The report noted that among utilities, PNW shares displayed both attractive valuation metrics and strong profitability metrics.

FORBES: Why Pinnacle West Capital Corp. Is a Top 10 Utility Dividend Stock (PNW)

At last check, CLF was up about 0.8%, while PNW was down about 0.4% on the day Friday.

FORBES: Connect

Below is a long-term dividend history chart for PNW, which Dividend Channel stressed as being of key importance.

FORBES: Why Pinnacle West Capital Corp. Is a Top 10 Utility Dividend Stock (PNW)

According to the ETF Finder at ETF Channel, CLF and PNW collectively make up 2.29% of the iShares Dow Jones Select Dividend Index Fund ETF (DVY) which is up by about 0.2% on the day Friday.

FORBES: Connect

In total, he shed his holding of five companies as of Sept. 30, 2012: Kimberly-Clark Corp. ( KMB), Pinnacle West Capital Corporation ( PNW), Marriott International Inc. ( MAR), Amgen Inc. ( AMGN) and Avery Dennison Corporation ( AVY).

FORBES: T. Rowe Price Equity Income Fund Top Sells: KMB, PNW, MAR, AMGN, AVY

"Pinnacle West is an excellent managed utility that I like over the long term, but investors need to be careful in the short-term, as PNW faces an uphill battle against their regulator as they try to raise prices, " she says.

FORBES: Magazine Article