Legal & General Group Plc lessened its stake in shares of Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 5.7% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 615,724 shares of the utilities provider's stock after selling 37,031 shares during the quarter. Legal & General Group Plc owned about 0.54% of Pinnacle West Capital worth $52,195,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. YANKCOM Partnership bought a new position in shares of Pinnacle West Capital in the fourth quarter worth $29,000. Brown Lisle Cummings Inc. purchased a new stake in Pinnacle West Capital in the fourth quarter valued at approximately $38,000. Roble Belko & Company Inc purchased a new position in Pinnacle West Capital in the 4th quarter worth approximately $42,000. Transcendent Capital Group LLC purchased a new stake in shares of Pinnacle West Capital during the 4th quarter valued at $46,000. Finally, Allworth Financial LP lifted its holdings in shares of Pinnacle West Capital by 125.9% during the 4th quarter. Allworth Financial LP now owns 655 shares of the utilities provider's stock worth $56,000 after acquiring an additional 365 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors.
Pinnacle West Capital Stock Up 2.3 %
NYSE:PNW traded up $2.19 during trading hours on Thursday, reaching $95.60. 565,185 shares of the company traded hands, compared to its average volume of 1,074,014. The stock has a market capitalization of $11.40 billion, a P/E ratio of 18.09, a P/E/G ratio of 3.59 and a beta of 0.42. The business's 50-day moving average price is $91.92 and its two-hundred day moving average price is $89.26. Pinnacle West Capital Co. has a 1 year low of $71.15 and a 1 year high of $97.34. 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 (NYSE:PNW - Get Free Report) last announced its quarterly earnings results 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 company had revenue of $1.10 billion during 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.
Analyst Ratings Changes
Several brokerages have issued reports on PNW. Morgan Stanley lifted their price target on Pinnacle West Capital from $84.00 to $88.00 and gave the stock an "equal weight" rating in a research note on Thursday, March 20th. Guggenheim reissued a "buy" rating and set a $100.00 price target on shares of Pinnacle West Capital in a research note on Wednesday, February 26th. UBS Group lifted their price target on Pinnacle West Capital from $96.00 to $99.00 and gave the stock a "neutral" rating in a research note on Friday, March 21st. 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 report on Tuesday, January 28th. Finally, Wells Fargo & Company increased their price target on shares of Pinnacle West Capital from $92.00 to $95.00 and gave the company an "equal weight" rating in a research report on Wednesday, February 26th. Six investment analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $95.50.
Get Our Latest Analysis on Pinnacle West Capital
Pinnacle West Capital Profile
(
Free Report)
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.
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