Virtu Financial LLC Cuts Position in Pinnacle West Capital Co. (NYSE:PNW)

Virtu Financial LLC trimmed its holdings in Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 75.4% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,446 shares of the utilities provider's stock after selling 7,507 shares during the period. Virtu Financial LLC's holdings in Pinnacle West Capital were worth $207,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of PNW. YANKCOM Partnership acquired a new position in Pinnacle West Capital during the fourth quarter worth $29,000. Brown Lisle Cummings Inc. purchased a new position in shares of Pinnacle West Capital during the 4th quarter worth $38,000. Roble Belko & Company Inc acquired a new position in shares of Pinnacle West Capital during the 4th quarter valued at about $42,000. Transcendent Capital Group LLC purchased a new stake in shares of Pinnacle West Capital in the fourth quarter valued at about $46,000. Finally, Allworth Financial LP increased its position in Pinnacle West Capital by 125.9% during the fourth quarter. Allworth Financial LP now owns 655 shares of the utilities provider's stock worth $56,000 after purchasing an additional 365 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Wells Fargo & Company increased 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. Jefferies Financial Group lowered their price objective on Pinnacle West Capital from $106.00 to $104.00 and set a "buy" rating for the company in a research report on Tuesday, January 28th. LADENBURG THALM/SH SH upgraded Pinnacle West Capital to a "strong-buy" rating in a research report on Monday, March 17th. Citigroup increased their price target on Pinnacle West Capital from $85.00 to $95.00 and gave the stock a "neutral" rating in a report on Wednesday, December 4th. Finally, Barclays boosted their price objective on shares of Pinnacle West Capital from $87.00 to $94.00 and gave the company an "equal weight" rating in a report on Tuesday. Six equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $95.50.

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Pinnacle West Capital Trading Up 0.2 %

NYSE:PNW traded up $0.19 on Wednesday, reaching $95.47. 664,740 shares of the company's stock were exchanged, compared to its average volume of 1,059,249. The firm has a market capitalization of $11.37 billion, a price-to-earnings ratio of 18.08, a price-to-earnings-growth ratio of 3.59 and a beta of 0.53. Pinnacle West Capital Co. has a 52-week low of $70.73 and a 52-week high of $95.84. The company has a quick ratio of 0.54, a current ratio of 0.71 and a debt-to-equity ratio of 1.20. The business has a fifty day moving average of $90.79 and a 200-day moving average of $89.08.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last announced its earnings results on Tuesday, February 25th. The utilities provider reported ($0.06) earnings per share 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 firm had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.06 billion. As a group, analysts expect that Pinnacle West Capital Co. will post 5.13 earnings per share for the current year.

About Pinnacle West Capital

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.