Morningstar Investment Management LLC Purchases New Shares in Pinnacle West Capital Corporation $PNW

Morningstar Investment Management LLC acquired a new stake in Pinnacle West Capital Corporation (NYSE:PNW) in the 2nd quarter, according to its most recent disclosure with the SEC. The fund acquired 3,915 shares of the utilities provider’s stock, valued at approximately $350,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in Pinnacle West Capital by 2.0% in the 1st quarter. Vanguard Group Inc. now owns 14,464,661 shares of the utilities provider’s stock valued at $1,377,759,000 after acquiring an additional 283,752 shares in the last quarter. ATLAS Infrastructure Partners UK Ltd. lifted its position in shares of Pinnacle West Capital by 230.5% during the 1st quarter. ATLAS Infrastructure Partners UK Ltd. now owns 2,793,546 shares of the utilities provider’s stock worth $266,085,000 after buying an additional 1,948,416 shares during the last quarter. Reaves W H & Co. Inc. lifted its position in shares of Pinnacle West Capital by 8.5% during the 1st quarter. Reaves W H & Co. Inc. now owns 1,509,511 shares of the utilities provider’s stock worth $143,781,000 after buying an additional 118,796 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Pinnacle West Capital by 11.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,104,560 shares of the utilities provider’s stock worth $105,203,000 after buying an additional 110,674 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in Pinnacle West Capital by 1.2% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,044,047 shares of the utilities provider’s stock worth $99,445,000 after purchasing an additional 12,857 shares in the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Pinnacle West Capital

In other news, EVP Jacob Tetlow sold 6,496 shares of the stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $92.37, for a total value of $600,035.52. Following the completion of the sale, the executive vice president owned 56 shares of the company’s stock, valued at approximately $5,172.72. This represents a 99.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.23% of the company’s stock.

Pinnacle West Capital Trading Up 1.5%

Shares of PNW stock opened at $93.49 on Wednesday. The stock has a market cap of $11.17 billion, a price-to-earnings ratio of 19.28, a PEG ratio of 9.51 and a beta of 0.46. The stock has a 50-day moving average of $89.68 and a 200-day moving average of $90.78. The company has a current ratio of 0.52, a quick ratio of 0.37 and a debt-to-equity ratio of 1.25. Pinnacle West Capital Corporation has a 1-year low of $81.47 and a 1-year high of $96.50.

Pinnacle West Capital (NYSE:PNW) last issued its quarterly earnings results on Wednesday, August 6th. The utilities provider reported $1.58 earnings per share for the quarter, meeting the consensus estimate of $1.58. The company had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.35 billion. Pinnacle West Capital had a return on equity of 8.45% and a net margin of 10.96%.The business’s quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.76 earnings per share. On average, equities research analysts forecast that Pinnacle West Capital Corporation will post 5.13 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts have issued reports on PNW shares. Morgan Stanley lowered their target price on Pinnacle West Capital from $89.00 to $87.00 and set an “equal weight” rating for the company in a report on Thursday, September 25th. Barclays upped their target price on Pinnacle West Capital from $93.00 to $95.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 7th. Argus lowered their target price on Pinnacle West Capital from $98.00 to $95.00 and set a “buy” rating for the company in a report on Tuesday, September 30th. BMO Capital Markets upped their target price on Pinnacle West Capital from $96.00 to $98.00 and gave the stock a “market perform” rating in a report on Thursday, August 7th. Finally, Zacks Research cut Pinnacle West Capital from a “hold” rating to a “strong sell” rating in a report on Friday, October 10th. Five equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Pinnacle West Capital presently has a consensus rating of “Hold” and an average target price of $96.64.

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.