Company profile

Ticker
PNW
Exchange
CEO
Jeffrey B. Guldner
Employees
Incorporated in
Location
Fiscal year end
Industry (SEC)
Former names
AZP GROUP INC
SEC CIK
IRS number
860512431

PNW stock data

(
)

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

8 May 20
8 Jul 20
31 Dec 20

News

Company financial data Financial data

Quarter (USD) Mar 20 Dec 19 Sep 19 Jun 19
Revenue 661.93M 670.39M 1.19B 869.5M
Net income 34.87M 68.85M 317.15M 149.02M
Diluted EPS 0.27 0.57 2.77 1.28
Net profit margin 5.27% 10.27% 26.63% 17.14%
Operating income 40.42M 12M 403.29M 196.59M
Net change in cash 52.86M -19.57M 28.2M -4.46M
Cash on hand 63.14M 10.28M 29.85M 1.65M
Cost of revenue 344.86M 242.22M
Annual (USD) Dec 19 Dec 18 Dec 17 Dec 16
Revenue 3.47B 3.69B 3.57B 3.5B
Net income 557.81M 530.54M 507.95M 461.53M
Diluted EPS 4.77 4.54 4.35 3.95
Net profit margin 16.07% 14.37% 14.25% 13.19%
Operating income 671.96M 773.69M 909.76M 835.61M
Net change in cash 4.52M -8.13M 5.01M -30.61M
Cash on hand 10.28M 5.77M 13.89M 8.88M
Cost of revenue 1.08B 981.3M 1.08B

Financial data from company earnings reports

Date Owner Security Transaction Code 10b5-1 $Price #Shares $Value #Remaining
29 Jun 20 Andrew D Cooper RSU Common Stock Grant Aquire A No 0 960 0 960
20 May 20 Glynis Bryan Stock Units Common Stock Grant Aquire A No 0 1,653 0 1,653
20 May 20 Cortese Denis A. Common Stock Gift Aquire G No 0 1,653 0 16,308
20 May 20 Cortese Denis A. Common Stock Gift Dispose G No 0 1,653 0 0
20 May 20 Cortese Denis A. Common Stock Grant Aquire A No 72.77 1,653 120.29K 1,653
20 May 20 Fox Richard P Stock Units Common Stock Grant Aquire A No 0 1,653 0 1,653
84.3% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 485 508 -4.5%
Opened positions 64 58 +10.3%
Closed positions 87 87
Increased positions 143 166 -13.9%
Reduced positions 197 178 +10.7%
13F shares
Current Prev Q Change
Total value 71.77B 102.22B -29.8%
Total shares 94.82M 95.85M -1.1%
Total puts 45.1K 11.3K +299.1%
Total calls 66K 41.1K +60.6%
Total put/call ratio 0.7 0.3 +148.5%
Largest owners
Shares Value Change
Vanguard 14.03M $1.06B +1.6%
BLK BlackRock 13.19M $999.37M -1.5%
STT State Street 6.63M $502.63M +1.7%
American Century Companies 3.64M $275.87M -4.6%
Renaissance Technologies 3.25M $246.54M +7.3%
IVZ Invesco 2.94M $222.97M +12.1%
Aqr Capital Management 2.67M $202.06M -34.3%
Zimmer Partners 2.41M $182.85M +175.7%
Citadel Advisors 1.95M $147.88M +24923.9%
Geode Capital Management 1.91M $144.31M +1.2%
Largest transactions
Shares Bought/sold Change
Citadel Advisors 1.95M +1.94M +24923.9%
Zimmer Partners 2.41M +1.54M +175.7%
Aqr Capital Management 2.67M -1.39M -34.3%
Norges Bank 0 -849.02K EXIT
WFC Wells Fargo & Company 963.8K -748.89K -43.7%
Amundi Pioneer Asset Management 841.9K +510.97K +154.4%
Electron Capital Partners 506.74K +506.74K NEW
Allianz Asset Management GmbH 50.71K -463.62K -90.1%
DB Deutsche Bank 549.72K -454.23K -45.2%
Panagora Asset Management 311.16K -344.44K -52.5%

