Covalis Capital LLP Sells 264,633 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Covalis Capital LLP reduced its holdings in Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 76.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 80,508 shares of the utilities provider's stock after selling 264,633 shares during the period. Covalis Capital LLP owned about 0.07% of Pinnacle West Capital worth $6,825,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the business. MML Investors Services LLC increased its holdings in shares of Pinnacle West Capital by 5.5% in the 3rd quarter. MML Investors Services LLC now owns 6,434 shares of the utilities provider's stock valued at $570,000 after purchasing an additional 334 shares during the period. Barclays PLC increased its stake in Pinnacle West Capital by 7.6% in the 3rd quarter. Barclays PLC now owns 203,363 shares of the utilities provider's stock valued at $18,014,000 after buying an additional 14,392 shares during the period. Virtu Financial LLC purchased a new stake in Pinnacle West Capital in the 3rd quarter worth approximately $882,000. Sanctuary Advisors LLC boosted its stake in shares of Pinnacle West Capital by 61.5% during the 3rd quarter. Sanctuary Advisors LLC now owns 8,151 shares of the utilities provider's stock valued at $757,000 after buying an additional 3,104 shares during the period. Finally, Tidal Investments LLC grew its holdings in shares of Pinnacle West Capital by 7.6% during the 3rd quarter. Tidal Investments LLC now owns 2,881 shares of the utilities provider's stock valued at $255,000 after acquiring an additional 203 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle West Capital Stock Performance

NYSE:PNW traded down $0.60 during midday trading on Wednesday, reaching $94.41. The stock had a trading volume of 1,763,015 shares, compared to its average volume of 1,093,833. The stock has a market capitalization of $11.26 billion, a P/E ratio of 17.88, a PEG ratio of 3.59 and a beta of 0.42. Pinnacle West Capital Co. has a 1-year low of $72.78 and a 1-year high of $96.50. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54. The firm's fifty day simple moving average is $92.36 and its 200-day simple moving average is $89.39.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last issued its quarterly earnings results on Tuesday, February 25th. The utilities provider reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.06 billion. On average, equities research analysts forecast that Pinnacle West Capital Co. will post 5.13 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

PNW has been the subject of several recent research reports. Guggenheim reiterated a "buy" rating and set a $100.00 price objective on shares of Pinnacle West Capital in a report on Wednesday, February 26th. Barclays lifted their price target on Pinnacle West Capital from $87.00 to $94.00 and gave the company an "equal weight" rating in a report on Tuesday, April 1st. Morgan Stanley increased their price objective on Pinnacle West Capital from $84.00 to $88.00 and gave the stock an "equal weight" rating in a report on Thursday, March 20th. UBS Group raised their price objective on shares of Pinnacle West Capital from $96.00 to $99.00 and gave the company a "neutral" rating in a research report on Friday, March 21st. Finally, LADENBURG THALM/SH SH upgraded shares of Pinnacle West Capital to a "strong-buy" rating in a research note on Monday, March 17th. Six 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 presently has a consensus rating of "Moderate Buy" and an average price target of $95.50.

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.