Pinnacle West Capital Co. (NYSE:PNW) Shares Purchased by First Trust Advisors LP

First Trust Advisors LP boosted its stake in Pinnacle West Capital Co. (NYSE:PNW) by 173.1% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 879,551 shares of the utilities provider’s stock after buying an additional 557,539 shares during the quarter. First Trust Advisors LP owned approximately 0.77% of Pinnacle West Capital worth $74,560,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of PNW. Norges Bank purchased a new stake in Pinnacle West Capital during the 4th quarter worth about $194,655,000. Invesco Ltd. raised its position in shares of Pinnacle West Capital by 32.2% in the fourth quarter. Invesco Ltd. now owns 4,298,009 shares of the utilities provider’s stock valued at $364,342,000 after buying an additional 1,045,788 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in shares of Pinnacle West Capital by 221.7% during 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 buying an additional 466,736 shares during the period. Renaissance Technologies LLC boosted its position in Pinnacle West Capital by 223.1% during the fourth quarter. Renaissance Technologies LLC now owns 614,900 shares of the utilities provider’s stock worth $52,125,000 after acquiring an additional 424,600 shares during the last quarter. Finally, Jennison Associates LLC purchased a new stake in Pinnacle West Capital in the 4th quarter worth approximately $32,078,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Pinnacle West Capital Stock Down 1.3 %

Shares of Pinnacle West Capital stock opened at $93.22 on Tuesday. The company has a fifty day moving average price of $92.25 and a 200 day moving average price of $89.36. 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 $72.78 and a twelve month high of $96.50. The stock has a market cap of $11.11 billion, a price-to-earnings ratio of 17.66, a price-to-earnings-growth ratio of 3.59 and a beta of 0.42.

Pinnacle West Capital (NYSE:PNW) last posted its earnings results on Tuesday, February 25th. The utilities provider reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.25. The business had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.06 billion. Pinnacle West Capital had a return on equity of 9.60% and a net margin of 12.26%. Equities research 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 topic of several analyst reports. Jefferies Financial Group decreased their price objective 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. Guggenheim restated a “buy” rating and issued a $100.00 price target on shares of Pinnacle West Capital in a report on Wednesday, February 26th. Barclays upped 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 research note on Tuesday, April 1st. Wells Fargo & Company raised their target price on shares of Pinnacle West Capital from $92.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 26th. Finally, UBS Group upped their price target on shares of Pinnacle West Capital from $96.00 to $99.00 and gave the stock a “neutral” rating in a research report on Friday, March 21st. Six research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Pinnacle West Capital presently has a consensus rating of “Moderate Buy” and an average target price of $95.50.

Pinnacle West Capital 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.