Pinnacle West Capital Co. (NYSE:PNW) Position Increased by Geode Capital Management LLC

Geode Capital Management LLC increased its stake in shares of Pinnacle West Capital Co. (NYSE:PNW) by 7.7% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 2,880,315 shares of the utilities provider’s stock after acquiring an additional 204,805 shares during the period. Geode Capital Management LLC’s holdings in Pinnacle West Capital were worth $243,897,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently added to or reduced their stakes in PNW. Mesirow Financial Investment Management Inc. grew its position in shares of Pinnacle West Capital by 0.9% during the fourth quarter. Mesirow Financial Investment Management Inc. now owns 13,724 shares of the utilities provider’s stock worth $1,163,000 after acquiring an additional 116 shares during the last quarter. Fortem Financial Group LLC boosted its stake in Pinnacle West Capital by 2.2% during the 4th quarter. Fortem Financial Group LLC now owns 5,717 shares of the utilities provider’s stock valued at $485,000 after purchasing an additional 124 shares during the period. New York Life Investment Management LLC grew its position in Pinnacle West Capital by 0.9% in the 4th quarter. New York Life Investment Management LLC now owns 14,916 shares of the utilities provider’s stock worth $1,264,000 after purchasing an additional 127 shares during the last quarter. Global Retirement Partners LLC increased its stake in shares of Pinnacle West Capital by 10.8% in the fourth quarter. Global Retirement Partners LLC now owns 1,598 shares of the utilities provider’s stock valued at $135,000 after purchasing an additional 156 shares during the period. Finally, 1620 Investment Advisors Inc. raised its holdings in shares of Pinnacle West Capital by 3.6% during the fourth quarter. 1620 Investment Advisors Inc. now owns 4,683 shares of the utilities provider’s stock valued at $397,000 after buying an additional 162 shares during the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Pinnacle West Capital Stock Performance

NYSE:PNW opened at $91.15 on Friday. 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 company has a 50-day moving average of $91.09 and a 200-day moving average of $89.12. Pinnacle West Capital Co. has a twelve month low of $70.73 and a twelve month high of $96.50. The firm has a market cap of $10.86 billion, a price-to-earnings ratio of 17.26, a price-to-earnings-growth ratio of 3.59 and a beta of 0.42.

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, 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 analyst estimates of $1.06 billion. Analysts forecast that Pinnacle West Capital Co. will post 5.13 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

PNW has been the subject of a number of recent analyst reports. Wells Fargo & Company increased their price objective on Pinnacle West Capital from $92.00 to $95.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 26th. Guggenheim reissued a “buy” rating and issued a $100.00 price target on shares of Pinnacle West Capital in a research note on Wednesday, February 26th. Jefferies Financial Group lowered their price target on Pinnacle West Capital from $106.00 to $104.00 and set a “buy” rating on the stock in a report on Tuesday, January 28th. UBS Group upped their price objective on shares of Pinnacle West Capital from $96.00 to $99.00 and gave the stock a “neutral” rating in a report on Friday, March 21st. Finally, LADENBURG THALM/SH SH raised shares of Pinnacle West Capital to a “strong-buy” rating in a research note on Monday, March 17th. Six equities research 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’s stock. According to MarketBeat, Pinnacle West Capital currently has an average rating of “Moderate Buy” and a consensus target price of $95.50.

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.