Susan T. Flanagan, a director at Pinnacle West Capital Corp (NYSE:PNW), recently acquired 500 shares of the company's common stock, according to a regulatory filing. The transaction, which took place on August 5, 2024, saw Flanagan purchasing the shares at a price of $86.54 each, totaling approximately $43,270. Following this acquisition, Flanagan's direct ownership in Pinnacle West Capital increased to 750 shares. This move comes as part of her ongoing investment activities with the Phoenix-based energy services company.
In other recent news, Pinnacle West Capital Corporation (NYSE:PNW) announced a 1.7% increase in its quarterly dividend, alongside plans to release its third-quarter financial results. The company has also reported significant growth in its second quarter earnings for 2024, attributing this to an expanding customer base and favorable weather conditions. On the regulatory front, Pinnacle West is awaiting decisions on a rate case filing, with Mizuho maintaining an Outperform rating based on the company's positive regulatory environment outlook.
In addition, the company's primary subsidiary, Arizona Public Service (APS), was awarded two grants totaling $70 million from the U.S. Department of Energy's Grid Deployment Office. These funds will be used to enhance grid resilience, wildfire safety, and construct new smart grid technology projects.
These recent developments reflect the ongoing growth and strategic initiatives of both Pinnacle West and APS, with Mizuho expressing confidence in Pinnacle West's future prospects. However, the company has guided to a lower range of sales growth for the year. As these developments unfold, investors will be keenly watching Pinnacle West's third-quarter financial results and the outcome of its regulatory proceedings.
InvestingPro Insights
Susan T. Flanagan's recent acquisition of Pinnacle West Capital Corp (NYSE:PNW) shares aligns with several positive indicators highlighted by InvestingPro. The company's stock is currently trading near its 52-week high, with a price that is 97.82% of its peak, suggesting strong market confidence. This bullish sentiment is further supported by the company's impressive year-to-date price total return of 28.71%.
InvestingPro Tips reveal that Pinnacle West Capital has maintained dividend payments for 32 consecutive years and has raised its dividend for 12 consecutive years. This consistent dividend history may have influenced Flanagan's decision to increase her stake in the company. The current dividend yield stands at 3.94%, which could be attractive to investors seeking stable income.
Moreover, the company's P/E ratio of 16.41 indicates that it is trading at a low P/E ratio relative to its near-term earnings growth, potentially signaling an undervalued opportunity. This valuation metric, coupled with analysts' predictions of profitability for the current year, may have contributed to Flanagan's confidence in increasing her position.
For investors interested in a deeper analysis, InvestingPro offers additional insights with 10 more tips available for Pinnacle West Capital. These tips could provide further context to Flanagan's investment decision and help investors make more informed choices about PNW stock.
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