Raymond James Financial Inc. acquired a new stake in shares of Pinnacle West Capital Co. (NYSE:PNW - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 57,713 shares of the utilities provider's stock, valued at approximately $4,892,000. Raymond James Financial Inc. owned about 0.05% of Pinnacle West Capital as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently bought and sold shares of PNW. Assenagon Asset Management S.A. grew its holdings in shares of Pinnacle West Capital by 221.7% during the fourth quarter. Assenagon Asset Management S.A. now owns 677,274 shares of the utilities provider's stock valued at $57,413,000 after purchasing an additional 466,736 shares during the last quarter. Jennison Associates LLC acquired a new position in Pinnacle West Capital during the 4th quarter valued at approximately $32,078,000. Reaves W H & Co. Inc. grew its stake in Pinnacle West Capital by 35.2% during 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 buying an additional 362,083 shares during the last quarter. Yaupon Capital Management LP acquired a new stake in Pinnacle West Capital in the third quarter worth $22,173,000. Finally, Zimmer Partners LP lifted its stake in Pinnacle West Capital by 5.7% in the third quarter. Zimmer Partners LP now owns 2,899,676 shares of the utilities provider's stock valued at $256,882,000 after buying an additional 155,466 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company's stock.
Analyst Ratings Changes
Several equities analysts have recently commented on PNW shares. Citigroup increased 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. Wells Fargo & Company raised 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 note on Wednesday, February 26th. Guggenheim reaffirmed a "buy" rating and set a $100.00 price target on shares of Pinnacle West Capital in a report on Wednesday, February 26th. UBS Group increased their price objective on Pinnacle West Capital from $96.00 to $99.00 and gave the stock a "neutral" rating in a report on Friday, March 21st. Finally, KeyCorp raised Pinnacle West Capital from a "sector weight" rating to an "overweight" rating and set a $101.00 target price on the stock in a research note on Wednesday, December 4th. Six research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $95.17.
Get Our Latest Analysis on Pinnacle West Capital
Pinnacle West Capital Price Performance
PNW stock traded up $1.21 during trading hours on Friday, hitting $94.23. 1,537,012 shares of the stock traded hands, compared to its average volume of 1,059,649. 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 stock has a 50-day simple moving average of $90.28 and a 200 day simple moving average of $88.96. Pinnacle West Capital Co. has a one year low of $70.73 and a one year high of $95.42. The company has a market cap of $11.22 billion, a P/E ratio of 17.85, a P/E/G ratio of 3.59 and a beta of 0.53.
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. Pinnacle West Capital had a net margin of 12.26% and a return on equity of 9.60%. The company had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.06 billion. Equities analysts forecast 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.
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