000 shares, the short-interest ratio is currently 3.0 days.

Pinnacle West Capital Stock Down 1.6 %

PNW stock traded down $1.41 during midday trading on Friday, hitting $88.20. The company's stock had a trading volume of 767,267 shares, compared to its average volume of 1,127,565. The firm's 50-day moving average is $88.23 and its 200-day moving average is $81.72. The company has a current ratio of 0.66, a quick ratio of 0.48 and a debt-to-equity ratio of 1.28. Pinnacle West Capital has a 12 month low of $65.20 and a 12 month high of $91.57. The company has a market cap of $10.02 billion, a PE ratio of 19.22, a P/E/G ratio of 2.20 and a beta of 0.52.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last announced its quarterly earnings results on Thursday, August 1st. The utilities provider reported $1.76 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.31 by $0.45. Pinnacle West Capital had a return on equity of 9.75% and a net margin of 12.65%. The firm had revenue of $1.31 billion for the quarter, compared to the consensus estimate of $1.21 billion. During the same period in the prior year, the company posted $0.94 earnings per share. The company's quarterly revenue was up 15.7% on a year-over-year basis. On average, equities research analysts forecast that Pinnacle West Capital will post 4.77 earnings per share for the current fiscal year.

Pinnacle West Capital Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 4th will be paid a $0.895 dividend. The ex-dividend date of this dividend is Monday, November 4th. This is a positive change from Pinnacle West Capital's previous quarterly dividend of $0.88. This represents a $3.58 dividend on an annualized basis and a dividend yield of 4.06%. Pinnacle West Capital's payout ratio is currently 76.69%.

Insiders Place Their Bets

In related news, EVP Robert Edgar Smith sold 4,950 shares of the business's stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $85.80, for a total transaction of $424,710.00. Following the transaction, the executive vice president now owns 6,397 shares in the company, valued at $548,862.60. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, Director Susan T. Flanagan purchased 500 shares of Pinnacle West Capital stock in a transaction that occurred on Monday, August 5th. The shares were bought at an average price of $86.54 per share, for a total transaction of $43,270.00. Following the completion of the transaction, the director now directly owns 750 shares of the company's stock, valued at $64,905. This represents a 200.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Robert Edgar Smith sold 4,950 shares of the firm's stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $85.80, for a total transaction of $424,710.00. Following the completion of the sale, the executive vice president now owns 6,397 shares of the company's stock, valued at $548,862.60. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.23% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Blue Trust Inc. lifted its holdings in shares of Pinnacle West Capital by 377.9% during the 2nd quarter. Blue Trust Inc. now owns 368 shares of the utilities provider's stock valued at $28,000 after buying an additional 291 shares during the period. Cape Investment Advisory Inc. bought a new stake in shares of Pinnacle West Capital during the 1st quarter valued at about $30,000. Ashton Thomas Private Wealth LLC purchased a new stake in shares of Pinnacle West Capital during the 2nd quarter valued at about $52,000. First Horizon Advisors Inc. lifted its stake in shares of Pinnacle West Capital by 20.9% in the 2nd quarter. First Horizon Advisors Inc. now owns 794 shares of the utilities provider's stock worth $61,000 after purchasing an additional 137 shares during the period. Finally, Neo Ivy Capital Management purchased a new position in shares of Pinnacle West Capital in the second quarter worth approximately $82,000. Institutional investors own 91.51% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on PNW shares. StockNews.com upgraded Pinnacle West Capital from a "sell" rating to a "hold" rating in a research report on Monday, August 5th. Wells Fargo & Company boosted their target price on shares of Pinnacle West Capital from $87.00 to $90.00 and gave the company an "equal weight" rating in a report on Wednesday, October 16th. Barclays decreased their price target on shares of Pinnacle West Capital from $81.00 to $78.00 and set an "overweight" rating for the company in a research note on Tuesday, July 2nd. Morgan Stanley boosted their price objective on shares of Pinnacle West Capital from $78.00 to $83.00 and gave the stock an "equal weight" rating in a research note on Wednesday, September 25th. Finally, Jefferies Financial Group started coverage on shares of Pinnacle West Capital in a research note on Thursday, September 19th. They set a "buy" rating and a $104.00 target price for the company. Seven investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $80.79.

Pinnacle West Capital Company Profile

Pinnacle West Capital Corporation, through its subsidiary, provides retail and wholesale electric services primarily in the state of Arizona. The company engages in the generation, transmission, and distribution of electricity using coal, nuclear, gas, oil, and solar generating facilities. Its transmission facilities include overhead lines and underground lines; and distribution facilities consist of overhead lines and underground primary cables.