Invesco Ltd. Raises Stock Position in Pinnacle West Capital Co. (NYSE:PNW)

Invesco Ltd. increased its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 32.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 4,298,009 shares of the utilities provider's stock after buying an additional 1,045,788 shares during the quarter. Invesco Ltd. owned 3.78% of Pinnacle West Capital worth $364,342,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PNW. YANKCOM Partnership acquired a new stake in Pinnacle West Capital in the 4th quarter valued at approximately $29,000. Brown Lisle Cummings Inc. acquired a new stake in shares of Pinnacle West Capital in the fourth quarter valued at approximately $38,000. Roble Belko & Company Inc bought a new stake in shares of Pinnacle West Capital in the fourth quarter worth $42,000. Transcendent Capital Group LLC acquired a new position in Pinnacle West Capital during the fourth quarter worth $46,000. Finally, Allworth Financial LP grew its position in Pinnacle West Capital by 125.9% in the fourth quarter. Allworth Financial LP now owns 655 shares of the utilities provider's stock valued at $56,000 after purchasing an additional 365 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on PNW. UBS Group raised their price objective on 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 cut 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. Guggenheim reiterated a "buy" rating and issued a $100.00 price target on shares of Pinnacle West Capital in a research note on Wednesday, February 26th. Wells Fargo & Company increased their target price on shares of Pinnacle West Capital from $92.00 to $95.00 and gave the stock an "equal weight" rating in a research report on Wednesday, February 26th. Finally, Morgan Stanley boosted their target price on shares of 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 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 company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $95.50.

Pinnacle West Capital Stock Performance

Shares of Pinnacle West Capital stock traded up $0.96 during mid-day trading on Tuesday, hitting $94.67. 182,398 shares of the stock were exchanged, compared to its average volume of 1,072,615. The company has a 50-day simple moving average of $91.66 and a 200 day simple moving average of $89.19. The company has a market capitalization of $11.29 billion, a P/E ratio of 17.93, a P/E/G ratio of 3.59 and a beta of 0.42. Pinnacle West Capital Co. has a 12 month low of $70.73 and a 12 month high of $96.50. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.54 and a current ratio of 0.71.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last announced its quarterly earnings data on Tuesday, February 25th. The utilities provider reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.25. The business 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%. Sell-side analysts anticipate that Pinnacle West Capital Co. will post 5.13 earnings per share for the current fiscal 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.