Millennium Management LLC Raises Stake in Pinnacle West Capital Co. (NYSE:PNW)

Millennium Management LLC boosted its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 75.3% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 237,744 shares of the utilities provider’s stock after buying an additional 102,134 shares during the quarter. Millennium Management LLC owned 0.21% of Pinnacle West Capital worth $18,159,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Blue Trust Inc. raised its holdings in shares of Pinnacle West Capital by 377.9% during the second quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock worth $28,000 after purchasing an additional 291 shares during the last quarter. Cape Investment Advisory Inc. purchased a new position in shares of Pinnacle West Capital during the 1st quarter valued at about $30,000. Newbridge Financial Services Group Inc. lifted its holdings in shares of Pinnacle West Capital by 70.6% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 481 shares of the utilities provider’s stock valued at $35,000 after buying an additional 199 shares during the period. Rise Advisors LLC purchased a new stake in shares of Pinnacle West Capital in the first quarter worth about $36,000. Finally, Riverview Trust Co acquired a new stake in Pinnacle West Capital during the first quarter worth about $46,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Jefferies Financial Group started coverage on Pinnacle West Capital in a report on Thursday, September 19th. They issued a “buy” rating and a $104.00 price target for the company. StockNews.com upgraded shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a research note on Monday, August 5th. Barclays dropped their price target on shares of Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 2nd. Wells Fargo & Company upped their price objective on shares of Pinnacle West Capital from $80.00 to $87.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Finally, Morgan Stanley raised their target price on Pinnacle West Capital from $78.00 to $83.00 and gave the company an “equal weight” rating in a research report on Wednesday, September 25th. Seven analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $80.54.

Pinnacle West Capital Trading Down 1.7 %

Shares of PNW opened at $87.98 on Friday. The firm’s fifty day moving average is $87.82 and its two-hundred day moving average is $80.27. The stock has a market cap of $9.99 billion, a PE ratio of 19.17, a price-to-earnings-growth ratio of 2.30 and a beta of 0.52. The company has a quick ratio of 0.48, a current ratio of 0.66 and a debt-to-equity ratio of 1.28. Pinnacle West Capital Co. has a 52-week low of $65.20 and a 52-week high of $91.57.

Pinnacle West Capital (NYSE:PNW) last announced its quarterly earnings data on Thursday, August 1st. The utilities provider reported $1.76 earnings per share (EPS) for the quarter, beating 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 company had revenue of $1.31 billion during the quarter, compared to analysts’ expectations of $1.21 billion. During the same quarter in the prior year, the company earned $0.94 EPS. Pinnacle West Capital’s revenue was up 15.7% compared to the same quarter last year. Research analysts forecast that Pinnacle West Capital Co. will post 4.77 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, EVP Robert Edgar Smith sold 4,950 shares of Pinnacle West Capital stock in a transaction on 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.23% of the stock is currently owned by company insiders.

About Pinnacle West Capital

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.