Wealthfront Advisers LLC Acquires Shares of 24,596 Pinnacle West Capital Co. (NYSE:PNW)

Wealthfront Advisers LLC purchased a new position in Pinnacle West Capital Co. (NYSE:PNW - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 24,596 shares of the utilities provider's stock, valued at approximately $2,085,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of PNW. Mesirow Financial Investment Management Inc. increased its holdings in Pinnacle West Capital by 0.9% during the 4th quarter. Mesirow Financial Investment Management Inc. now owns 13,724 shares of the utilities provider's stock worth $1,163,000 after purchasing an additional 116 shares during the period. Fortem Financial Group LLC boosted its position in Pinnacle West Capital by 2.2% during the 4th quarter. Fortem Financial Group LLC now owns 5,717 shares of the utilities provider's stock valued at $485,000 after acquiring an additional 124 shares in the last quarter. New York Life Investment Management LLC boosted its position in Pinnacle West Capital by 0.9% during the 4th quarter. New York Life Investment Management LLC now owns 14,916 shares of the utilities provider's stock valued at $1,264,000 after acquiring an additional 127 shares in the last quarter. Global Retirement Partners LLC boosted its position in Pinnacle West Capital by 10.8% during the 4th quarter. Global Retirement Partners LLC now owns 1,598 shares of the utilities provider's stock valued at $135,000 after acquiring an additional 156 shares in the last quarter. Finally, Glenmede Trust Co. NA boosted its position in Pinnacle West Capital by 2.5% during the 3rd quarter. Glenmede Trust Co. NA now owns 6,695 shares of the utilities provider's stock valued at $593,000 after acquiring an additional 163 shares in the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

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Analyst Ratings Changes

PNW has been the topic of several recent research reports. Guggenheim reaffirmed a "buy" rating and set a $100.00 target price on shares of Pinnacle West Capital in a research report on Wednesday, February 26th. LADENBURG THALM/SH SH raised Pinnacle West Capital to a "strong-buy" rating in a research report on Monday. KeyCorp raised Pinnacle West Capital from a "sector weight" rating to an "overweight" rating and set a $101.00 target price on the stock in a research report on Wednesday, December 4th. Morgan Stanley lowered their price objective on Pinnacle West Capital from $82.00 to $81.00 and set an "equal weight" rating for the company in a research report on Friday, November 22nd. Finally, Jefferies Financial Group lowered their price objective on Pinnacle West Capital from $106.00 to $104.00 and set a "buy" rating for the company in a research report on Tuesday, January 28th. Five equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $93.81.

Pinnacle West Capital Stock Performance

PNW stock traded up $0.85 during midday trading on Wednesday, reaching $94.23. The stock had a trading volume of 1,318,850 shares, compared to its average volume of 981,014. The stock has a market cap of $11.22 billion, a PE ratio of 17.85, a P/E/G ratio of 3.59 and a beta of 0.53. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.54 and a current ratio of 0.71. The firm has a fifty day simple moving average of $88.79 and a two-hundred day simple moving average of $88.70. Pinnacle West Capital Co. has a 52-week low of $70.73 and a 52-week high of $95.42.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last issued its earnings results on Tuesday, February 25th. The utilities provider reported ($0.06) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.31) by $0.25. The company had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.06 billion. Pinnacle West Capital had a return on equity of 9.60% and a net margin of 12.26%. As a group, equities research analysts anticipate that Pinnacle West Capital Co. will post 5.13 EPS for the current year.

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.