Proficio Capital Partners LLC bought a new position in Pinnacle West Capital Co. (NYSE:PNW - Free Report) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 41,622 shares of the utilities provider's stock, valued at approximately $3,528,000.
Several other hedge funds also recently bought and sold shares of the company. State Street Corp raised its holdings in Pinnacle West Capital by 0.9% in the third quarter. State Street Corp now owns 6,404,718 shares of the utilities provider's stock worth $567,394,000 after purchasing an additional 56,644 shares during the period. Zimmer Partners LP boosted its stake in Pinnacle West Capital by 5.7% in the 3rd quarter. Zimmer Partners LP now owns 2,899,676 shares of the utilities provider's stock worth $256,882,000 after purchasing an additional 155,466 shares during the period. Reaves W H & Co. Inc. boosted its stake in Pinnacle West Capital by 35.2% in the 4th quarter. Reaves W H & Co. Inc. now owns 1,390,715 shares of the utilities provider's stock worth $117,891,000 after purchasing an additional 362,083 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Pinnacle West Capital by 0.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,031,190 shares of the utilities provider's stock worth $87,414,000 after purchasing an additional 3,102 shares during the period. Finally, Captrust Financial Advisors boosted its stake in Pinnacle West Capital by 1.6% in the 3rd quarter. Captrust Financial Advisors now owns 732,031 shares of the utilities provider's stock worth $64,851,000 after purchasing an additional 11,208 shares during the period. 91.51% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of brokerages recently weighed in on PNW. Morgan Stanley upped their target price on shares of Pinnacle West Capital from $84.00 to $88.00 and gave the stock an "equal weight" rating in a research note on Thursday. LADENBURG THALM/SH SH upgraded shares of Pinnacle West Capital to a "strong-buy" rating in a research note on Monday. KeyCorp upgraded shares of Pinnacle West Capital from a "sector weight" rating to an "overweight" rating and set a $101.00 price objective for the company in a research note on Wednesday, December 4th. Guggenheim reiterated a "buy" rating and issued a $100.00 target price on shares of Pinnacle West Capital in a research note on Wednesday, February 26th. Finally, Citigroup raised their target price on shares of Pinnacle West Capital from $85.00 to $95.00 and gave the company a "neutral" rating in a research note on Wednesday, December 4th. Five research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $94.69.
Get Our Latest Analysis on Pinnacle West Capital
Pinnacle West Capital Stock Performance
Pinnacle West Capital stock traded up $0.05 during trading hours on Thursday, hitting $94.25. The company had a trading volume of 1,001,333 shares, compared to its average volume of 979,769. The firm has a market cap of $11.23 billion, a PE ratio of 17.85, a PEG 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 one year low of $70.73 and a one year high of $95.42. The firm has a 50-day moving average of $89.00 and a 200 day moving average of $88.74.
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 for the quarter, beating the consensus estimate of ($0.31) by $0.25. The firm 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, sell-side analysts expect that Pinnacle West Capital Co. will post 5.13 earnings per share for the current 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.
See Also
Before you consider Pinnacle West Capital, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Pinnacle West Capital wasn't on the list.
While Pinnacle West Capital currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
With the proliferation of data centers and electric vehicles, the electric grid will only get more strained. Download this report to learn how energy stocks can play a role in your portfolio as the global demand for energy continues to grow.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
