Magnetar Financial LLC Takes $644,000 Position in Pinnacle West Capital Co. (NYSE:PNW)

Magnetar Financial LLC bought a new stake in Pinnacle West Capital Co. (NYSE:PNW - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 7,592 shares of the utilities provider's stock, valued at approximately $644,000.

Several other large investors have also recently added to or reduced their stakes in the business. Mesirow Financial Investment Management Inc. increased its position in Pinnacle West Capital by 0.9% during the fourth quarter. Mesirow Financial Investment Management Inc. now owns 13,724 shares of the utilities provider's stock worth $1,163,000 after purchasing an additional 116 shares during the last quarter. Fortem Financial Group LLC increased its holdings in shares of Pinnacle West Capital by 2.2% during the 4th quarter. Fortem Financial Group LLC now owns 5,717 shares of the utilities provider's stock worth $485,000 after buying an additional 124 shares during the last quarter. New York Life Investment Management LLC raised its position in shares of Pinnacle West Capital by 0.9% in the 4th quarter. New York Life Investment Management LLC now owns 14,916 shares of the utilities provider's stock worth $1,264,000 after buying an additional 127 shares during the period. Global Retirement Partners LLC boosted its holdings in Pinnacle West Capital by 10.8% in the fourth quarter. Global Retirement Partners LLC now owns 1,598 shares of the utilities provider's stock valued at $135,000 after acquiring an additional 156 shares during the last quarter. Finally, Glenmede Trust Co. NA grew its holdings in shares of Pinnacle West Capital by 2.5% during the 3rd quarter. Glenmede Trust Co. NA now owns 6,695 shares of the utilities provider's stock worth $593,000 after purchasing an additional 163 shares during the period. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

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Analyst Upgrades and Downgrades

PNW has been the topic of several recent research reports. Wells Fargo & Company lifted their target price on shares of Pinnacle West Capital from $92.00 to $95.00 and gave the company an "equal weight" rating in a report on Wednesday, February 26th. Guggenheim restated a "buy" rating and set a $100.00 price objective on shares of Pinnacle West Capital in a research note on Wednesday, February 26th. KeyCorp upgraded Pinnacle West Capital from a "sector weight" rating to an "overweight" rating and set a $101.00 target price for the company in a research note on Wednesday, December 4th. Citigroup boosted their price target on Pinnacle West Capital from $85.00 to $95.00 and gave the stock a "neutral" rating in a research report on Wednesday, December 4th. Finally, Jefferies Financial Group lowered their price objective on shares of 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. Six equities research 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 stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $95.17.

Pinnacle West Capital Stock Performance

PNW stock traded up $1.39 on Wednesday, reaching $92.90. The company's stock had a trading volume of 967,757 shares, compared to its average volume of 987,889. The firm has a fifty day moving average of $89.83 and a two-hundred day moving average of $88.88. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54. The company has a market capitalization of $11.06 billion, a P/E ratio of 17.59, a price-to-earnings-growth ratio of 3.59 and a beta of 0.53. Pinnacle West Capital Co. has a 52 week low of $70.73 and a 52 week high of $95.42.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last released its quarterly 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. Pinnacle West Capital had a return on equity of 9.60% and a net margin of 12.26%. The company had revenue of $1.10 billion during the quarter, compared to analysts' expectations of $1.06 billion. As a group, analysts predict that Pinnacle West Capital Co. will post 5.13 EPS for the current fiscal year.

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.