Commonwealth Equity Services LLC Increases Stock Position in Pinnacle West Capital Co. (NYSE:PNW)

Commonwealth Equity Services LLC raised its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 3.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 43,323 shares of the utilities provider’s stock after purchasing an additional 1,425 shares during the period. Commonwealth Equity Services LLC’s holdings in Pinnacle West Capital were worth $3,672,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Assenagon Asset Management S.A. boosted its position in shares of Pinnacle West Capital by 221.7% during the fourth quarter. Assenagon Asset Management S.A. now owns 677,274 shares of the utilities provider’s stock valued at $57,413,000 after buying an additional 466,736 shares during the last quarter. Jennison Associates LLC purchased a new stake in shares of Pinnacle West Capital during the 4th quarter valued at about $32,078,000. Reaves W H & Co. Inc. grew its stake in shares of Pinnacle West Capital by 35.2% in the fourth quarter. Reaves W H & Co. Inc. now owns 1,390,715 shares of the utilities provider’s stock worth $117,891,000 after acquiring an additional 362,083 shares during the period. Yaupon Capital Management LP bought a new stake in shares of Pinnacle West Capital in the third quarter worth approximately $22,173,000. Finally, Zimmer Partners LP raised its holdings in shares of Pinnacle West Capital by 5.7% during the third quarter. Zimmer Partners LP now owns 2,899,676 shares of the utilities provider’s stock valued at $256,882,000 after purchasing an additional 155,466 shares during the last quarter. Institutional investors own 91.51% of the company’s stock.

Pinnacle West Capital Stock Performance

NYSE PNW opened at $93.01 on Tuesday. The business has a 50-day moving average price of $89.67 and a 200-day moving average price of $88.85. The firm has a market cap of $11.08 billion, a price-to-earnings ratio of 17.62, a price-to-earnings-growth ratio of 3.59 and a beta of 0.53. Pinnacle West Capital Co. has a twelve month low of $70.73 and a twelve month high of $95.42. The company has a quick ratio of 0.54, a current ratio of 0.71 and a debt-to-equity ratio of 1.20.

Pinnacle West Capital (NYSE:PNW) last announced its quarterly earnings data on Tuesday, February 25th. The utilities provider reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.25. Pinnacle West Capital had a net margin of 12.26% and a return on equity of 9.60%. The business had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.06 billion. As a group, equities research analysts predict that Pinnacle West Capital Co. will post 5.13 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. UBS Group lifted their target price on shares of Pinnacle West Capital from $96.00 to $99.00 and gave the stock a “neutral” rating in a research report on Friday. Morgan Stanley increased their target price on Pinnacle West Capital from $84.00 to $88.00 and gave the company an “equal weight” rating in a report on Thursday, March 20th. Guggenheim reissued a “buy” rating and issued a $100.00 target price on shares of Pinnacle West Capital in a research report on Wednesday, February 26th. KeyCorp raised shares of Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 price target for the company in a research report on Wednesday, December 4th. Finally, Wells Fargo & Company raised their price objective on shares of Pinnacle West Capital from $92.00 to $95.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 26th. Six investment analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Pinnacle West Capital has a consensus rating of “Moderate Buy” and a consensus target price of $95.17.

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.