Pinnacle West Capital Co. (NYSE:PNW) Shares Acquired by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA raised its stake in shares of Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 17.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,855,586 shares of the utilities provider's stock after purchasing an additional 268,951 shares during the period. Pictet Asset Management Holding SA owned 1.63% of Pinnacle West Capital worth $157,298,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PNW. HITE Hedge Asset Management LLC lifted its stake in shares of 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 worth $8,178,000 after buying an additional 66,755 shares in the last quarter. XTX Topco Ltd purchased a new position in Pinnacle West Capital in the 3rd quarter worth approximately $2,235,000. Principal Financial Group Inc. boosted its holdings in shares of Pinnacle West Capital by 7.7% during the 3rd quarter. Principal Financial Group Inc. now owns 139,243 shares of the utilities provider's stock worth $12,336,000 after purchasing an additional 9,993 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Pinnacle West Capital by 47.2% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,716 shares of the utilities provider's stock valued at $995,000 after purchasing an additional 3,758 shares in the last quarter. Finally, Bridgewater Associates LP increased its holdings in shares of Pinnacle West Capital by 104.5% in the third quarter. Bridgewater Associates LP now owns 101,970 shares of the utilities provider's stock valued at $9,034,000 after purchasing an additional 52,095 shares during the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

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Pinnacle West Capital Trading Down 0.0 %

Shares of NYSE:PNW traded down $0.04 during mid-day trading on Wednesday, reaching $95.24. 130,978 shares of the company were exchanged, compared to its average volume of 1,060,613. The firm has a market cap of $11.34 billion, a price-to-earnings ratio of 18.04, a P/E/G ratio of 3.59 and a beta of 0.53. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54. Pinnacle West Capital Co. has a 1 year low of $70.72 and a 1 year high of $95.84. The firm's 50-day simple moving average is $90.60 and its 200 day simple moving average is $89.04.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last issued its quarterly earnings data on Tuesday, February 25th. The utilities provider reported ($0.06) earnings per share for the quarter, beating analysts' consensus estimates 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 business had revenue of $1.10 billion during the quarter, compared to analysts' expectations of $1.06 billion. Equities research analysts forecast that Pinnacle West Capital Co. will post 5.13 EPS for the current year.

Analyst Ratings Changes

Several analysts have issued reports on PNW shares. Guggenheim restated a "buy" rating and issued a $100.00 target price on shares of Pinnacle West Capital in a report on Wednesday, February 26th. Morgan Stanley raised their price objective on shares of Pinnacle West Capital from $84.00 to $88.00 and gave the stock an "equal weight" rating in a research report on Thursday, March 20th. Citigroup boosted their target price on shares of Pinnacle West Capital from $85.00 to $95.00 and gave the company a "neutral" rating in a report on Wednesday, December 4th. Barclays raised their price target on shares of Pinnacle West Capital from $87.00 to $94.00 and gave the stock an "equal weight" rating in a report on Tuesday. Finally, Wells Fargo & Company lifted 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 equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $95.50.

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.