Connor Clark & Lunn Investment Management Ltd. Raises Position in Pinnacle West Capital Co. (NYSE:PNW)

Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 332.5% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 166,224 shares of the utilities provider's stock after purchasing an additional 127,794 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.15% of Pinnacle West Capital worth $14,091,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of PNW. YANKCOM Partnership purchased a new position in Pinnacle West Capital in the 4th quarter valued at approximately $29,000. Venturi Wealth Management LLC boosted its holdings in shares of Pinnacle West Capital by 124.6% in the third quarter. Venturi Wealth Management LLC now owns 429 shares of the utilities provider's stock worth $38,000 after acquiring an additional 238 shares during the period. Brown Lisle Cummings Inc. purchased a new position in shares of Pinnacle West Capital in the fourth quarter valued at $38,000. Prospera Private Wealth LLC bought a new stake in shares of Pinnacle West Capital during the 3rd quarter valued at $43,000. Finally, Roble Belko & Company Inc purchased a new stake in Pinnacle West Capital during the 4th quarter worth about $42,000. Hedge funds and other institutional investors own 91.51% of the company's stock.

Pinnacle West Capital Price Performance

Shares of NYSE PNW traded up $0.44 during mid-day trading on Monday, reaching $94.15. 938,646 shares of the company were exchanged, compared to its average volume of 982,088. Pinnacle West Capital Co. has a 52 week low of $70.73 and a 52 week high of $95.42. The company's 50 day moving average price is $88.36 and its 200 day moving average price is $88.61. The stock has a market capitalization of $11.21 billion, a PE ratio of 17.83, a PEG ratio of 3.59 and a beta of 0.53. The company has a quick ratio of 0.54, a current ratio of 0.71 and a debt-to-equity ratio of 1.20.

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Pinnacle West Capital (NYSE:PNW - Get Free Report) last released its quarterly earnings results on Tuesday, February 25th. The utilities provider reported ($0.06) earnings per share for the quarter, beating analysts' consensus estimates of ($0.31) by $0.25. Pinnacle West Capital had a return on equity of 9.60% and a net margin of 12.26%. The business had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.06 billion. Sell-side analysts forecast that Pinnacle West Capital Co. will post 5.13 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have weighed in on PNW shares. Citigroup lifted their target price on Pinnacle West Capital from $85.00 to $95.00 and gave the company a "neutral" rating in a report on Wednesday, December 4th. Jefferies Financial Group reduced their price objective on shares of 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. Guggenheim reiterated a "buy" rating and issued a $100.00 target price on shares of Pinnacle West Capital in a research note on Wednesday, February 26th. KeyCorp upgraded 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, Barclays cut shares of Pinnacle West Capital from an "overweight" rating to an "equal weight" rating and decreased their price target for the stock from $93.00 to $91.00 in a report on Monday, November 18th. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $92.28.

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.