Financial report summary

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Risks
  • Our financial condition depends upon APS’s ability to recover costs in a timely manner from customers through regulated rates and otherwise execute its business strategy.
  • APS’s ability to conduct its business operations and avoid fines and penalties depends upon compliance with federal, state and local statutes, regulations and ACC requirements, and obtaining and maintaining certain regulatory permits, approvals and certificates.
  • The operation of APS’s nuclear power plant exposes it to substantial regulatory oversight and potentially significant liabilities and capital expenditures.
  • APS is subject to numerous environmental laws and regulations, and changes in, or liabilities under, existing or new laws or regulations may increase APS’s cost of operations or impact its business plans.
  • APS faces potential financial risks resulting from climate change litigation and legislative and regulatory efforts to limit GHG emissions, as well as physical and operational risks related to climate effects.
  • Co-owners of our jointly owned generation facilities may have unaligned goals and positions due to the effects of legislation, regulations, economic conditions or changes in our industry, which could have a significant impact on our ability to continue operations of such facilities.
  • Deregulation or restructuring of the electric industry may result in increased competition, which could have a significant adverse impact on APS’s business and its results of operations.
  • Proposals to change policy in Arizona or other states made through ballot initiatives or referenda may increase the Company’s cost of operations or impact its business plans.
  • APS’s results of operations can be adversely affected by various factors impacting demand for electricity.
  • The impact of wildfires could negatively affect APS's results of operations.
  • The inability to successfully develop or acquire generation resources to meet reliability requirements and other new or evolving standards or regulations could adversely impact our business.
  • The lack of access to sufficient supplies of water could have a material adverse impact on APS’s business and results of operations.
  • The ownership and operation of power generation and transmission facilities on Indian lands could result in uncertainty related to continued leases, easements and rights-of-way, which could have a significant impact on our business.
  • There are inherent risks in the ownership and operation of nuclear facilities, such as environmental, health, fuel supply, spent fuel disposal, regulatory and financial risks and the risk of terrorist attack that could adversely affect our business and financial condition.
  • The use of derivative contracts in the normal course of our business could result in financial losses that negatively impact our results of operations.
  • Changes in technology could create challenges for APS’s existing business.
  • We are subject to employee workforce factors that could adversely affect our business and financial condition.
  • Financial market disruptions or new rules or regulations may increase our financing costs or limit our access to various financial markets, which may adversely affect our liquidity and our ability to implement our financial strategy.
  • A downgrade of our credit ratings could materially and adversely affect our business, financial condition and results of operations.
  • Investment performance, changing interest rates and other economic, social and political factors could decrease the value of our benefit plan assets, nuclear decommissioning trust funds and other special use funds or increase the valuation of our related obligations, resulting in significant additional funding requirements. We are also subject to risks related to the provision of employee healthcare benefits and healthcare reform legislation. Any inability to fully recover these costs in our utility rates would negatively impact our financial condition.
  • Our cash flow depends on the performance of APS and its ability to make distributions.
  • Pinnacle West’s ability to meet its debt service obligations could be adversely affected because its debt securities are structurally subordinated to the debt securities and other obligations of its subsidiaries.
  • The market price of our common stock may be volatile.
  • Certain provisions of our articles of incorporation and bylaws and of Arizona law make it difficult for shareholders to change the composition of our board and may discourage takeover attempts.
Management Discussion
  • Pinnacle West’s only reportable business segment is our regulated electricity segment, which consists of traditional regulated retail and wholesale electricity businesses (primarily sales supplied under traditional cost-based rate regulation) and related activities and includes electricity generation, transmission and distribution.
  • Operating Results – 2019 compared with 2018.
  • Our consolidated net income attributable to common shareholders for the year ended December 31, 2019 was $538 million, compared with $511 million for the prior year.  The results reflect an increase of approximately $30 million for the regulated electricity segment primarily due to lower operations and maintenance costs and tax expense due to amortization of excess deferred taxes as a result of the Tax Act,
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