Pinnacle West Capital Co. (NYSE:PNW) Shares Bought by HITE Hedge Asset Management LLC

HITE Hedge Asset Management LLC raised its position in shares of Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 15.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 106,573 shares of the utilities provider's stock after acquiring an additional 14,262 shares during the period. HITE Hedge Asset Management LLC owned approximately 0.09% of Pinnacle West Capital worth $9,034,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. YANKCOM Partnership acquired a new stake in shares of Pinnacle West Capital in the fourth quarter worth $29,000. Canada Post Corp Registered Pension Plan acquired a new stake in Pinnacle West Capital during the 4th quarter valued at approximately $35,000. Brown Lisle Cummings Inc. acquired a new position in shares of Pinnacle West Capital in the 4th quarter valued at approximately $38,000. Roble Belko & Company Inc purchased a new position in shares of Pinnacle West Capital during the 4th quarter valued at approximately $42,000. Finally, Transcendent Capital Group LLC acquired a new stake in shares of Pinnacle West Capital during the fourth quarter worth approximately $46,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PNW. Guggenheim reissued a "buy" rating and issued a $100.00 target price on shares of Pinnacle West Capital in a research report on Wednesday, February 26th. UBS Group lifted their price target on shares of Pinnacle West Capital from $96.00 to $99.00 and gave the company a "neutral" rating in a report on Friday, March 21st. Jefferies Financial Group dropped their price objective on shares of Pinnacle West Capital from $106.00 to $104.00 and set a "buy" rating on the stock 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. Finally, Morgan Stanley boosted their price objective on Pinnacle West Capital from $84.00 to $88.00 and gave the company an "equal weight" rating in a research report on Thursday, March 20th. Six equities research 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 stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $95.50.

Pinnacle West Capital Stock Performance

Shares of PNW traded down $0.76 during trading hours on Wednesday, reaching $94.25. 455,131 shares of the company's stock traded hands, compared to its average volume of 1,088,682. The firm has a market capitalization of $11.24 billion, a price-to-earnings ratio of 17.85, a P/E/G ratio of 3.59 and a beta of 0.42. The business's fifty day simple moving average is $92.36 and its two-hundred day simple moving average is $89.39. Pinnacle West Capital Co. has a twelve month low of $72.78 and a twelve month 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.

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

Pinnacle West Capital 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.