Point72 Asset Management L.P. Invests $15.25 Million in Pinnacle West Capital Co. (NYSE:PNW)

Point72 Asset Management L.P. acquired a new stake in Pinnacle West Capital Co. (NYSE:PNW) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 199,641 shares of the utilities provider’s stock, valued at approximately $15,249,000. Point72 Asset Management L.P. owned 0.18% of Pinnacle West Capital at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Empirical Finance LLC grew its position in Pinnacle West Capital by 3.4% in the 1st quarter. Empirical Finance LLC now owns 4,059 shares of the utilities provider’s stock valued at $303,000 after acquiring an additional 134 shares in the last quarter. First Horizon Advisors Inc. increased its stake in Pinnacle West Capital by 20.9% during the 2nd quarter. First Horizon Advisors Inc. now owns 794 shares of the utilities provider’s stock worth $61,000 after buying an additional 137 shares during the period. Newbridge Financial Services Group Inc. increased its stake in Pinnacle West Capital by 70.6% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 481 shares of the utilities provider’s stock worth $35,000 after buying an additional 199 shares during the period. Wealth Enhancement Advisory Services LLC lifted its holdings in Pinnacle West Capital by 0.9% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 21,724 shares of the utilities provider’s stock worth $1,659,000 after buying an additional 199 shares in the last quarter. Finally, SFE Investment Counsel boosted its position in Pinnacle West Capital by 1.3% in the 2nd quarter. SFE Investment Counsel now owns 18,430 shares of the utilities provider’s stock valued at $1,408,000 after buying an additional 245 shares during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Insider Transactions at Pinnacle West Capital

In related news, EVP Robert Edgar Smith sold 4,950 shares of the stock in a transaction on Friday, August 9th. The shares were sold at an average price of $85.80, for a total transaction of $424,710.00. Following the completion of the sale, the executive vice president now owns 6,397 shares in the company, valued at approximately $548,862.60. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.23% of the company’s stock.

Wall Street Analysts Forecast Growth

PNW has been the topic of a number of recent research reports. StockNews.com raised Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Monday, August 5th. Barclays cut their price target on Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating on the stock in a report on Tuesday, July 2nd. Wells Fargo & Company boosted their price objective on Pinnacle West Capital from $80.00 to $87.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Morgan Stanley lifted their price target on shares of Pinnacle West Capital from $78.00 to $83.00 and gave the stock an “equal weight” rating in a research note on Wednesday, September 25th. Finally, Jefferies Financial Group began coverage on shares of Pinnacle West Capital in a report on Thursday, September 19th. They set a “buy” rating and a $104.00 price target for the company. Eight research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $80.54.

Pinnacle West Capital Trading Down 0.2 %

NYSE PNW opened at $88.27 on Monday. Pinnacle West Capital Co. has a 12 month low of $65.20 and a 12 month high of $91.57. The company has a market capitalization of $10.02 billion, a price-to-earnings ratio of 19.23, a price-to-earnings-growth ratio of 2.30 and a beta of 0.52. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.66 and a quick ratio of 0.48. The firm’s fifty day moving average price is $87.22 and its 200 day moving average price is $79.65.

Pinnacle West Capital (NYSE:PNW) last posted its earnings results on Thursday, August 1st. The utilities provider reported $1.76 EPS for the quarter, topping analysts’ consensus estimates of $1.31 by $0.45. The business had revenue of $1.31 billion for the quarter, compared to analysts’ expectations of $1.21 billion. Pinnacle West Capital had a return on equity of 9.75% and a net margin of 12.65%. The business’s revenue was up 15.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.94 earnings per share. On average, sell-side analysts expect that Pinnacle West Capital Co. will post 4.77 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.