Norges Bank purchased a new stake in Pinnacle West Capital Co. (NYSE:PNW - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 2,296,277 shares of the utilities provider's stock, valued at approximately $194,655,000. Norges Bank owned 2.02% of Pinnacle West Capital at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also made changes to their positions in PNW. HITE Hedge Asset Management LLC lifted its holdings in Pinnacle West Capital by 261.2% in the third quarter. HITE Hedge Asset Management LLC now owns 92,311 shares of the utilities provider's stock valued at $8,178,000 after acquiring an additional 66,755 shares during the last quarter. XTX Topco Ltd acquired a new position in shares of Pinnacle West Capital in the 3rd quarter valued at $2,235,000. Principal Financial Group Inc. lifted its stake in shares of Pinnacle West Capital by 7.7% in the 3rd quarter. Principal Financial Group Inc. now owns 139,243 shares of the utilities provider's stock valued at $12,336,000 after purchasing an additional 9,993 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Pinnacle West Capital by 47.2% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,716 shares of the utilities provider's stock worth $995,000 after purchasing an additional 3,758 shares during the last quarter. Finally, Blue Trust Inc. raised its holdings in Pinnacle West Capital by 33.3% in the 4th quarter. Blue Trust Inc. now owns 1,440 shares of the utilities provider's stock valued at $128,000 after buying an additional 360 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 $0.19 during trading hours on Wednesday, reaching $95.47. The stock had a trading volume of 664,740 shares, compared to its average volume of 1,058,092. The firm has a 50-day moving average of $90.60 and a 200-day moving average of $89.04. The firm has a market cap of $11.37 billion, a price-to-earnings ratio of 18.08, a PEG ratio of 3.59 and a beta of 0.53. 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 $96.25.
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.
Wall Street Analysts Forecast Growth
Several brokerages have recently commented on PNW. Citigroup upped their price objective on shares of Pinnacle West Capital from $85.00 to $95.00 and gave the stock a "neutral" rating in a report on Wednesday, December 4th. UBS Group lifted their target price on Pinnacle West Capital from $96.00 to $99.00 and gave the company a "neutral" rating in a research report on Friday, March 21st. LADENBURG THALM/SH SH raised shares of Pinnacle West Capital to a "strong-buy" rating in a research report on Monday, March 17th. Guggenheim reissued a "buy" rating and issued a $100.00 price objective on shares of Pinnacle West Capital in a research note on Wednesday, February 26th. Finally, Wells Fargo & Company increased their price objective on Pinnacle West Capital from $92.00 to $95.00 and gave the company an "equal weight" rating in a research note on Wednesday, February 26th. Six research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $95.50.
Read Our Latest Analysis on PNW
About Pinnacle West Capital
(
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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