Cibc World Markets Corp Has $1.09 Million Position in Pinnacle West Capital Co. (NYSE:PNW)

Cibc World Markets Corp lifted its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 45.5% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 12,804 shares of the utilities provider's stock after buying an additional 4,002 shares during the period. Cibc World Markets Corp's holdings in Pinnacle West Capital were worth $1,085,000 as of its most recent filing with the SEC.

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

Remove Ads

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Jefferies Financial Group dropped their price target on Pinnacle West Capital from $106.00 to $104.00 and set a "buy" rating for the company in a research note on Tuesday, January 28th. LADENBURG THALM/SH SH upgraded Pinnacle West Capital to a "strong-buy" rating in a research report on Monday, March 17th. KeyCorp upgraded Pinnacle West Capital from a "sector weight" rating to an "overweight" rating and set a $101.00 price target on the stock in a report on Wednesday, December 4th. Wells Fargo & Company raised their price objective on shares of Pinnacle West Capital from $92.00 to $95.00 and gave the company an "equal weight" rating in a report on Wednesday, February 26th. Finally, UBS Group boosted their target price on shares of Pinnacle West Capital from $96.00 to $99.00 and gave the stock a "neutral" rating in a report on Friday, March 21st. Six analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Pinnacle West Capital currently has an average rating of "Moderate Buy" and an average price target of $95.17.

Pinnacle West Capital Trading Up 1.5 %

Shares of NYSE PNW traded up $1.39 during midday trading on Wednesday, reaching $92.90. The stock had a trading volume of 967,757 shares, compared to its average volume of 987,889. Pinnacle West Capital Co. has a twelve month low of $70.73 and a twelve month high of $95.42. 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 company's 50 day moving average price is $89.83 and its 200 day moving average price is $88.88. The firm has a market cap of $11.06 billion, a price-to-earnings ratio of 17.59, a price-to-earnings-growth ratio of 3.59 and a beta of 0.53.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last issued its quarterly earnings results on Tuesday, February 25th. The utilities provider reported ($0.06) 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 for the quarter, compared to analysts' expectations of $1.06 billion. As a group, sell-side analysts expect 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.