Pinnacle West Capital Co. (NYSE:PNW) Short Interest Down 27.1% in February

Pinnacle West Capital Co. (NYSE:PNW - Get Free Report) was the target of a large decline in short interest in the month of February. As of February 28th, there was short interest totalling 3,500,000 shares, a decline of 27.1% from the February 13th total of 4,800,000 shares. Based on an average trading volume of 1,040,000 shares, the days-to-cover ratio is currently 3.4 days. Currently, 3.1% of the shares of the company are short sold.

Institutional Investors Weigh In On Pinnacle West Capital

Several institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. boosted its position in shares of Pinnacle West Capital by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 14,180,909 shares of the utilities provider's stock worth $1,202,116,000 after buying an additional 143,716 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC boosted its position in shares of Pinnacle West Capital by 0.6% in the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,864,993 shares of the utilities provider's stock worth $581,945,000 after buying an additional 37,768 shares in the last quarter. State Street Corp boosted its position in shares of Pinnacle West Capital by 0.9% in the 3rd quarter. State Street Corp now owns 6,404,718 shares of the utilities provider's stock worth $567,394,000 after buying an additional 56,644 shares in the last quarter. Invesco Ltd. boosted its position in shares of Pinnacle West Capital by 32.2% in the 4th quarter. Invesco Ltd. now owns 4,298,009 shares of the utilities provider's stock worth $364,342,000 after buying an additional 1,045,788 shares in the last quarter. Finally, Zimmer Partners LP lifted its holdings 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 valued at $256,882,000 after purchasing an additional 155,466 shares in the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

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Pinnacle West Capital Price Performance

Shares of NYSE:PNW traded up $0.85 on Wednesday, reaching $94.23. 1,441,780 shares of the company were exchanged, compared to its average volume of 980,269. 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 has a 1-year low of $70.73 and a 1-year high of $95.42. The firm has a market cap of $11.22 billion, a price-to-earnings ratio of 17.85, a price-to-earnings-growth ratio of 3.59 and a beta of 0.53. The company has a 50-day moving average of $88.79 and a 200-day moving average of $88.70.

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

Analysts Set New Price Targets

Several brokerages have issued reports on PNW. Citigroup boosted their price objective 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. Morgan Stanley dropped their price objective on shares of Pinnacle West Capital from $82.00 to $81.00 and set an "equal weight" rating on the stock in a research note on Friday, November 22nd. Jefferies Financial Group dropped their price objective on shares of Pinnacle West Capital from $106.00 to $104.00 and set a "buy" rating on the stock in a research note on Tuesday, January 28th. 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, LADENBURG THALM/SH SH raised shares of Pinnacle West Capital to a "strong-buy" rating in a research note on Monday. Five analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Pinnacle West Capital currently has a consensus rating of "Moderate Buy" and a consensus target price of $93.81.

Pinnacle West Capital Company 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.