Pinnacle West Capital Co. (NYSE:PNW) Shares Acquired by Vestcor Inc

Vestcor Inc increased its position in Pinnacle West Capital Co. (NYSE:PNW) by 13.5% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 21,514 shares of the utilities provider’s stock after acquiring an additional 2,564 shares during the period. Vestcor Inc’s holdings in Pinnacle West Capital were worth $1,824,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of PNW. Assenagon Asset Management S.A. grew its holdings in Pinnacle West Capital by 221.7% in 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 period. Jennison Associates LLC purchased a new stake in Pinnacle West Capital in the fourth quarter valued at approximately $32,078,000. Reaves W H & Co. Inc. grew its holdings in Pinnacle West Capital by 35.2% in the fourth quarter. Reaves W H & Co. Inc. now owns 1,390,715 shares of the utilities provider’s stock valued at $117,891,000 after purchasing an additional 362,083 shares during the period. Yaupon Capital Management LP purchased a new stake in Pinnacle West Capital in the third quarter valued at approximately $22,173,000. Finally, Zimmer Partners LP grew its holdings 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 purchasing an additional 155,466 shares during the period. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on PNW. Morgan Stanley lowered their target price on shares of Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating for the company in a report on Friday, November 22nd. Guggenheim reiterated a “buy” rating and set a $100.00 price objective on shares of Pinnacle West Capital in a research note on Wednesday, February 26th. Wells Fargo & Company boosted their price objective on shares of Pinnacle West Capital from $92.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 26th. Jefferies Financial Group decreased their price objective on shares of Pinnacle West Capital from $106.00 to $104.00 and set a “buy” rating for the company in a research note on Tuesday, January 28th. Finally, Barclays downgraded shares of Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $93.00 to $91.00 in a research note on Monday, November 18th. Five analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $92.28.

Pinnacle West Capital Price Performance

Shares of PNW stock opened at $93.77 on Friday. The company has a market capitalization of $11.17 billion, a PE ratio of 17.76, a price-to-earnings-growth ratio of 3.59 and a beta of 0.53. The firm has a fifty day simple moving average of $88.36 and a 200-day simple moving average of $88.58. 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 Co. has a twelve month low of $70.26 and a twelve month high of $95.42.

Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings results on Tuesday, February 25th. The utilities provider reported ($0.06) earnings per share (EPS) 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%. Equities research analysts anticipate that Pinnacle West Capital Co. will post 5.13 earnings per share for the current fiscal year.

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.