Polymer Capital Management US LLC bought a new position in shares of 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 Securities and Exchange Commission (SEC). The firm bought 19,587 shares of the utilities provider's stock, valued at approximately $1,660,000.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PNW. Mesirow Financial Investment Management Inc. increased its position in shares of Pinnacle West Capital by 0.9% during the 4th 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 position in shares of Pinnacle West Capital by 2.2% during the fourth quarter. Fortem Financial Group LLC now owns 5,717 shares of the utilities provider's stock valued at $485,000 after acquiring an additional 124 shares during the last quarter. New York Life Investment Management LLC raised its stake 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 valued at $1,264,000 after acquiring an additional 127 shares during the period. Global Retirement Partners LLC raised its position 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 purchasing an additional 156 shares during the period. Finally, 1620 Investment Advisors Inc. lifted its stake in Pinnacle West Capital by 3.6% during the 4th quarter. 1620 Investment Advisors Inc. now owns 4,683 shares of the utilities provider's stock worth $397,000 after acquiring an additional 162 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company's stock.
Wall Street Analysts Forecast Growth
Several equities analysts have commented on the stock. Guggenheim reissued a "buy" rating and issued a $100.00 price target on shares of Pinnacle West Capital in a research report on Wednesday, February 26th. LADENBURG THALM/SH SH upgraded Pinnacle West Capital to a "strong-buy" rating in a report on Monday, March 17th. Barclays increased their price target on Pinnacle West Capital from $87.00 to $94.00 and gave the company an "equal weight" rating in a research report on Tuesday, April 1st. Wells Fargo & Company lifted 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. Finally, UBS Group upped their target price on shares of Pinnacle West Capital from $96.00 to $99.00 and gave the stock a "neutral" rating in a research note on Friday, March 21st. 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 stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $95.50.
View Our Latest Research Report on Pinnacle West Capital
Pinnacle West Capital Stock Up 1.9 %
NYSE:PNW traded up $1.68 during midday trading on Friday, hitting $91.96. 1,123,857 shares of the company were exchanged, compared to its average volume of 1,078,026. Pinnacle West Capital Co. has a fifty-two week low of $70.73 and a fifty-two week high of $96.50. The company has a market capitalization of $10.95 billion, a PE ratio of 17.42, a price-to-earnings-growth ratio of 3.59 and a beta of 0.42. The company has a current ratio of 0.71, a quick ratio of 0.54 and a debt-to-equity ratio of 1.20. The company has a fifty day simple moving average of $91.56 and a 200 day simple moving average of $89.15.
Pinnacle West Capital (NYSE:PNW - Get Free Report) last posted its 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 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%. As a group, equities analysts anticipate that Pinnacle West Capital Co. will post 5.13 earnings per share for the current fiscal year.
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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