Magellan Asset Management Ltd Cuts Stock Position in Pinnacle West Capital Co. (NYSE:PNW)

Magellan Asset Management Ltd cut its position in shares of Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 15.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 83,926 shares of the utilities provider's stock after selling 15,379 shares during the period. Magellan Asset Management Ltd owned approximately 0.07% of Pinnacle West Capital worth $7,114,000 at the end of the most recent quarter.

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

Wall Street Analyst Weigh In

PNW has been the topic of several recent research reports. UBS Group increased their target price on shares of Pinnacle West Capital from $96.00 to $99.00 and gave the stock a "neutral" rating in a report on Friday, March 21st. Wells Fargo & Company boosted 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 note on Wednesday, February 26th. LADENBURG THALM/SH SH raised Pinnacle West Capital to a "strong-buy" rating in a research report on Monday, March 17th. Morgan Stanley upped their price objective 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. Finally, Jefferies Financial Group cut their target price on 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. Six equities 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's stock. Based on data from MarketBeat, Pinnacle West Capital presently has an average rating of "Moderate Buy" and an average target price of $95.50.

Pinnacle West Capital Price Performance

Shares of Pinnacle West Capital stock traded up $1.27 during mid-day trading on Tuesday, reaching $90.89. 355,781 shares of the stock traded hands, compared to its average volume of 1,068,827. The company has a quick ratio of 0.54, a current ratio of 0.71 and a debt-to-equity ratio of 1.20. The business has a 50-day moving average of $91.13 and a 200 day moving average of $89.12. The stock has a market capitalization of $10.82 billion, a PE ratio of 17.22, a PEG ratio of 3.59 and a beta of 0.42. 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 announced its earnings results on Tuesday, February 25th. The utilities provider reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.31) by $0.25. The company had revenue of $1.10 billion for the quarter, compared to analysts' expectations of $1.06 billion. Pinnacle West Capital had a net margin of 12.26% and a return on equity of 9.60%. On average, analysts predict that Pinnacle West Capital Co. will post 5.13 EPS 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.