Norges Bank Acquires Shares of 2,296,277 Pinnacle West Capital Co. (NYSE:PNW)

Norges Bank bought a new position in shares of Pinnacle West Capital Co. (NYSE:PNW) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 2,296,277 shares of the utilities provider’s stock, valued at approximately $194,655,000. Norges Bank owned approximately 2.02% of Pinnacle West Capital at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. NEOS Investment Management LLC bought a new position in Pinnacle West Capital in the 4th quarter valued at $428,000. UniSuper Management Pty Ltd lifted its stake in shares of Pinnacle West Capital by 26.2% during the fourth quarter. UniSuper Management Pty Ltd now owns 18,948 shares of the utilities provider’s stock valued at $1,606,000 after acquiring an additional 3,935 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in Pinnacle West Capital by 29.0% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 107,225 shares of the utilities provider’s stock valued at $9,034,000 after acquiring an additional 24,099 shares during the last quarter. EntryPoint Capital LLC acquired a new stake in Pinnacle West Capital in the fourth quarter worth about $544,000. Finally, Vanguard Group Inc. raised its holdings in Pinnacle West Capital by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 14,180,909 shares of the utilities provider’s stock worth $1,202,116,000 after purchasing an additional 143,716 shares during the last quarter. 91.51% of the stock is owned by institutional investors.

Pinnacle West Capital Stock Up 1.3 %

PNW stock opened at $94.23 on Monday. The business has a 50-day moving average of $90.28 and a 200-day moving average of $88.96. Pinnacle West Capital Co. has a fifty-two week low of $70.73 and a fifty-two week high of $95.42. The stock has a market capitalization of $11.22 billion, a P/E ratio of 17.85, a P/E/G ratio of 3.59 and a beta of 0.53. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54.

Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings results on Tuesday, February 25th. The utilities provider reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.25. Pinnacle West Capital had a return on equity of 9.60% and a net margin of 12.26%. The firm had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.06 billion. On average, sell-side analysts anticipate that Pinnacle West Capital Co. will post 5.13 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

PNW has been the subject of several analyst reports. Jefferies Financial Group lowered their price target on shares of 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 shares of Pinnacle West Capital to a “strong-buy” rating in a research report on Monday, March 17th. Citigroup raised their price target on Pinnacle West Capital from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 4th. Morgan Stanley upped their price objective on Pinnacle West Capital from $84.00 to $88.00 and gave the company an “equal weight” rating in a report on Thursday, March 20th. Finally, Guggenheim restated a “buy” rating and set a $100.00 target price on shares of Pinnacle West Capital in a report on Wednesday, February 26th. Six equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Pinnacle West Capital currently has a consensus rating of “Moderate Buy” and an average target price of $95.17.

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.