Private Advisor Group LLC Buys New Position in Pinnacle West Capital Co. (NYSE:PNW)

Private Advisor Group LLC purchased a new position in Pinnacle West Capital Co. (NYSE:PNW) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 9,189 shares of the utilities provider’s stock, valued at approximately $702,000.

A number of other large investors have also modified their holdings of PNW. Arizona State Retirement System boosted its stake in Pinnacle West Capital by 2.0% in the 2nd quarter. Arizona State Retirement System now owns 31,790 shares of the utilities provider’s stock worth $2,428,000 after purchasing an additional 626 shares in the last quarter. Victory Capital Management Inc. lifted its stake in shares of Pinnacle West Capital by 11.5% during the second quarter. Victory Capital Management Inc. now owns 457,634 shares of the utilities provider’s stock worth $34,954,000 after buying an additional 47,282 shares during the period. National Bank of Canada FI grew its holdings in shares of Pinnacle West Capital by 22.4% during the second quarter. National Bank of Canada FI now owns 31,298 shares of the utilities provider’s stock valued at $2,370,000 after buying an additional 5,721 shares during the last quarter. Convergence Investment Partners LLC purchased a new position in Pinnacle West Capital in the 2nd quarter worth $712,000. Finally, Financial Counselors Inc. raised its stake in Pinnacle West Capital by 10.8% in the 2nd quarter. Financial Counselors Inc. now owns 208,769 shares of the utilities provider’s stock worth $15,946,000 after acquiring an additional 20,384 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Pinnacle West Capital Stock Performance

NYSE PNW opened at $89.97 on Wednesday. The stock has a market capitalization of $10.22 billion, a price-to-earnings ratio of 19.60, a PEG ratio of 2.27 and a beta of 0.52. The stock has a 50-day moving average of $85.85 and a 200 day moving average of $78.65. The company has a current ratio of 0.66, a quick ratio of 0.48 and a debt-to-equity ratio of 1.28. Pinnacle West Capital Co. has a twelve month low of $65.20 and a twelve month high of $91.57.

Pinnacle West Capital (NYSE:PNW) last announced its 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 return on equity of 9.75% and a net margin of 12.65%. The business had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.21 billion. During the same period in the prior year, the company posted $0.94 EPS. The business’s quarterly revenue was up 15.7% on a year-over-year basis. Sell-side analysts anticipate that Pinnacle West Capital Co. will post 4.77 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

PNW has been the topic of a number of research reports. LADENBURG THALM/SH SH raised Pinnacle West Capital from a “neutral” rating to a “buy” rating and increased their price objective for the company from $74.00 to $83.50 in a report on Thursday, June 6th. Wells Fargo & Company raised their price target 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. Barclays dropped their price objective on shares of Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating on the stock in a report on Tuesday, July 2nd. StockNews.com raised shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Monday, August 5th. Finally, Morgan Stanley upped their price target on shares of Pinnacle West Capital from $72.00 to $78.00 and gave the company an “equal weight” rating in a report on Friday, August 23rd. Eight equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $77.95.

Insiders Place Their Bets

In other news, EVP Robert Edgar Smith sold 4,950 shares of the business’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 $548,862.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.23% of the stock is currently owned by company insiders.

Pinnacle West Capital Company 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.