JPMorgan Chase & Co. Trims Stock Position in Pinnacle West Capital Co. (NYSE:PNW)

JPMorgan Chase & Co. lessened its position in Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 33.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 460,967 shares of the utilities provider's stock after selling 228,978 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.41% of Pinnacle West Capital worth $39,076,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in shares of Pinnacle West Capital by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 14,180,909 shares of the utilities provider's stock worth $1,202,116,000 after acquiring an additional 143,716 shares in the last quarter. State Street Corp boosted its holdings in Pinnacle West Capital by 0.9% in the third quarter. State Street Corp now owns 6,404,718 shares of the utilities provider's stock valued at $567,394,000 after purchasing an additional 56,644 shares during the period. Reaves W H & Co. Inc. increased its holdings in Pinnacle West Capital by 35.2% during the 4th quarter. Reaves W H & Co. Inc. now owns 1,390,715 shares of the utilities provider's stock worth $117,891,000 after purchasing an additional 362,083 shares during the period. Charles Schwab Investment Management Inc. raised its position in Pinnacle West Capital by 0.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,031,190 shares of the utilities provider's stock valued at $87,414,000 after purchasing an additional 3,102 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its stake in shares of Pinnacle West Capital by 221.7% in the 4th quarter. Assenagon Asset Management S.A. now owns 677,274 shares of the utilities provider's stock valued at $57,413,000 after buying an additional 466,736 shares during the period. Institutional investors and hedge funds own 91.51% of the company's stock.

Pinnacle West Capital Stock Performance

Shares of NYSE PNW traded up $1.68 during trading hours on Friday, reaching $91.96. The stock had a trading volume of 1,123,857 shares, compared to its average volume of 1,078,026. The firm has a 50-day moving average of $91.56 and a 200-day moving average of $89.15. The firm has a market cap of $10.95 billion, a price-to-earnings ratio of 17.42, a PEG ratio of 3.59 and a beta of 0.42. The company has a current ratio of 0.71, a quick ratio of 0.54 and a debt-to-equity ratio of 1.20. Pinnacle West Capital Co. has a fifty-two week low of $70.73 and a fifty-two week high of $96.50.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last posted 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 the consensus estimate of $1.06 billion. Pinnacle West Capital had a return on equity of 9.60% and a net margin of 12.26%. Equities research analysts predict that Pinnacle West Capital Co. will post 5.13 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Jefferies Financial Group cut their target price 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. Wells Fargo & Company lifted their price objective 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. LADENBURG THALM/SH SH raised Pinnacle West Capital to a "strong-buy" rating in a report on Monday, March 17th. Guggenheim restated a "buy" rating and issued a $100.00 price target on shares of Pinnacle West Capital in a research note on Wednesday, February 26th. Finally, UBS Group upped their price objective on Pinnacle West Capital from $96.00 to $99.00 and gave the stock a "neutral" rating in a research report on Friday, March 21st. Six research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Pinnacle West Capital has an average rating of "Moderate Buy" and a consensus price target of $95.50.

Pinnacle West Capital Company 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.