Summit Trail Advisors LLC Takes Position in Pinnacle West Capital Co. (NYSE:PNW)

Summit Trail Advisors LLC acquired a new stake in shares of Pinnacle West Capital Co. (NYSE:PNW) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 2,806 shares of the utilities provider’s stock, valued at approximately $214,000.

A number of other large investors have also recently made changes to their positions in the stock. Blue Trust Inc. lifted its position in Pinnacle West Capital by 377.9% during the second quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock valued at $28,000 after purchasing an additional 291 shares during the period. Cape Investment Advisory Inc. acquired a new position in Pinnacle West Capital during the first quarter valued at $30,000. Newbridge Financial Services Group Inc. lifted its position in Pinnacle West Capital by 70.6% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 481 shares of the utilities provider’s stock valued at $35,000 after purchasing an additional 199 shares during the period. Rise Advisors LLC acquired a new position in Pinnacle West Capital during the first quarter valued at $36,000. Finally, Riverview Trust Co acquired a new position in Pinnacle West Capital during the first quarter valued at $46,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Pinnacle West Capital

In related news, EVP Robert Edgar Smith sold 4,950 shares of the company’s stock in a transaction dated Friday, August 9th. The shares were 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 approximately $548,862.60. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.23% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Wells Fargo & Company boosted their target price on shares of Pinnacle West Capital from $80.00 to $87.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. StockNews.com upgraded shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Monday, August 5th. Barclays decreased their price objective on shares of Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating for the company in a research report on Tuesday, July 2nd. Morgan Stanley upped their price objective on shares of Pinnacle West Capital from $72.00 to $78.00 and gave the stock an “equal weight” rating in a research report on Friday, August 23rd. Finally, LADENBURG THALM/SH SH upgraded shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $74.00 to $83.50 in a research report on Thursday, June 6th. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $80.13.

Pinnacle West Capital Stock Down 1.1 %

PNW opened at $89.24 on Wednesday. Pinnacle West Capital Co. has a twelve month low of $65.20 and a twelve month high of $91.57. The company has a quick ratio of 0.48, a current ratio of 0.66 and a debt-to-equity ratio of 1.28. The company has a 50-day moving average price of $86.85 and a 200 day moving average price of $79.35. The company has a market cap of $10.13 billion, a PE ratio of 19.44, a price-to-earnings-growth ratio of 2.27 and a beta of 0.52.

Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings results on Thursday, August 1st. The utilities provider reported $1.76 earnings per share for the quarter, topping the consensus estimate of $1.31 by $0.45. Pinnacle West Capital had a net margin of 12.65% and a return on equity of 9.75%. The firm had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.21 billion. During the same quarter in the prior year, the firm earned $0.94 EPS. The company’s revenue for the quarter was up 15.7% on a year-over-year basis. Sell-side analysts expect that Pinnacle West Capital Co. will post 4.77 earnings per share for the current fiscal year.

Pinnacle West Capital 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.